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Real Estate
Reply to "Salary vs House Cost"
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[quote=Anonymous]No debt: no car loans, no outstanding student loans, credit card debt, etc. Kids go to public school (one more year left of private preschool for youngest). No outside $ help for downpayments. DINKS for 7 years before kids--saved a lot, invested heavily. Kids 529s are stacked--thinking of 'pay now' option. First home 2004--HHI $275k---home price $605k (now est. $775k). Mortgage $540k. Lived there 3 years--been renting it since then...rent now 2X times our montly mortgage. long term leases, no hassle. huge demand given location. Second home 2009--HHI $475k--home price $1.050 million. Mortgage $600k. this house is now estimated at $1.175 (we've done nothing in those 3 years). I don't think salary alone is enough to know how much to spend. There are so many other factors--life goals, lifestyle, spending habits, private or public school, personal debt, etc. [/quote]
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