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Reply to "If you are house poor, do you regret it?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]NP. Let’s do the numbers. We are considering exact same thing. Our combined income is $300k, and we are looking at $1.3M homes with a $1m mortgage. We have about $400k saves up so have some emergency fund after. But that $1M debt rattled me. [/quote] 300K is a very healthy income but I think you would be hating life with a $1m+ mortgage. [/quote] That is a 20% DTI. That is totally reasonable for anyone, let alone someone who is making 300k.[/quote] No way. We are a two GS-15 household ($300k) with additonal investment income of $100k-ish per year. No way in hell would we take on a one million dollar mortgage. We have a mortgage for about $650k and that feels just right. Maybe up to $750 would be okay, but beyond that would limit our choices. [/quote]
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