Reply to Would you spend 700K on a house with 165k HHI?

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[quote=Anonymous]
I got out a $625k mortgage on an $775k house on $150k base salary (with a SAHM).  Rest was downpayment.  We were former DINKs and saved a lot in our 20s.

Salary has since gone up and is now $180k base ($210k all-in).  I expect / hope it will rise in the future (still only 33).  If DW can chip in $30-40k part time we could be at $250-300k within a few years, easily.

I made the decision because we wanted to buy our forever house, and do it once and not move and take advantage of low fixed interest rates.  Now we have a moderate sized house in a great, close-in school district.  We'll be here 25 - 40 years I hope.

We don't live lavishly so still save $50k a year and expect that will grow in the long haul.

I wouldn't have done that if the income quoted was combined from both sources, if we had other debt, if we had childcare expenses or if I did not have a reasonable expectation of annual bonuses + salary raises and career advancement generally.  So like for two government workers making $75k each on a fixed payscale yeah it would be insane.  But I say this all because rules of thumb can't really provide accurate guidance for every individual situation.

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