Hi everyone- how should I think about how expensive of a house I can purchase in the Bay Area? 1) How much savings should I be left with after the 20% down payment? 2) what % of my monthly income can I afford to put towards the mortgage, etc? 3) should I go for a 30 year or 15 year loan?

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That’s a great question. It really comes down to comfort level. For me I did a 30 year then realized I could make the payments on a 15 year. I would be shooting for mortgage payments close to your rental

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My suggestion is move to Texas and buy a freaking mansion with all that dough you will use to buy a 1800 sq ft home

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Keep the Californians in California!

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1) 6 months minimum emergency savings, which includes the payments to the mortgage.
2) I think the rule is somewhere around 40% of monthly income max towards the mortgage, but it depends on total income and lifestyle/goals.
3) 30 year mortgage at the lowest interest rate you can find. The smaller payments give you more room if something happens to your income stream.

Most of my coworkers have stuck to around a 33% ratio. Most folks are buying a $1.2-$1.5M home on around a $400K-$500K combined income with 20% down.

I think you can buy more, but it’s all dependent on your comfort level. For example, for rent, you can technically afford anything under 35% of gross income per month, e.g. if you make $300K, you can afford a $8,750 per month apartment. I can tell you that most folks I know making $300K are paying only $3-4K max as an example.

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