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Replies (18)
- BuyEqualsRent
- Contributions:1491
3x income.
- Jeff Konstant, "jkonstant"
- Contributions:1970
I will pay no more than $600/month.
- docwhorocks
- Contributions:52
The wife & I are looking to spend (at most) 2.6 times our combined income on a new house. Trying to keep it closer to 2.1 times our incomes.
Live below your means. So when things like prices of gas & food outpace your salary, it's no big deal.
- 4jacks
- Contributions:300
I make 50k a year and plan on purchasing a $500,000 home. No money down.
- Mark75NYC
- Contributions:1316
2.5 x income
- AmericanDreamszzz
- Contributions:8
"I make 50k a year and plan on purchasing a $500,000 home. No money down."
very funny!
- andyman68
- Contributions:179
Are we referring to net income or gross income?
- 2 Big 2 Fail
- Contributions:0
3.5 times your income
- Gingerhairedgirl
- Contributions:209
I'd like to know why the OP wants to know.
- Mark75NYC
- Contributions:1316
In my case, I'm referring to gross income.
I would never go above 2.5x gross income.
- pcmodem
- Contributions:116
2.5x combined gross income is my absolute max. I'd be more comfortable with 2x me and the pretty lady's salary. Course, this is all academic since my company's been sold and i've got a timer until I get to find out how FUN finding a job in a 6+% unemployment rate economy is like.
- wetdawgs
- Contributions:26830
Why do you ask?
House price no more than 3x gross income.
Mortgage/insurance/tax no more than 25% of monthly income.
Current mortgage. 0% of income.
- Michinaga
- Contributions:143
Personal savings + 3x income is the rule.
I have $150k in savings and make $50k per year, so I could afford $300k.
Of course, it's always prudent to buy less than you could conceivably afford, and if you're just starting out and don't need multiple bedrooms for the kids, a starter home should be affordable and stress-free.
My starter home will be bought very cheaply.
(And it looks from your name like you're in Hangzhou. Isn't there a bit of a bubble out there these days?)
I have $150k in savings and make $50k per year, so I could afford $300k.
Of course, it's always prudent to buy less than you could conceivably afford, and if you're just starting out and don't need multiple bedrooms for the kids, a starter home should be affordable and stress-free.
My starter home will be bought very cheaply.
(And it looks from your name like you're in Hangzhou. Isn't there a bit of a bubble out there these days?)
- Mike_oxafloppin
- Contributions:2851
Personally I have always found the 2 -2.5 rule kind of vague because for example…I don’t have any other bills with the exception of one car payment and basics like utilities and food.. Through experience I have found that I prefer to be in the 3-4 x gross per year for several reasons
One of the biggest reasons being neighbors. In the past I have lived in houses that were closer to 2x income and found that we had less in common with our neighbors. I am not trying to come across arrogant etc but we have noticed certain awkwardness from neighbors as if we were not the same as them. We are not outwardly flashy people and drive very average cars etc but It’s almost as if they hold it against us that we go on vacations or have money in the bank etc (one of my neighbors got my bank statement in their mailbox and opened it) Other things like both parents working and my wife stays home with the kids. I want my kids to go to private school because public schools suck in FL and I would like my kids to goto school with the same kids they play with on a daily basis.
- Pasadenan
- Contributions:21458
$35.2 Million.
(J/K... due to proposition 13, even if someone paid me that for my present house, I wouldn't spend that much since it would make the property tax outragious).
How much could u afford for your new homes?
will u show me how much could u afford for your new homes?
in dollars plz
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