The most prestigious law school admissions discussion board in the world.
|
 |
 
|
LJL at spending $1.5M on your house with $500K salary
Poast new message in this thread
Date: January 11th, 2023 3:42 PM Author: Seedy Umber Temple Athletic Conference One missed paycheck away from ruin (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45774930) |
 |
Date: January 11th, 2023 4:31 PM Author: Orange 180 forum foreskin Yeah how can they live on like the 20k a month they will have left over after mortgage! (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775218) |
|
Date: January 11th, 2023 4:38 PM Author: Amethyst doobsian dingle berry pocket flask (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775260) |
|
Date: January 11th, 2023 4:45 PM Author: mind-boggling elite market insurance, property taxes, and maintenance (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775299) |
|
Date: January 13th, 2023 5:03 AM Author: wonderful school cafeteria cumskin 180. (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45782312) |
Date: January 11th, 2023 3:43 PM Author: Vibrant shrine windowlicker 1.5m on 500k salary is far from unreasonable.
imagine a 300k house on a 100k salary. most people would think you are living below your means.
|
|
Date: January 11th, 2023 3:47 PM Author: slimy half-breed dilemma (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45774970) |
|
Date: January 11th, 2023 3:47 PM Author: onyx passionate heaven really tough guy (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45774975) |
|
Date: January 11th, 2023 3:56 PM Author: big state you're never going to save anything meaningful raising a family on $100K even if you live rent free. may as well yolo (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775034) |
|
Date: January 11th, 2023 4:24 PM Author: Glittery bonkers antidepressant drug Except tax rates differ a wee little bit, and no one making 100k risks getting knocked down below 70k, whereas a 500ker can find himself changing careers earning 150k in a few years (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775189) |
|
Date: January 11th, 2023 4:33 PM Author: Orange 180 forum foreskin then rent your property and downsize your personal home as needed.l if this very unlikely event happens. (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775229) |
|
Date: January 11th, 2023 4:54 PM Author: ultramarine locus kitty cat cr and if thast doesn't work out then rent your wife too (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775346) |
|
Date: January 11th, 2023 10:46 PM Author: deep demanding regret You should already be doing that anyway for scholastic purposes (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45776877) |
|
Date: January 11th, 2023 6:24 PM Author: Vibrant shrine windowlicker yeah and there are counterpoints I can make too. Such as:
- food costs don't differ just because you make more
- transportation costs don't differ just because you make more
- clothing costs don't differ just because you make more
- entertainment costs don't differ just because you make more
taxes might take out a larger chunk of the income at that bracket but ordinary expenses that everyone has will take a larger chunk of income at the lower bracket.
as long a the person making 500k doesn't go crazy with expenses they are probably in a better position than the 100k person. And they probably can get a better mortgage rate too, all things being equal. |
|
Date: January 11th, 2023 6:28 PM Author: big state $100K family obviously ends up buying shittier versions of all four of those. if the $500K couple wants to buy a pre-owned dodge caravan instead of a range rover they technically can do so but it doesn't seem to happen all that much. (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775816) |
|
Date: January 12th, 2023 9:21 AM Author: Glittery bonkers antidepressant drug (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45777867) |
|
Date: January 12th, 2023 12:04 AM Author: violent karate locale I don't know if you're talking theoretically or what, but you are aware that, empirically, all of those costs rise directly with income. (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45777197) |
|
Date: January 12th, 2023 9:25 AM Author: Glittery bonkers antidepressant drug This is the kind of response that also highlights how dumb the idea of "making 500k" is. There are so many variables that go into what you actually have to put into housing: how it's taxed, existing wealth, student loan debt, lifestyle choices, et cetera. People on one end of the spectrum can much more easily afford an expensive house than others. (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45777881) |
|
Date: January 12th, 2023 9:42 AM Author: contagious dragon ape All or most of these costs actually do go up when you’re making $500k. Generally speaking, businesses aren’t paying you to do nothing, and most of the money you earn is attributable to the hours you work past 40 hours/week.
