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Real Estate
Reply to "Salary vs House Cost"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Purchased this past summer for $550k. Put down 25% so mortgage is about $410k and payment is $2415. HHI is ~$165k. Could we have purchased more house, sure. But when you really put all the numbers down on paper, it doesn't look like a good idea. [/quote] why is that? you would rather have a house worth $550K appreciate at 3% annually instead of a house worth $850K? [/quote] Where in the hell are you coming up with these numbers? How is it reasonable for a couple with a HHI of $165K to purchase a home with a mortgage that high? Sure, it would be nice to own a home that is valued at that, but if you are just buying and it hasn't appreciated... Now, if they have a HUGE downpayment and feel comfortable with the monthly payments that would also allow them to save for retirement, college, etc, etc - sure, go ahead and buy the $850K home. But 20% down on that purchase price is $170K, which, which then takes you down to $680K for your 30-year mortgage. I don't even want to thing about that payment., and especially not on a salary of $165K. I'm not even this PP - but I totally understood where she was going. You do NOT want to be house poor with everything else we are all asked to save money for by ourselves these days while the cost of everything else in life increases, too![/quote] I'm the purchaser quoted above. You responded well. Before we purchased, we did a lot of thinking about a purchase price and budget planning. I created a very generous budget that included everything we might want to spend money on. Truthfully, we decided we prefer the experiences and comfort having a smaller mortgage allows us. If we cut out all the extras, we could have purchased up to $750k, but vacations would be limited, college savings would be limited, as would activities for the kids (both under 4, so we also had to think about daycare). I guess it comes down to whether or not a person wants a huge, great house and no extras or a smaller, nice house and lots of extras.[/quote]
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