Me and my wife hhi comes out about $210k (310k pre taxes and deductions) annually in hand . We are thinking of buying a house in Houston, Tx. How much should our estimated budget should be? We were thinking more about $550. No kids for now but will be planning soon. Monthly expense (groceries, insurance, car EMI) - 3k roughly

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That’s not a straightforward question, honestly.

It’ll definitely depend on how much your down payment will be and what kind of loan you’ll get.

I’d recommend sitting with a loan officer to get a true picture for what you qualify for and similarly, if one of you lose your job (hopefully not!), what your existing savings can cover.

You’re definitely in a good place for sure. You’ll qualify for a little over $600. Not sure if you plan to buy new or used but rate will depend based on that and if new, whether you’ll utilize new home builder incentives for lower rates.

Existing rates are hovering around 6.75 to a little over 7 for a 30-year fixed rate. With the down payment you have your mortgage can be slightly under $3K for sure for a 30-year.

Loan officer will be best to punch numbers to grant you a true picture though.

Honestly you're very close to my wife and I, we likely spend more just because we travel a lot. We ended up with a mortgage right around $3500 and it works very well. Hard to say price houses because it varies by the current rate, whether you're in HoA or not, taxes, etc.

Overall I would say if you're under 4k you're very comfortable and for from house poor. If you start to creep to 5k it gets dicey if either lose their job

We're $300K HHI and I feel fine about a $4K mortgage payment. Could do up to $6K but definitely wouldn't want to.

550-650k should be comfortable

Since you are planning for kids at some point in the future, be sure to put that into the budget. Houses in areas with good school districts might factor into the budget differently than houses + good private schools. Also, do you work from home, or need to commute to an office 90 minutes away?

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