When you don’t have any time to cook for yourself, you either have to subsidize a wife or buy takeout/pre-prepared food. Same goes with transportation, where you no longer afford the time to take public transit and instead have to pay for a parking spot near work, folks on fast routes, etc. |
|
Date: January 11th, 2023 3:45 PM Author: Tan son of senegal depends on the down payment at that income level obviously (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45774956) |
|
Date: January 11th, 2023 3:45 PM Author: bright pit income level? (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45774963) |
|
Date: January 11th, 2023 3:48 PM Author: Apoplectic bawdyhouse (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45774978) |
|
Date: January 13th, 2023 5:04 AM Author: wonderful school cafeteria cumskin (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45782313) |
|
Date: January 11th, 2023 3:52 PM Author: Soul-stirring menage juggernaut Nah, that's about right (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775000) |
|
Date: January 11th, 2023 3:54 PM Author: wonderful school cafeteria cumskin I'm at 600k or so and my house was 1.6MM (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775015) |
|
Date: January 11th, 2023 3:55 PM Author: excitant chest-beating kitchen patrolman Now remember the median income in America is like $30K (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775029) |
|
Date: January 11th, 2023 3:56 PM Author: Apoplectic bawdyhouse (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775032) |
|
Date: January 11th, 2023 3:57 PM Author: wonderful school cafeteria cumskin There is no way the average white person is making anywhere near 90k. (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775035) |
|
Date: January 11th, 2023 4:20 PM Author: Apoplectic bawdyhouse (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775173) |
|
Date: January 11th, 2023 4:44 PM Author: Adventurous Shaky Native Ratface That may be true, but the typical prole white is not an HVAC earning 75k. They earn like $800 working construction for a day or two, blow the whole thing on fentanyl and meth, and then sponge off their baby mama until she throws him out. (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775289) |
|
Date: January 11th, 2023 4:58 PM Author: Apoplectic bawdyhouse (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775375) |
|
Date: January 13th, 2023 5:05 AM Author: wonderful school cafeteria cumskin Not even in Biden's inflation nation do they earn 75k (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45782315) |
|
Date: January 11th, 2023 4:25 PM Author: Orange 180 forum foreskin Really dumb. I have a 1.5 million house on 400k. I have like 14k left over each month after maxing out 401k. Feels like plenty.
Plus I have 200k that is pretty liquid so I can absorb a layoff/downturn. |
|
Date: January 13th, 2023 5:08 AM Author: wonderful school cafeteria cumskin Yeah I have like 10-12k left over each month. Also my house is 7 years old and in pristine condition requiring zero maintenance so far. (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45782317) |
|
Date: January 11th, 2023 4:26 PM Author: Purple Twisted Office I make seven figures. How much house can I afford? (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775195) |
|
Date: January 11th, 2023 4:27 PM Author: mind-boggling elite market you’re a lifetime renter, sorry (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775202) |
|
Date: January 11th, 2023 4:54 PM Author: Purple Twisted Office 😔 (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775348) |
|
Date: January 11th, 2023 4:27 PM Author: Glittery bonkers antidepressant drug You can make a bitch boi cum in your ass (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775205) |
|
Date: January 11th, 2023 4:29 PM Author: hot unholy site I agree. Think about it, that’s a 10k+ a month mortgage bill. After taxes and contributions, net income on 500k would be pushing it hard imo. (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775212) |
|
Date: January 11th, 2023 4:33 PM Author: Orange 180 forum foreskin It’s less than 5K a month when rates were low. (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775235) |
|
Date: January 11th, 2023 4:45 PM Author: hot unholy site For 1.5m?? No. (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775298) |
|
Date: January 11th, 2023 4:50 PM Author: Amethyst doobsian dingle berry pocket flask With 20% down and 2.5% it would be pretty close depending on property tax and insurance (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775323) |
|
Date: January 11th, 2023 6:10 PM Author: Orange 180 forum foreskin I was just talking mortgage, it’s 6k with taxes/insurance. (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775739) |
|
Date: January 11th, 2023 4:46 PM Author: Tan son of senegal Show your work. (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775303) |
|
Date: January 11th, 2023 5:03 PM Author: Soul-stirring menage juggernaut https://www.mortgagecalculator.org/?q=2yJVT-AKV (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775395) |
|
Date: January 11th, 2023 5:12 PM Author: Tan son of senegal the states in which you can pay $2400 property tax on a $1.5m house, if they even exist, do not support $600k salaries. you're also wildly underestimating home insurance at $1000/year.
lastly, 2.5% was a flash in the pan so it's possible bro got lucky but under the totality of the circumstances i have to call bullshit. |
|
Date: January 11th, 2023 5:15 PM Author: Soul-stirring menage juggernaut It's conceivable that some SWEs from the Bay Area who WFH in Hawaii or Alabama, making Bay Area salaries, are paying $2400/yr in property taxes https://www.rocketmortgage.com/learn/property-taxes-by-state |
|
Date: January 11th, 2023 6:12 PM Author: ultramarine locus kitty cat lmao (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775749) |
|
Date: January 11th, 2023 6:11 PM Author: Orange 180 forum foreskin People are so poor here.
