Realistically how much HHI and savings should one have before buying a starter home in the Bay Area (assume 1-1.2M home - 2-3 bedrooms)

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Are you currently living in the Bay Area? Where are you finding 2-3 bedrooms for 1M? Genuinely asking.

East bay - Oakland, Pleasanton, etc - not the nicest or biggest homes but they exist for 1-1.25M

3 months of your mortgage will be less than 20% of your take home, 6 months if more

3 months of expenses if your mortgage is less than 20% of your take home. So if your mortgage is 5k, you should be bringing in 25k per month. 6 months of expenses if your mortgage is between 25-45% of your take home. Reasoning is that you can swing maintenance and repairs if you have a larger income coming in, otherwise you will be relying more on savings

I would put 20% down even if it's your first home and they'll let you do less. If you can comfortably put down 250k that will make your payments much more manageable. I'd have 6 months+ saved. If you're in tech, I'd be careful about potential layoffs, ideally you have 2 incomes as a buffer?

I live in the Dublin/Pleasanton area. You can easily get a townhouse for $1.1/1.2M. There is actually one for sale in our community, which is just 5 years old (Dm me if interested). Your mortgage payment should be less than 50% of your HHI, given the higher interest rate. And be ready to atleast put 20% down to avoid PMI

$350k gross income or more depending on other expenses with 20% down + 6 months expenses incl. mortgage worth of liquid non-retirement savings

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