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What income do you need to live comfortably with 300k house?
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Date: September 17th, 2018 9:47 PM Author: Walnut corner clown assume you can buy a decent house for 300K...what income needed (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36829299) |
Date: September 17th, 2018 9:48 PM Author: gold trump supporter $300,000. Stick with the old rule of thumb that your house shouldn't surpass your annual pre-tax income. (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36829314) |
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Date: September 17th, 2018 10:47 PM Author: Mind-boggling Preventive Strike This was the rule of thumb during the boomer good times. In these uncertain times, your post-tax income should be double the price of your home. (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36829720) |
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Date: September 17th, 2018 10:48 PM Author: Amber box office I thought rule of thumb was 6 times after-tax income so OP should be grossing no less than $3MM/year? (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36829727) |
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Date: September 18th, 2018 2:33 PM Author: henna stage Median home price = $215k Median household income = $62k |
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Date: September 17th, 2018 10:01 PM Author: Hot cerebral hospital party of the first part Pay cash for your house and everything else. Live a much happier life. (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36829420) |
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Date: September 17th, 2018 10:03 PM Author: Walnut corner clown (finance masterman) (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36829437) |
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Date: September 17th, 2018 10:25 PM Author: gold trump supporter link to $14.5k house (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36829603) |
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Date: September 17th, 2018 10:26 PM Author: Amber box office https://www.zillow.com/homes/for_sale/WV/pmf,pf_pt/2088472954_zpid/61_rid/0-50000_price/0-202_mp/globalrelevanceex_sort/39.581349,-78.644257,38.02105,-81.377106_rect/8_zm/
almost heaven... |
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Date: September 18th, 2018 2:32 PM Author: vibrant new version Looks like a house in the Fallout series. (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36833432) |
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Date: September 17th, 2018 10:45 PM Author: Hot cerebral hospital party of the first part Live like a monk until you have more. (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36829711) |
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Date: September 17th, 2018 11:25 PM Author: gold trump supporter I'm going to get on programs. (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36829997) |
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Date: September 17th, 2018 10:27 PM Author: federal half-breed pozpig 200k (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36829609) |
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Date: September 17th, 2018 10:27 PM Author: sepia range goyim 300k house would be like a $1600 mortgage, so basically you'd need to make like 60k a year.
to live "comfortably" I'd want to make 120K. |
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Date: September 17th, 2018 11:37 PM Author: Walnut corner clown is that assuming 20% downpayment
what if you put down 100k |
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Date: September 17th, 2018 10:28 PM Author: painfully honest violent main people Get on Zillow and select any 300k house and click on the mortgage tab to get monthly payment estimates, with and without insurance and taxes. (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36829614) |
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Date: September 17th, 2018 11:38 PM Author: vibrant new version $300k.
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Date: September 17th, 2018 11:52 PM Author: snowy dingle berry Like $100k (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36830155) |
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Date: September 18th, 2018 2:30 PM Author: vibrant new version ofn (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36833418) |
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Date: September 17th, 2018 11:55 PM Author: transparent nibblets Pay cash for your home or get a negligible mortgage. 140-150K income for 300K home. (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36830173) |
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Date: September 17th, 2018 11:56 PM Author: Apoplectic tanning salon international law enforcement agency 500k (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36830179) |
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Date: September 18th, 2018 12:15 AM Author: crusty aphrodisiac lettuce The standard advice is your gross income should be at least one third of the amount financed, or 100k in this case
I am not a big fan of that advice since taxes vary quite a bit depending on your exact income and the state you live in
You might also have other large expenses like day care or child support to consider
On 100k I would want to be investing at least 20k per year and would live in a cheaper house if I couldn't invest at least that much
What is your after tax income and what are your monthly expenses?
