What income do you need to live comfortably with 300k house?
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Date: September 17th, 2018 10:27 PM Author: Cowardly awkward tank whorehouse
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.
(http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36829611) |
Date: September 17th, 2018 11:38 PM Author: Haunting curious state keepsake machete
$300k.
(http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36830074)
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Date: September 18th, 2018 12:15 AM Author: razzle-dazzle house
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?
(http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36830319)
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Date: September 18th, 2018 12:28 AM Author: wonderful big-titted philosopher-king therapy
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...
(http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36830418) |
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Date: September 18th, 2018 12:29 AM Author: cerise locale
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
(http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36830432) |
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Date: September 18th, 2018 12:38 AM Author: wonderful big-titted philosopher-king therapy
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.
(http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36830494) |
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Date: September 18th, 2018 3:01 PM Author: Haunting curious state keepsake machete
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.
(http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36833636)
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Date: September 18th, 2018 3:34 PM Author: Lime Doctorate
"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.
(http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36833920)
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