What salary would you need to make to feel comfortable buying a $1 Million house?

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400k to be comfortable

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We put 10% down with a 3.75 rate no PMI. Rate is important and I think we are fine.

If the house becomes too much, we can always sell. It has already appreciated so much since we bought in January.

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no house is worth 1M unless it cleans itself

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$1 million dollar home with today’s interest rates is probably around $7500 a month for your mortgage, interest, insurance, taxes, etc. To comfortably afford that, probably looking at $300k-$350k gross household income.

It depends on your down payment and the mortgage interest rate to determine your monthly payment.

Lenders use the 28% rule - so you can use that as a benchmark for your monthly payments.

My bf and I just bought a $1m townhouse. Together, our monthly payment (inclusive of everything: PITI and hoa) comes to 22% of our gross monthly income. We feel meh - not super comfortable but also not struggling

I just bought a home at around 30% as well. Not my favorite but it’s doable

About 240k HHI, althought 350 would be ideal

450 hhi without kids given these interest rates

LOL, the median Greater Toronto home price is $1.3m, the median household income is $85k

Canadian, British, and Australian housing prices are absolutely wild. Leave it up to the Commonwealth to try to bring back serfdom.

What matters is how much you're borrowing, not how much you pay for the house.

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