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Date: September 18th, 2018 12:28 AM Author: low-t haunting field I have a 350k mortgage (2200 per month in payments) and manage to make it on 100k. It's not pleasant. But I have a lot of extras- saving 15% salary, $700 per month debt servicing. $1600 per month on preschool. Also paying off three central air units at $1k per month. Without those commitments, would be pretty stress fee, and that's a bigger mortgage than you're contemplating.
When I bought the house I was making almost twice as much and promptly lost my job two months later. I now wish I'd bought something smaller/cheaper/newer. But part of my income is $1200 per month in renting out the guest house. So I really would have to have a much smaller payment to be better off... |
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Date: September 18th, 2018 12:29 AM Author: Apoplectic tanning salon international law enforcement agency jfc where the fuck are houses that cheap (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36830428) |
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Date: September 18th, 2018 12:44 AM Author: low-t haunting field https://www.zillow.com/homes/for_sale/Albuquerque-NM/fsba,fsbo_lt/house_type/2093172663_zpid/23429_rid/3-_beds/300000-400000_price/1214-1618_mp/globalrelevanceex_sort/35.227111,-106.45649,34.937733,-106.895943_rect/10_zm/ (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36830526) |
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Date: September 18th, 2018 12:29 AM Author: Walnut corner clown preschool costs 1600 a month in flyover? wtf?
700 debt payments? student loans?
i'm hoping to have free daycare (family)until age 3 when i throw my kid into public kindergarten and let do |
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Date: September 18th, 2018 12:38 AM Author: low-t haunting field I wish. I have 150 in student loans. When I got fired, it was from a wfh securities job, and I was in flyover. It took 10 months to get rehired locally, and so most of the debt is credit card debt. Chipping at it. But so slowly. Hopefully after preschool ends this year, and the acs will be paid off in Feb... I'll be able to take care of it.
Of course, plumbing is hobbling along. Roots, old pipes, etc. Probably have to do that next. F old houses. I thought I got lucky because new roof and electric updated. But there's still so much shit. It's two acres, the entire thing is landscaped, and the first thing my asshole dogs did was eat all the inground sprinklers.
Preschool is one of the more expensive ones here. But truly excellent. I don't begrudge the funds. |
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Date: September 18th, 2018 9:47 PM Author: vigorous school deer antler Buy metal sprinkler heads dumbass (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36836935) |
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Date: September 18th, 2018 5:31 PM Author: tripping orange reading party weed whacker Preschool is almost as much as your mortgage. LJL (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36834965) |
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Date: September 19th, 2018 9:39 AM Author: vibrant new version Not even crazy. (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36839292) |
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Date: September 18th, 2018 12:30 AM Author: comical sadistic chapel A house should only be 1/3 of your income, so you should be making at least $900k per year. (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36830441) |
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Date: September 18th, 2018 12:31 AM Author: Walnut corner clown (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36830443) |
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Date: September 18th, 2018 2:34 PM Author: Razzle-dazzle Cocky Electric Furnace Hissy Fit IME HHI of about $125k. (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36833452) |
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Date: September 18th, 2018 2:34 PM Author: vibrant new version Is that really "comfortable"? (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36833459) |
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Date: September 18th, 2018 2:36 PM Author: Twisted bonkers goal in life nothing is comfortable at that HHI (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36833468) |
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Date: September 18th, 2018 2:41 PM Author: vibrant new version Depends where. Middle of the country that can be fine. Costa Rica or Ukraine - fine. NYC/LA/SF areas - no. (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36833493) |
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Date: September 18th, 2018 2:38 PM Author: Razzle-dazzle Cocky Electric Furnace Hissy Fit its not a comfortable life in any high COL area regardless of your housing situation, but it's not an unmanageable mortgage payment. (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36833476) |
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Date: September 18th, 2018 2:42 PM Author: vibrant new version OP included the word "comfortably" deliberately, I presume. (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36833498) |
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Date: September 18th, 2018 2:43 PM Author: Razzle-dazzle Cocky Electric Furnace Hissy Fit your interpretation results in there being no answer to OP's question. presumably OP asked a question he believed could be answered. (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36833514) |
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Date: September 18th, 2018 2:45 PM Author: vibrant new version If he made $300k+, I believe he could comfortably afford a $300k house. (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36833521) |
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Date: September 18th, 2018 2:52 PM Author: Razzle-dazzle Cocky Electric Furnace Hissy Fit we are approaching it differently. you are starting from "comfortably" vis a vis lifestyle whereas im starting from a point that presumes a fixed shelter expense, which if you live anywhere decent is going to be around $2k/mo or something very similar to an all in monthly payment on a $300k mortgage.
