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Reply to "Is it dumb to put most of our savings into a house? "
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[quote=Anonymous][quote=Anonymous]I appreciate all the advice! It never occured to me that 500K (or 600 with the 401K) is not enough saved to think about buying a house. HHI is 120K. We had been aiming for a house in the 500-600 range but with low inventory and some pressure to move, we began considering some more expensive homes that came on the market. Another option is to keep renting...but that's 40K a year that's not going into home ownership. And everyone is saying interest rates and home prices are expected to rise. I appreciate the ideas I'm getting here![/quote] I think you're doing fine. There is a fidelity nyt article that states a goal should be 2x your income by 40 and 4x by 50. The only issue is that if you wanted to stay in a high cost of living area like Dc you'd need to ramp it up for housing costs. We earn more and are on track to only hit the 2x by 40. [/quote]
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