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Real Estate
Reply to "If your HHI is 200K, how much house would you buy?"
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[quote=Anonymous][quote=Anonymous]My wife and I are expecting our first child as well as looking for our first home right now. Our HHI is $150K not including bonuses and we're looking at homes in the $650k-700k range with 10% down. Our monthly PITI would be about $3,500 according to our lender. We have no debt and have new-ish (2008 & 2010) cars that are paid off. The only future cost (besides those that come with home ownership) that we foresee is for daycare. Our potential mortgage will be about twice what we're currently paying in rent, but we're both relatively young (late 20s) and have a lot of future income growth, so don't mind being housepoor for now. Also, my brother will be living with us once we buy a house and will be paying about $500 a month, so that will help too.[/quote] I think this is definitely too much for a $150k income. When this was our income, our budget was $450k and we did not have childcare expenses. I seriously suggest you go over your budget with an expert before buying this much house. [/quote]
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