Reply to If you are house poor, do you regret it?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]You need to be so, so careful about this. What percentage of your gross income are you talking about in mortgage + property taxes?

Your budget needs to include approximately 7.5% of the purchase price per year for home repairs/improvements. You can only delay any costly repairs for so long, and they will still cost you. A more expensive house usually means more expensive construction and more expensive repairs.

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That is crazy.  My million dollar house does not need anywhere near $75k in repairs/improvements every year.  Wow, I am conservative in budgeting, but not that conservative.[/quote]

Yeah, that suggested figure is wrong. The standard number is 1-2% per year. [/quote]

We budget conservatively at 4% and have never come close to that.

Even when we had a new roof put on it was only $8800, but that was covered by insurance because it was hail damage.  Largest non-insurance things we've had to do is replace our fridge and stove.  Our house was built in 2011 and we're the second owners.    [/quote]

The biggest thing we've had to do over the course of two homes is install a new HVAC and even that only ran about $10,000.  And that house was built in 1978.

OP, we feel a little house poor these days. We bought a new home right before we had our second child, much closer to work and with better schools. It came with a much higher price tag than our old place. It also came with higher daycare costs.  I won't lie, I'm counting the months until my 2nd enters PK4.  On the other hand, I detest traveling with toddlers, so I'm not feeling the pinch on that front, but we do have to watch entertainment expenses in a way we never did before.  Our mortgage payment (PITI) went from $2800 to $4100 and our daycare costs went from $1270 to $2000 (part of that was trading a 4 year old spot for a infant spot, but infants at our old daycare were $1650).[/quote]

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