Mine is the credited approach. Assuming OP is genuinely looking for advice, he likely won't be able to just increase the amount of money he makes to "comfortably" buy his $300k house. |
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Date: September 18th, 2018 3:01 PM Author: vibrant new version Let's assume $2k/month is either an apartment rental or a $300k house mortgage. IRL, the house will still be more expensive.
- Houses require insurance, taxes, upkeep, more furniture, lawn care/snow clearing
- Rentals usually include everything except electricity & gas
- If you need to move you're going to take a huge hit in selling costs
I recently moved into my nice new house. The expenses are just remarkable. Oh crap, the lawn. Lawn care company? Oh shit, how much? Ok, I'll buy a lawnmower. There's $500+. Oh, none of these air filters have been changed. Yeah, definitely need more furniture. Need smart locks. Shit, this faucet isn't working right. Etc. None of that would be an issue in an apartment rental.
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Date: September 18th, 2018 3:34 PM Author: Razzle-dazzle Cocky Electric Furnace Hissy Fit "Houses require insurance, taxes, upkeep, more furniture, lawn care/snow clearing"
I have a mortgage with an original principle amount of $300k. The monthly payment including taxes and homeowners insurance is $2,050. You don't automatically need more furniture. I have the same $150 lawnmower I bought years ago and a $100 weed whacker. I shovel my driveway. That leaves "upkeep". As a homeowner, I don't spend very much on this.
"Rentals usually include everything except electricity & gas"
Additional utilities I suppose are water, waste removal, sewage. These are not significant bills.
"If you need to move you're going to take a huge hit in selling costs"
While true, this applies to anyone who has ever purchased a house. Sure, affluent people can better absorb the hit, but life is full of risks, some minor, some major. This i feel is a minor risk assuming OP is relatively sure he wants to stay in the same area.
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Date: September 18th, 2018 5:11 PM Author: vibrant new version I keep going back to the concept of "comfortable". Yes, you could put in sweat equity and do everything yourself. But most won't and if they do they won't describe it as comfortable.
Also, my lawnmower cost like $500. But it is a really nice one. I think I'll forego the weed whacker entirely. |
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Date: September 18th, 2018 5:28 PM Author: Razzle-dazzle Cocky Electric Furnace Hissy Fit i'm surprised you mow your own lawn. also, you need a weed whacker man. (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36834938) |
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Date: September 18th, 2018 10:43 PM Author: vibrant new version So am I. I started by trying various online services to try to get a reasonably priced lawn service. Long story short, I failed and I was looking at spending an absurd amount of money on it. I don't have a huge yard so I figured do it myself for the rest of this year and see what happens next year. Maybe some kid will do it for $20-30/mow.
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Date: September 18th, 2018 2:36 PM Author: Diverse magical useless brakes abode (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36833466) |
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Date: September 18th, 2018 2:42 PM Author: Beady-eyed big-titted trailer park Not much. Assume your parents kick in 200k or so, you are probably goos making 60 yourself (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36833499) |
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Date: September 18th, 2018 2:46 PM Author: Twisted bonkers goal in life lol, just assume your parents buy the house for you (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36833526) |
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Date: September 18th, 2018 2:47 PM Author: vibrant new version Only 2/3 of the house! (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36833532) |