Reply to How would you handle buying a SFH in this situation?

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[quote=Anonymous][quote=Anonymous]Pondering buying a single family house. We currently own a town house. Early 30's, 2 kids, wife stays home. I make 250k in tech.

Current PITI/HOA is $2200 combined with a mid 2% rate.

Our assets:

Town house equity is roughly 230k.
450k in retirement accounts
45k in an HSA
390k in brokerage (not much in gains, most of this I recently put in from an inheritance, so minimal tax from selling)
25k in cash

We don't need to buy a bigger house right now but in 5 years I think we'll wish we did, when our kids are older. Given that tech is unstable with layoffs I'm hesitant to make a big purchase and wipe out our savings but I'm also afraid of being priced out of larger houses in the future if we wait. The houses we would aim for are around $1M.[/quote].

That's our HHI and no way would I spend $1m with the current rates plus uncertainty. You're investing it sounds like a good chunk of savings on a payment that's easily $3500/month but probably significantly more depending on insurance and property taxes. Kids get expensive. They have activities. Unless you see a lot of growth soon in your HHI it sounds like a recipe for being house poor.[/quote]

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