{ "media_type": "text", "post_content": "What kind of house can I afford with 100K in cash, 110K salary, and no debt besides 500-1000 a month for food/fun? I live in SoCal", "post_id": "5ecdacd893d468002287689d", "reply_count": 21, "vote_count": 6, "bowl_id": "5e6fe1c31f5e51001d267e46", "bowl_name": "Coronavirus Work-life" }

What kind of house can I afford with 100K in cash, 110K salary, and no debt besides 500-1000 a month for food/fun? I live in SoCal

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< 500k

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The banks will most likely lend you more than you can afford. They would probably lend you 700-800000+, but I would try fine something closer to 500,000.

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Move to Atlanta you will balling 😂

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Damn. You got too much savings :). Great job.

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$451,400 according to Google. Your salary is the issue.

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Agree with this analysis. Disagree on framing; wildly impressed with your ability to save $100k before reaching a $120k+ salary, and excited to see all of the great things your self-discipline will lead to.

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Damn, OP! Good for you! Aspiring to become a SoCal homeowner in the next 3-5 years! Spill your saving secrets!

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Think long term. Buy as cheap as you can in the location you want to be/lifestyle you want (ie have a kid). You can always fix it up a bit. Buying a house can be a bad move financially if you're going to be there for less than a couple years. What that price is is really dependent on the city you want to be in

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Also, very excited for you! This is a big life event! Congrats!

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With that I would say $500k assuming 3.5% rate and assuming you are saving in your 401k, and really no more than $550k (as high end). I also assumed no HOA fees and property tax to be about 1.2%, which varies depending on where you are in SoCal. However, discuss this with your lender. It’s always a good idea to put down 20% toward your purchase but you’ll likely want some cash for furniture/ home improvement after you buy.

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Thanks everyone for your advice! Yeah I am very frugal...hopefully I can double my salary by 35 lol and if I get married maybe that double income will help. Sounds like my limit would be a 400-500K house and I would need some additional money for various costs like fixing it up/furniture.

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Congrats on those savings. I would start working directly with a bank to get a preapproval on a loan. Their estimate will be quite accurate. DM if you need a referral. I bought my first condo in LA at 300k and was making about the same.

Where in SoCal? Because if your answer is LA your options will be extremely limited, unfortunately.

You’d likely be approved like 800k. But you live in SoCal and asked what kind of house. Probably more of a shed or shack than a house.

Right, all I was saying is I wouldn’t call a 2000-3000sq foot house a shack :) pretty comfortable living imo

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Orange County!!!

I would say $550k if you want to be safe. Lenders can and will offer you more but you’ll need to factor in worst case scenario (ie. any rates/taxes/utilities you’ll have to pay that you don’t currently, if variable interest goes up, can you still make those payments).

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