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Reply to "1.6MM home- how much would you want to be making?"
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[quote=Anonymous][quote=Anonymous]+1 to the last two posters. I wouldn't go above 2.5 x salary so if you want to buy 1.6 I'd want to be making at least 640k HHI. Even then I might not do it though since, IMHO, you can find a decent house at a lower price point than that even in some of the nicest areas/school districts. A fancy house is a pain in the ass due to the constant financial burden and the hassle of keeping it up and the eventual upgrade/replacement of all those high end fixtures. I'd much rather have the disposable income for vacations, toys, etc. than have a fancier house.[/quote] The 2.5 x salary "rule" is for the mortgage, not the price of the house. Of cours, a large enough down payment can get you to any house price.[/quote]
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