Make $250k a year. Should i buy a $1m house with 20% down?

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Not with Chicago property taxes!

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I'd never buy in the city (quite possibly the state) property taxes aren't going down

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Go with your gut and have fun!

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If you want it and can financially do it then go for it! Is it in the city or suburbs?

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Approved

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In the city…high taxes are whats a bit holding me back

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How much are the taxes?

It’s likely not a particularly great investment in the city given appreciation but do what you want!

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I can't wait to get out of Chicago. Crime has gone up in the city/downtown area and this only seem to be getting worse.

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Don’t buy in Chicago, cook county taxes are horrid and going nowhere but up at an alarming level. Get out of Illinois if you can, the state is bankrupt and the pension liabilities will crater it soon

smart

Leave Chicago. Go to the south and stretch your million!

Could be tough, especially if you want to do renovations. Maybe a home in the 750K range?

If you aren’t planning to stay for over 5yrs economics won’t work. Otherwise no harm

What’s the total housing payment you’re looking at incl taxes, insurance, HOAs etc

I did. Though 10% down. Rates are so low it was worth taking on PMI to have more cash in the market

I personally wouldn’t buy a home that’s more than 2.5-3x my income.

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