{ "media_type": "text", "post_content": "With salary of 200K all-in and 50k to put down, how much can one afford to spend on an apartment? The estimates I see don't seem realistic.. also looking at condos with HOA fees", "post_id": "58a355a740233f001068947a", "reply_count": 26, "vote_count": 4, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

With salary of 200K all-in and 50k to put down, how much can one afford to spend on an apartment? The estimates I see don't seem realistic.. also looking at condos with HOA fees

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Cash is king. Why sink it into your house? Mortgage rates are low. Do the minimum or do a second and take the tax write off and the 2nd also. If your place or area takes a turn for the worse, you big cash down payment is tied up in the home vs in the bank or in an investment. Pull a Forest Gump on a condo and hoa's cause they are sunk cost

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250k. Because 50k is 20% of your down payment. Increase your down payment.

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Easy 500k

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So then HOA fees and PMI insurance? Ouch. With a 200k salary you should be able to save more for the down payment quickly (I don't know OPs situation, they could of been divorced 12 times, just a generalization)

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Cool guess I could buy a van then and just live out of that.

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Also, try to stay away from hoa if you can

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He/she*

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If you can put 100k down and no major financial issues or legal issues. 500k is easy

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I could afford way more but minimized interest rate with bigger down payment. I also aimed to keep monthly cost low. I am never there anyway so I don't need a lot of space. Having to maintain and keep up more is a time drainand time home is limited. My target was to buy a place to start, that roughly equated to my annual salary. I wanted the flex to rent it out as well. This freed up capital for other investments and rental real estate.

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I was at 69K when I bought a 300k+ place. Is not about what you can afford it's about what you want to spend. Bankrate has a great calculator, plug in what you want to pay a month and see what that comes down to.

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C1 you think? I'm new at this but seems a bit high.. will keep researching

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EY also depends if he is a first time home owner. If so, which sounds like they are. 10% is fine.

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Would be first time owner with strong credit.. I mean I could put down 100k I suppose now, I just wasn't thinking I could go up to 500 range realistically.. I'm in ATL, lots of condos and not as interested in a house

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Was in same situation. Bought a house for 458 with 40 down. Think about repayment horizon (we did a 15year mortgage). Overall definitely a good investment if you plan to stay 3+ years. Check mortgage with your local credit union rates are way better.

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With OP's income, what is the max price he or she can pay for a condo? Trying to gauge the cap here

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Put it like I bought a house at 75k in Atlanta and was approved for 350k or so which I'd be extremely uncomfortable paying for. The big thjng to remember when dealing with condos is the HOA fee which is usually higher the nice the place. Generally every $5 on a monthly mortgage payment equates to about $1000 of your total mortgage. Using that rule of thumb, HOA fees for some of the more posh condos can be average $500 per month. This would theoretically be the equivalent of tacking on $100k to your condo list price. And these fees go up yearly.

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Congratulations EY1 - so it sounds like you are then responsibly putting 20% down and that you will be minimizing your interest rate🤔

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OP could go up to 500k but is that what OP wants to spend is the question?

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Do you really want to spend $500k on a condo? You can get a decent house for that price in Atlanta.

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OP - I got a steal of a condo in buckhead last year for around $200k. I think trying to resell a condo for $500k might be difficult down the road in ATL. I have a great realtor here if you need a reference.

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