$330k income - house buying
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Anonymous
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Like many others in the DMV, we are two GS-15s with two kids. We have $400k cash, no debt, kids college savings and maxed-out retirement funds. I think $1.4m is doable (that's $7-8k PITI).
What do you think? |
Anonymous
| whatevs |
Anonymous
| also maybe you should invest that cash or at least put it in like a bank |
Anonymous
| $1.4m but only if it’s a recession-proof, high-demand area and includes an income producing unit on your property (think: nice rowhouse in Mount Pleasant or lovely house in AU Park). |
Anonymous
| Yes it's doable. See you in McClean or Chevy Chase/Bethesda! |
Anonymous
| How about a GS-14 and a GS-9 ~186k per year? Everyone is not GS-15's here. |
Anonymous
| 1M mortgage? That’s ridiculous—never. Buy a house you can afford without a jumbo mortgage. |
Anonymous
| We have almost identical stats (HHI $310k), and I think you’re crazy. We bought a $1M house with a PITI at $4000 and I think we spent too much. |
Anonymous
I would stick to $800-900. How much regular savings do you have? I'd hope much more than $400K if that is the downpayment. |
Anonymous
|
Not sure I understand: So you have no money going into retirement or college funds going forward? Child care per month, private school possible? Camps in the summer are expensive! How old are kids and you? We own a house that is worth $1.4M but we bought it at $880K (and put down $400K from prior house sales). We make similar income although some years more than that.
I would say $1M or less would make more sense. In a nice neighborhood where you could expand/renovate in future. |
Anonymous
| We are also two GS-15s with two kids and we spent $500k. I would be very uncomfortable spending $1.4m. |
Anonymous
| We have a similar, but slightly less income, at $310k. Our PITI is $6k (million dollar mortgage but rates were better). It is tight, but doable. We max out (to the IRS limit, not the match) our 401ks, save some in 529s for our two kids (though not enough in my view), and save a bit more in back door Roths. Our kids are out of daycare, so we only have aftercare expenses and activities. I would not go above a $7k PITI on your salary (and even that will be tight). |
Anonymous
| We have similar income, no kids, and we’re looking at 1.2 and it feels like a stretch. I would no way do it in your situation with 2 kids. |
Anonymous
| Sounds high to me. We are a similar HHI and spent $615 and feel comfortable. I get that we could have paid more but personally $1.4 would be too much for me. But if you want that more power to ya. |
Anonymous
| Jesus that is high... like really really high even with your job security. our HHI is just a bit below yours (300k) and we spent 660k with 20% down. |