What do you think? Wife and I bought a house when I was new to industry. My salary has doubled and hers has increased greatly too. Currently mortgage, private school, runs is about 4500 a month combined. We thought The house we bought was in okay shape, but we were wrong. I have made some fairly big changes such as all new flooring, carpeting, lighting, countertops,. And some unforeseen damages ;bathroom leak turned renovation, pool liner, motor, and pump, water damage in kitchen ceiling, and
You can certainly afford it
Same here 170k on a 650k home
That’s completely doable. I just did something similar. I’m definitely feeling the pinch but not to a point where I have to adjust my lifestyle.
Yeah you can do it. We just spent $800k on about the same combined income as you make and it's tight rn due to furnishing costs but it's super satisfying owning a home.
Our HHI was only $310k last year when we bought a place for 1.15m (20% down). Mortgage is $4500, likely to increase to $5k in the next year as property tax valuation catches up with our purchase price and insurance goes up a bit. We are now at $430k HHI and it’s quite comfortable from a spending perspective. We have a walk out basement we don’t use that we might rent out in the future for another $3k/month just so we can ramp up savings even more
We live in the mountains out west, so pretty desirable vacation spot. Thinking of turning it into an Airbnb
I’m assuming that my future spouse will work and have some income ($100-200k), though this’ll likely be spent in student loan payment.
Are you dating? Or just imagining a future spouse?
How consistent is your annual income?
Relatively consistent. It’ll go up, unless I leave my firm and go in house. Prob $250-350 all in at that point. But good question - I’m considering spending possibly 2-3 years in gov so that’ll make it tough if I buy this.
I live in Houston where property taxes make this too hard imo. My wife and I make around that amount and are in a house we paid 450k for. Then again, that buys you 4,000 sq ft. of space
I'm at 300k and have a house that's ~1.2mm. My monthly is only $4500 though since I put down a significant amount. Zero issues with stretching, though I don't travel as much as some of my colleagues
Where do you live that a 2 br is $1.3m
NYC