Reply to $1M home on $157k base compensation?-DC

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[quote=Anonymous][quote=Anonymous]From your 401k balance it sounds like you may be either a) somewhat early in your career or b)you  haven’t been in a position to save all that much in retirement. Taking on a 1M house likely means saving less for retirement. Side note: hopefully you’re not thinking of liquidating any of your 401k to pay for the house- it’s a penalty on top of additional taxes.

1 m sounds like too much house. What type of house do you need?  Are you supporting other family members?[/quote]

Yes, I am relatively early career. Late 20s. Started maxing out on my 401k around 3 years ago. If I move forward with this purchase, I will continue to max out on 401k contributions; not planning to tamp that down.

No, I won’t be using my 401k for my down payment/closing costs. Just my brokerage/savings accounts.

I am looking for 3-5 bedrooms. There have been some price cuts, so one of the developments I am looking at is now has homes for $950k. There are other developments coming in the $700k-$850k range, but they will not be ready until end of 2024, early 2025. Obviously, I could get something smaller like a 1-2 bedroom but I would have to move in the foreseeable future. If I buy something with more space (3-4 rooms), I see myself staying for a long time. [/quote]

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