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Real Estate
Reply to "Salary vs House Cost"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP, do a mortgage calculator. they will tell you can afford a house of about $1.4MM[/quote] OP here. Holy crap that is a lot of money. That cannot be right!!![/quote] We make over $300K and while we *technically* could afford a $1.4M house, we'd be really crunched. Instead, we put 20% down on an $850K house (well after 2003- and it's not large but certainly not a dump). We have some wiggle room with our expenses each month, but not a ton. If we were to increase our mortgage to near $1M, it would be really tight. I would never encourage someone with our income to buy that much house. [/quote] where does all of your money go?[/quote] -Private school tuition for 1 (thank God we can afford it as our child would have been miserable at our "top" public school-definitely wouldn't have been able to afford this if we had a $1M mortgage) -$600 car payment for a nice, but not fancy, car that hopefully we'll have for a long time -about $600/month for occupational therapy Other than the above, our expenses are probably pretty typical (and our college and retirement savings are average or above-average) for a family with our income.[/quote]
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