Reply to If you bought a house over $1.5 were you able to afford to do so on your salaries or equity?

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Reply to "If you bought a house over $1.5 were you able to afford to do so on your salaries or equity?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]$1.5m with 20% down at 3.5% interest should be under $7k/month, or $84k/year.  Even at $300k HHI that's still less than 1/3 of your gross income.  Understandable if that still makes you uncomfortable but you're competing against a lot of buyers who will stretch themselves much further to make things work.[/quote]

That mortgage is an insane amount. We make around 500K, I'm a fed, and we couldn't pull 7K/month without huge sacrifices. We wouldn't be able to save a lot, travel, afford cleaning services and quality food, pay for the kids' tuition etc. [/quote]

We're at $400K (salaries + bonus) and NO WAY in hell would we ever feel comfortable buying at $1.5M house.  We purchased in 2020, house was $1.21M, mortgage + taxes and insurance = $5100 a month. We max out our 401K, we barely travel - vacation every 2 years, kids are in public.

$1.5M at $300K is insanity. You would be eating PBJ for the rest of your life.[/quote]

The 1.2 house PP purchased in 2020 is 1.5-1.6 today. So people need the same house they just have to squeeze more to housing cost. Sad reality but there is no alternative [/quote]

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