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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][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] FAIL, if you have an excellent public school you are throwing money away.[/quote] My child is thriving and doing better socially, emotionally and academically than he'd be doing in public. Worth every penny. I'd rather my child have a first rate education than live in a large house, however, the private vs. public debate isn't germane to this topic. The point that is germane is that if you take on the maximum mortgage that you can possibly afford, you lose the option of having other lifestyle choices. I'd rather have an affordable mortgage and not be absolutely stuck with the neighborhood school/ a job I hate, etc. [/quote]
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