{ "media_type": "text", "post_content": "How much can I afford to spend on a house in Austin, TX with a salary of $175k and savings of ~$150k (no other savings of any kind other than ~$300k in 401k)?", "post_id": "6141a85c1fb860002c5fcb58", "reply_count": 21, "vote_count": 7, "bowl_id": "58f0df008ad7250010f8c590", "bowl_name": "Compensation" }

How much can I afford to spend on a house in Austin, TX with a salary of $175k and savings of ~$150k (no other savings of any kind other than ~$300k in 401k)?

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Honestly, it’s more about your comfort level. The calculators out there always give high amounts. Me and my husband make over 400k combined and we could have bought a house over 1M, but we were only comfortable spending up to 3k a month so we bought a house for 400k. We wanted a mortgage where if one of us ever lost our jobs, we could survive off one income. We also have 3 kids which means we pay 4K in daycare per month and save 1800 a month towards their education. We also like to travel and want to save money to buy rental properties. It’s all about your comfort level - you might be able to afford 800k but it doesn’t mean you will enjoy living off top ramen in your nice house because that’s all you can afford after mortgage, insurance, taxes, and maintenance.

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I echo this sentiment. My wife and I are in the same TC range and are building a home for 450. It’s comforting knowing we won’t be house-poor and are living below our means.

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500 probably. Property taxes there are wild

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Beware of property taxes! They are through the roof right now!

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What does your bank say you can afford? Go to their Web site and use one of those calculator thingies. Then realize that the bank wants you to borrow from them and they’re gonna give you a super-high number that you may or may not be comfortable with, so check a few other sources too.

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I make 200k, went ahead to get 400k house of 2500sqft. Honestly, didn’t have to guts to go ahead with any much expensive home. Please keep in mind the property taxes are like 2-3% based on your zip code

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In So Cal at 200k HHI we just bought a $800k house with 10% down. You can afford prob like 600-800k

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Limit on a conventional loan is 545k so you'll need a relatively healthy down-payment for 600k+ loans. I'm at 250k hhi and just but a 600k home with 8%down. My goal is to keep my principle, interest, taxes, hoa and insurance less than 30% of my income.

600 would be a comfortable, safe price.

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Depends on your interest rate

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A general rule of thumb is between 3-5 times HHI

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Yea I'd think no more than 3x HHI

Husband and I bought a house in Florida. 505k. We put 100k down payment. Monthly payment is 3k. TC for both of us is 350k and I feel like 3k a month is the absolute max we could afford. We have 1 child. Now , for 500k you can’t buy anything decent here. I wouldn’t spend more than 450-500k if I was in your position.

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As someone in the 350-400k HHI range, 1.2M is not something I’d touch (although is definitely doable). We bought a 720k house (although we were more in the 300k HHI range at the time). It’s given us the ability to have a nanny when we didn’t feel comfortable with daycare during COVID. Take home (assuming you just mean after tax) on 350k should be around 250-275 in Florida depending on exact situation (children split of income for payroll purposes etc.). We take home about 250k on 350k in MA, including about $15k of state tax.

$25.78 mil

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