How absurd is a $3mm house for a family making $800-900k?
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Date: March 20th, 2017 5:55 PM Author: Narrow-minded garrison
Easily affordable.
Mortgage and taxes will be roughly $15k/month. Just keep 6 months (12 to be ultra conservative) of living expenses in cash. It would suck to dip into investments if you lose your job during a recession and your investments are also down 20%.
I'd personally put more money down though and only have $1.5m or less mortgage. If his wife is bringing in$250k and he is bringing in $500k+/year, it's highly unlikely they dip below $500k in combined income but one never knows and I wouldn't be comfortable shelling out $15k/mo on housing on a $500k combined income. It's doable but hard to save.
(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875752) |
Date: March 20th, 2017 6:57 PM Author: Godawful market nowag
Seems absurd to me.
To put into context, my uncle is independently wealthy and has 100 million net worth and lives in a 3-4 million house.
(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32876130) |
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