See how much cash this person would have left over.
People on 600k have 2.2 million houses. |
|
Date: January 11th, 2023 6:34 PM Author: titillating stag film Poasters above are demonstrating their woeful ignorance of Bay Area Life, which involves exactly this once you breed. Only in select pockets of the East Bay can you buy a house as a professional with a family for less than $2M. Most of these people are making $350k-600k. (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45775838) |
|
Date: January 11th, 2023 9:58 PM Author: Out-of-control stage faggotry A strange game. The only winning move is not to play. |
|
Date: January 11th, 2023 11:52 PM Author: Orange 180 forum foreskin Sure just move to some shithole so you can make much less money. Makes sense!
Separately these posts ignore that your mortgage gets cheaper every year due to inflation and COL raises. |
|
Date: January 11th, 2023 10:00 PM Author: hot unholy site Just because that’s the way things are doesn’t mean it isn’t retarded. (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45776681) |
|
Date: January 11th, 2023 7:45 PM Author: underhanded exhilarant business firm toilet seat lol how much do you think home insurance costs? (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45776076) |
|
Date: January 11th, 2023 11:58 PM Author: Orange 180 forum foreskin Idiotic as usual. Home insurance is like 100 a month on a 2000 square foot home in the Bay Area. (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45777179) |
|
Date: January 11th, 2023 6:18 PM Author: Concupiscible library organic girlfriend NBA player CJ McCollum makes 33 million a year and lived in a $3.5 million house
https://www.oregonlive.com/realestate/2023/01/cj-mccollums-west-linn-mansion-is-for-sale-at-35-million.html |
|
Date: January 11th, 2023 6:36 PM Author: Slap-happy navy private investor lol I make between $500-600k and my house is $675k Bought it recently with a 5.25 rate (30 year fixed) and my monthly nut is like $4k and it still feels expensive People are insane |
|
Date: January 11th, 2023 7:47 PM Author: Multi-colored Bespoke Stead Selfie (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45776092) |
|
Date: January 11th, 2023 11:48 PM Author: Orange 180 forum foreskin I have a 1.5 million dollar house and my monthly nut is 6.3k. LOL at you. (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45777120) |
|
Date: January 11th, 2023 8:40 PM Author: Deranged Bat-shit-crazy Round Eye Box Office The people who say stuff like this are so fucking financially illiterate.
If you are buying today and get a 6% interest rate, your payment is something like $10,000. If you bought a year ago, your payment would've been $6,666.
A single guy in CA would take home like $22,000 a month. A married guy in Florida is going to net $29,000 a month.
Depending on these factors alone, a $1.5 mm house could be either 22% of your salary (incredibly affordable) or 45% of your salary. Not to mention property taxes, student loans, tuition bills etc.
Also, idiotic statements like the OP ignore that you HAVE to live somewhere. Is the guy who locked in housing at $6,000 a month an idiot if the alternative is paying $7,500 in rent?
Is the guy who pays $72,000 in housing a year an idiot if living in a different neighborhood means he had to send his kids to private school at $45,000 a pop? |
|
Date: January 11th, 2023 9:28 PM Author: alcoholic step-uncle's house LOL. HHI is 390k base (sometimes an additional 100k a year) and my house is worth 580k and I hate the mortgage payment. (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45776560) |
|
Date: January 11th, 2023 11:53 PM Author: Orange 180 forum foreskin My HHI is 900k and I rent a studio, Lol at u (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45777147) |
|
Date: January 12th, 2023 12:17 AM Author: alcoholic step-uncle's house (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45777255) |
|
Date: January 12th, 2023 9:51 AM Author: ultramarine locus kitty cat You should be sleeping under your office desk until you make partner (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45777945) |
|
Date: January 11th, 2023 10:05 PM Author: Turquoise Boyish Tanning Salon Stain if you knew you would earn $500k for the rest of your life until retirement, indexed for inflation, you could get away with $3-4m house (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45776700) |
|
Date: January 11th, 2023 11:51 PM Author: stubborn lay philosopher-king I made 500-700k for about 10 years prior to finally now making just over 1million. I bought my house about 5 years ago and paid for the land (1 million) with cash and then financed the house (2 million). I have no student loans though.
why u mad though?
edit: to give full disclosure, I actually paid out of pocket for the house around 500k and i only financed just over 1.4 million.
edit2: I refinanced in 2021 for 2.25%
|
|
Date: January 11th, 2023 11:55 PM Author: Flushed crackhouse Good job (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45777156) |
|
Date: January 11th, 2023 11:55 PM Author: Orange 180 forum foreskin They are all just flaming which is obvious because they never dive into the actual budgeting math.
