Reply to Is 300k the bare minimum income to buy a single family now?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I bought in 2018 which doesn't seem that long ago but I recognize times have changed.

At the time our HHI was about $200K. We had one child in daycare. We had saved $100K for a down payment. We bought a 3 bedroom 2000 square foot townhouse near Vienna. I thought it was a starter home, but we are still there.

We can easily afford it. Our income is $300K now and no more kids in daycare. We locked in a super low rate.

I dont think buying a home has as much to do with your INCOME as it does your SAVINGS. If you live a life that allowed you to put aside 10 to 20% of a down-payment, I believe you can afford that property.[/quote]

Yep!  Exceot you can't save anymore. That is the crux of the prob. Not when a bowl of soup and noodles aha pho is $18 a bowl!!!!!   lol I mean you go to see a movie and it's like $80 for 2.  It's not about doing that it's about where we are.  Of course you don't have to eat out or go to the theater but the point is that if such little and daily things are this pricy, you bet you round little bottom, all other important things are just as pricy!

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yet people are still buying first homes.  You must adjust to the cost of living and live within your means, and to me that includes saving for an Emergency Fund and to have as much as possible for a home downpayment.  It means pre kids and pre house, living in an okay apartment and making sacrifices.  Live on one salary and bank the other for 1-2 years.  
It also means you have to stop taking more than the federal student loans for college (~$27k total for 4 years).  Find somewhere you can afford to attend, don't go into massive debt.  Because yeah it's always been difficult to save for a home downpayment if you have $100K+ in student loans or choose to use both salaries to "live".  Yes, things cost more, but many people do have areas they could cut, or different choices they could have made in their 20s and be much better off.

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