Reply to How much do you think the typical $1M home purchaser makes?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Assuming 20% down, salary would need to be 160k+.[/quote]

+ no other debts or big financial commitments [/quote]

That would still be a very big mortgage on that salary, assuming grandparents weren't paying for college/providing a trust for retirement.  I am not sure if that is what is meant by "big financial commitments."[/quote]

Take home would be about $9k a month. I don't understand how someone could handle an $800k mortgage PITI. Crazy![/quote]

In the mortgage calculator questions it asked for car payment, alimony, credit card payments, other debts.  I guess it was referring to the max someone could possibly qualify for, with that salary, assuming all other payments were $0.

I do think that people push it that hard all the time, especially in higher cost of living areas where $1m isn't a particularly nice house, just something big enough for a family in a vaguely decent neighborhood. I think they're betting on appreciation and probably also salary increases over time (to start paying for nice-to-haves like vacations that can be deferred for a few years). I guess that's how they end up in big trouble.

Personally, I agree with you - I wouldn't feel remotely comfortable with those numbers. [/quote]

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