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Reply to "Just bought an $800,000 house on a $186,000 salary and now I'm panicking...."
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[quote=Anonymous][quote=Anonymous]Ouch! Our take home is around 300k, we are looking for something under $550k[/quote] Unless you have other significant obligations, you can go bigger without being house poor. We're around the same HHI and very comfortably bought a $725K house about five years ago. We did 20% down and with a recent refi to lower our rate more than a full percentage point, PITI is $2900, which is around 20-25% of take home. We also have a well-stocked emergency fund, college funds, and retirement accounts. The only time we had to belt-tighten was when we paid for several years of $40K/year SN private school when public completely failed our special needs kid. We don't live high on the hog, but we're not living paycheck to paycheck or struggling to make ends meet. You won't find me in the cars forum bragging about my 20-year-old beater car with 300K miles on it to afford my house.[/quote]
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