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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: lascivious newt 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: Charcoal selfie crackhouse $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: bonkers new version 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: Pontificating flushed forum 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: Domesticated lodge deer antler Median home price = $215k Median household income = $62k |
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Date: September 17th, 2018 10:01 PM Author: Scarlet pozpig resort 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: lascivious newt (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: Charcoal selfie crackhouse 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: Pontificating flushed forum 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: Mahogany kitchen regret 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: Scarlet pozpig resort 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: Charcoal selfie crackhouse 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: Titillating Lavender Menage Affirmative Action 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: wonderful brilliant locus boltzmann 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: lascivious newt is that assuming 20% downpayment
what if you put down 100k |
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Date: September 17th, 2018 10:28 PM Author: Plum razzmatazz party of the first part 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: Mahogany kitchen regret $300k.
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Date: September 17th, 2018 11:52 PM Author: Costumed hell 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: Mahogany kitchen regret 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: Cerebral awkward international law enforcement agency sandwich 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: self-centered liquid oxygen 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: claret tanning salon 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: rusted territorial rigor den 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: self-centered liquid oxygen 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: rusted territorial rigor den 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: lascivious newt 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: rusted territorial rigor den 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: Shivering outnumbered sanctuary 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: Dark Demanding Boistinker Personal Credit Line 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: Mahogany kitchen regret 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: rose duck-like library 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: lascivious newt (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: Copper Abode 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: Mahogany kitchen regret 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: Marvelous peach meetinghouse 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: Mahogany kitchen regret 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: Copper Abode 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: Mahogany kitchen regret 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: Copper Abode 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: Mahogany kitchen regret 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: Copper Abode 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: Mahogany kitchen regret 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: Copper Abode "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: Mahogany kitchen regret 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: Copper Abode 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: Mahogany kitchen regret 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: grizzly location pisswyrm (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: Floppy state 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: Marvelous peach meetinghouse 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: Mahogany kitchen regret Only 2/3 of the house! (http://www.autoadmit.com/thread.php?thread_id=4079961&forum_id=2#36833532) |