{ "media_type": "text", "post_content": "Hi! First time buying a home, found a brand new townhouse ($430,000~) which will be about $2500 a month. I’m single making $120k. No other major debt. Is this a stretch? Anyone in these shoes now?", "post_id": "610b402408a2c500300fac74", "reply_count": 12, "vote_count": 1, "bowl_id": "59e88be7e2808e00149b0443", "bowl_name": "Women In Consulting" }

Hi! First time buying a home, found a brand new townhouse ($430,000~) which will be about $2500 a month. I’m single making $120k. No other major debt. Is this a stretch? Anyone in these shoes now?

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Keep in mind your loan isn’t the only thing you’ll be paying. It’s mortgage principal, mortgage interest, taxes, home insurance, PMI if you have less than 20% down. Then there’s repairs and maintenance. You also have your other expenses. The rule of thumb used to be no more than 3x your salary. I’d say you’d be stretched at this point. Also, the housing market was cooling down as it looked like COVID restrictions were lifting. Now that they’re clamping back down, the housing market is high. You might be better off waiting until Delta and Lambda pass and more employers jump on the mandatory vaccination bandwagon. I live in Austin and my home went up in value by $100k in the first six months of the year and has fallen by $50k in the last month as demand has cooled while people waited to see what the market would do. In your shoes, I’d sock everything I could away for the largest down payment I could swing and wait out this market for when people make the return to the major metro cities and away from the housing market.

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This. I originally was gonna buy but after seeing the economy and the housing market thanks to the pandemic, I’m holding off.

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Definitely depends on your lifestyle, but if it helps, I make a bit more than 120k base and pay ~$2500 per month. Very manageable for me, and I'm still saving a good portion of my income. I have no debt payments but do have other obligations of ~$600/700 per month. Personally would feel better with a $2k payment or not more than $2500 for myself. Seems like it could be a little bit of a stretch for you but manageable depending on your priorities.

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Thank you that’s helpful!

Depends on your lifestyle, and also how much you'd be able to put as a down payment, but should definitely be doable!

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LCOL or HCOL?

I’m in ATL

Does that include HOA dues?

With HOA it would be closer to $2700. Utilities are separate

Can you afford 20% down? If not, have you found a lender that won’t charge you PMI?

Technically I could if I wiped out my brokerage. I’d only be left with $20k though

Are you sure it would be that high monthly? Maybe check other lenders bc with current rates I don’t think it should be that high

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