There are also tons of incels here like TT whose best case life scenarios are retiring before shipwrecking a catamaran in the Indian Ocean. |
|
Date: January 13th, 2023 5:09 AM Author: wonderful school cafeteria cumskin Always a pumo! (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45782319) |
|
Date: January 12th, 2023 9:30 AM Author: contagious dragon ape The average house in this country sells for ~4.5x salary, last time I checked, and it was as high as 7x in places like Silicon Valley. Paying 3x salary was the average back in the 1980s, when houses were considered “affordable”
Edit: here’s an interactive study that shows some numbers. I’m curious what the effects of interest rates are on actual cash outflows for the 1980s vs 2018’s low extremely low rates when the study was done. https://www.jchs.harvard.edu/blog/price-to-income-ratios-are-nearing-historic-highs |
|
Date: January 12th, 2023 12:47 PM Author: Orange 180 forum foreskin (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45778765) |
|
Date: January 12th, 2023 7:31 PM Author: Deranged Bat-shit-crazy Round Eye Box Office What a shocking study - when interest rates were 17%, people paid a smaller percentage of their salary than when they were 2%. (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45780778) |
|
Date: January 13th, 2023 3:36 PM Author: contagious dragon ape And yet the 1980s were considered a “housing boom” while today is considered a “housing crisis.” Maybe your hypothesis isn’t as strong as you think.
https://www.multpl.com/case-shiller-home-price-index-inflation-adjusted/table/by-year |
|
Date: January 12th, 2023 10:35 AM Author: Orange 180 forum foreskin So with the following breakdown a 400k HHI married couple in California with one child will bring home 273k after itemizing 40k in deductions and maxing one 401k.
This is 22,750 a month take home. Subtract 6500 for mortgage taxes and insurance on a 1.5 million house at 2.5 percent interest (my rate) and we are left with 16,250 a month to live on. So even if your living expenses are 10k a month (high) you are saving 6,250 a month plus the 401k.
Your Income Taxes Breakdown Tax Marginal Tax Rate Effective Tax Rate 2022 Taxes* Federal 24.00% 16.42% $65,671 FICA 2.35% 4.07% $16,264 State 9.30% 6.15% $24,600 Local 0.00% 0.00% $0 Total Income Taxes 26.63% $106,535 Income After Taxes $293,465 Retirement Contributions $20,000 Take-Home Pay $273,465
|
|
Date: January 12th, 2023 9:11 PM Author: Glittery bonkers antidepressant drug Congrats on your rate, but a 30 year fixed is 5.7% (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45781221) |
|
Date: January 13th, 2023 4:57 AM Author: Orange 180 forum foreskin nobody ever limited us to buying a house right now. Nearly everyone who owns a 1.5 million home relevant to this thread purchased or refinanced when rates were 3 percent or lower. (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45782306) |
|
Date: January 13th, 2023 10:08 AM Author: Glittery bonkers antidepressant drug Well, i bought a $1.5mm house in Denver in 2019 on $0 income, and I've made $1.7m on it, so everyone with zero income can afford a $1.5mm house as well (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45782864) |
|
Date: January 13th, 2023 2:51 PM Author: Orange 180 forum foreskin what (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45784878) |
|
Date: January 13th, 2023 4:21 PM Author: Glittery bonkers antidepressant drug I thought you were being a total faggot, so i wanted to join in the fun (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45785243) |
|
Date: January 12th, 2023 9:20 PM Author: Soul-stirring menage juggernaut How are you deducting $40K? (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45781253) |
|
Date: January 13th, 2023 4:56 AM Author: Orange 180 forum foreskin 30k mortgage interest plus 10k state taxes = 40k deduction (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45782304) |
|
Date: January 13th, 2023 3:15 PM Author: mint frisky associate 26% combined effective rate living in Cali at 400k sounds low to me, but I assume you used a reliable calculator? (http://www.autoadmit.com/thread.php?thread_id=5269043&forum_id=2#45784976) |
|
Date: January 13th, 2023 4:22 PM Author: Orange 180 forum foreskin It looks accurate to me. brackets had a major increase for filing in 2023. And I did not include property taxes which aren’t factored into this calculator. Should have stated that this is income taxes only. But I tried to include them in my 6500 a month total housing costs used there.
https://smartasset.com/taxes/income-taxes |