Reply to 900k house on 300k income?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I am conservative and I think that's ok if you're not also paying student debt, etc.  If you're paying PMI though I'd really rethink the 10%.[/quote]

I'm conservative. I think making $300k w/ a 10% downpayment for a $900k house is odd. If you have the cash, put down 20% and waste funds on  "hazard insurance." If you have new money, then your focus should be on savings and wealth building. Buying a home is okay, but $900k is putting all of your eggs in one basket. Reconsider your price point and priorities (needs vs wants).

If money is no object b/c you are trust fund baby, then I digress and carry on.

[/quote]

We are saving for retirement so that's wealth building, right? And presumably we'll be building equity in the house after the first 7 years or so. I know we could keep renting at 1,600 a month and put every cent after that into wealth building but is it really so bad to want a house?[/quote]

Not at all.  Not to mention you may not end up saving the amount over 1600 every month.  Most adults eventually want their own place without landlords, rent increases every year and the ability to modify their home.  As long as you're saving for retirement (max) and build other savings it makes perfect sense to buy a home.  [/quote]

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