How much is your PITI if you earnn around $200k?
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Anonymous
| Our mortgage is $1900 a month on that salary. I guess we waste a lot of money somewhere because I have no concept of how we would pay even $3500 a month... |
Anonymous
Ha, so true! |
Anonymous
| OP here, that's good advice to try living on less for a while. I see quite a few ways for us to cut back that would probably help, but maybe I'm being too idealistic. We also have an in law area downstairs that we could probably rent to a student. |
Anonymous
Same, but we are not in DC right now so we were able to purchase a really nice home for under 300,000. No childcare costs. I cannot imagine paying 3500 a month. Even with no childcare costs, no car payment, and very little debt, I wouldn't be comfortable paying above 3000. And that is a stretch. When we are in DC we rent in Burke for great schools and lower housing costs. |
Anonymous
| I would not be comfortable with it. Our income is around $200,000 maybe less. We have a small mortgage and its $2000 a month. I put in a few hundred more. We could comfortably go up to $3000 a month as preschool expenses are over but we don't have a car payment right now (and will need a new car soon). Our house also needs lots of repairs we only pay cash for. It would be doable but things would be very tight if you are not used to worrying about money. |
Anonymous
| Our HHI is ~$225k and our monthly mortgage payment plus insurance on our 80 year old, 1800 sq foot house is $2500. But, we are 50 years old and far removed from childcare costs and college loans. We also don't max out retirement, because we have very generous pensions. We have a home improvement loan of $1k/month. And we devote $2500 per month to college tuition/college savings for 2 kids. There's not a ton of extra money left over at the end of the month, but other than the smallish house and old cars and very basic vacations, we don't live that frugally. (E.g., I buy organic, buy my lunch at work every day, buy books often, etc.) |
Anonymous
| What planet are you all living on? I am in North Arlington and the houses in my neighborhood are all in yhe 800-1.1m range. My neighbors are either dual feds or sahm with a husband in private law firm (nonpartner). In either case, hhi cannot be much more than 300k. |
Anonymous
| $200K HHI and we pay $1400 a month on our 3bdrm Petworth rowhouse. But we bought seven years ago as a foreclosure so we're pretty lucky. |
Anonymous
I'm in Ashburn and my neighbors all work in IT between Tysons and Herndon. Many SAHMS and dual income folks, probably similar income. We're IT and around 400k piti 2500 |
Anonymous
Ashburn and other exurbs are different from the close-in suburbs for a variety of reasons. First, the housing values in the exurbs tend to fluctuate much more with the economy, so you'd be crazy to assume the value of a home there will stay steady or increase (as opposed to Bethesda or Arlington). Also, the tech companies in those areas are a bit more volatile and tend to have massive layoffs in recessions. |
Anonymous
17 years strong in IT and have never experienced a massive layoff, except at the end in 1999 when I was 21 years old. Im in the industry and have yet to see this disaster you speak of strike. I've also had 2 rentals in Ashburn and Sterling that I've sold and walked with enough to fully fund all of my children's 529s va pre paid. I hold 3 other rental properties that are cash flow positive, with increasing rents each year. NOT living in Bethesda or Arlington affords me the ability to be an investor, not just a homeowner, saddled under the heavy burden of those home prices. Furthermore, if disaster struck, I could easily handle 2500/mo considering the high income we've benefited from in IT. There is nothing compelling that could get me to move an inch closer to the city and suffocate under the oppressive home prices for basically the exact same income I make out here. That leaves more housing for you! |
Anonymous
| About $2700 on a salary of $240K. I wouldn't be comfortable with much more than that since we're also saving aggressively for college and retirement. No childcare (kids are in middle school) other than summer camp, no student loans. But we bought our house in N. Arlington in the late 90s. |
Anonymous
| 270HHI and 3K PITI, wouldn't go any higher. |
Anonymous
| We make slightly less than $200k ($180-190) and pay $2200. More would make me really nervous. |
Anonymous
Why not? This seems pretty conservative unless you have other huge expenses. |