How Much House Can We Afford? HHI 215K

[Anonymous]

Anonymous wrote:

Anonymous wrote:We have a similar income and bought $750K and are still saving a ton of money each month. However, we put 20% down so our mortgage is a lot less than yours will be. Also, your savings is really low (and we're a little younger than you guys) so I suspect you spend a lot more than we do.

Off the cuff and without knowing your budget you're probably better off closer to the $500-$600 range unless you can do a serious overhaul of your budget.

OP, you can save more for downpayment until you actually get pregnant. This would help by upping the price range and you won't have to pay monthly PMI. Unfortunately in this are 500K will be very tight to buy into a good school district especially if you want SFH.

Agreed on the savings being low. We have close to $500K even having two kids. (Same income range, age as you.) Think you will probably need to spend $750+ to get a house with good schools and close in. We are currently looking at spending $800K-$1M but with a bigger downpayment. Save now!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Thanks, I am the OP. Is it really 2K per kid per month for child care? We had been thinking closer to 1500. FWIW we are planning to buy further out, but I don't think that would impact childcare costs that much.

$2,000 a month seems awfully high. I'd say $1500 is more the upper end for infant care at a center (unless you're using daycare in downtown DC). And, costs go down by a couple hundred when the child turns two or three depending on the center.

We pay $1,700/month for our infant. (Downtown DC.)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Thanks, I am the OP. Is it really 2K per kid per month for child care? We had been thinking closer to 1500. FWIW we are planning to buy further out, but I don't think that would impact childcare costs that much.

$2,000 a month seems awfully high. I'd say $1500 is more the upper end for infant care at a center (unless you're using daycare in downtown DC). And, costs go down by a couple hundred when the child turns two or three depending on the center.

We pay $1,700/month for our infant. (Downtown DC.)[/
We pay 1800 a month for infant care in the Rockville area. We looked at quite a few and several did cost as much as 2000 a month so it's not unheard of.