Max house with 500k HHI, 500k down payment? 2.5M doable or no?
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Date: March 17th, 2019 11:12 PM Author: Diverse Space
If you lost your jobs could you get similar paying jobs?
Are you kids going to top quality suburban public schools instead of rip-off private schools?
If the answer to both of these is yes, then you should be able to pull it off but it would be tight and probably stressful. You're looking at roughly $125,000 per year in mortgage payments alone. Your property tax is likely another $20,000 per year or potentially much more if you're in a very expensive part of the country.
I'd probably aim for a mortgage of no more than $1.5m on $500k HHI.
(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37948302)
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Date: March 18th, 2019 11:28 AM Author: Hilarious poppy area ladyboy
This would be insane. I say that as someone with a $6,500 monthly mortgage and similar HHI.
HTH.
(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37949647) |
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Date: March 18th, 2019 1:38 PM Author: fragrant nubile center mexican
someplace in peninsula or east bay with good school districts
1 kid, hopefully another in year or two
looking at Lamorinda since seems like a relatively good deal, but that really locks you out of SV jobs
(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950227) |
Date: March 18th, 2019 1:36 PM Author: swollen striped hyena
does not seem doable unless you expect your HHI to jump significantly over the next few years.
my HHI is the same and i'm only looking at places sub-1MM
(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950216) |
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Date: March 18th, 2019 1:52 PM Author: galvanic ceo
"You have to figure you’ll be in the house for 30 years and your income will rise with time"
Those seem like insane assumptions to me. Shit happens. There are booms and busts, including regional ones or ones affecting various sectors (California isn't diversified at all - it is all in on tech). Betting your entire financial health on this being true seems like it is asking for trouble.
(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950284)
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Date: March 18th, 2019 1:36 PM Author: galvanic ceo
You make like $50k/year more than us and I would never, ever consider anything like this. If I had to live on the WC I would rent. You don't even lose that much with prices like these. And no, it isn't "a good investment" - it has no upside and a lot of downside risk.
To put it another way, if the economy in the Bay Area blows up, you could end up completely fucked. You lose your job, your housing value collapses and you will have no idea what to do, despite years of making a high salary. Can't pay the outrageous mortgage, can't sell the house because it is underwater, can't find a job paying anywhere near enough but also can't move for work because tied down by house.
(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950218) |
Date: March 18th, 2019 6:11 PM Author: Chartreuse exhilarant foreskin principal's office
Your housing debt shouldn't exceed 1/3 of your income.
($500k/3)+$500k=$667k
(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37951536) |
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Date: March 19th, 2019 1:15 PM Author: Wonderful pale dingle berry marketing idea
As opposed to rent that you have a 100% chance of losing?
If you’re so far underwater on your house that you’re waking away, you’d probably have lost similarly if you’d invested the money in other asset classes.
Also, the more likely scenario is that your house basically holds its value, adjusted for inflation, and you get a tax benefit until you sell or until inflation catches up and you can rent it out for more than the piti. At that point, even if you live there, your piti will equate to a below-market rent.
(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37955143) |
Date: March 18th, 2019 10:11 PM Author: fragrant nubile center mexican
Update - going to stick with $2Mish.
500k HHI is conservative as it's a couple hundred higher but i'm only considering my income in case wife decides to work, or alternatively if i go startup and make significantly less, we could still be around there. Crazy how you can't get a nice house for <$2M. Bay area real estate sucks.
(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37952790) |
Date: March 19th, 2019 10:37 AM Author: mind-boggling orchid genital piercing
$2.5 million house on $500k income? LOL
My parents made that kind of money in the 90s and we lived in a $400k house.
(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37954280) |
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Date: March 19th, 2019 10:39 AM Author: galvanic ceo
They were doing it right. This stupidity is also why a bunch in our generations are going to be totally fucked. "Oh, shitty boomers!" Yeah, they weren't dumb enough to buy a $2m-$2.5m house on a $500k HHI.
"Oh, but I can't get a nice house for that in the Bay Area!"
Yeah, then don't stay in the fucking Bay Area. Rent until you find something somewhere else.
(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37954293) |
Date: March 19th, 2019 11:07 AM Author: flatulent base
You can only afford around a $1M mortgage comfortably
The answer is you need to either rent, or more realistically, move to a less insane part of the country
In Phoenix, Atlanta, Houston, etc. $500k will get you a nice house and you'd be mortgage free living a much less stressful existence
(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37954411) |
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