Reply to If your HHI is 200K, how much house would you buy?

Forum Index » Real Estate

Reply to "If your HHI is 200K, how much house would you buy?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]My wife and I are expecting our first child as well as looking for our first home right now. Our HHI is $150K not including bonuses and we're looking at homes in the $650k-700k range with 10% down. Our monthly PITI would be about $3,500 according to our lender. We have no debt and have new-ish (2008 & 2010) cars that are paid off. The only future cost (besides those that come with home ownership) that we foresee is for daycare. Our potential mortgage will be about twice what we're currently paying in rent, but we're both relatively young (late 20s) and have a lot of future income growth, so don't mind being housepoor for now. Also, my brother will be living with us once we buy a house and will be paying about $500 a month, so that will help too.[/quote]

I agree with the other posters; you are buying too much house for your income.  You imply your wife works, which means you will have child care expenses - have you looked into this cost yet?  You should expect to pay at least $1,000/month.  Fast forward 2 years and now you are paying out $2,000/mo when your second is born.  Are you saving enough for retirement?  What about college savings?  Do you plan to vacation?  [/quote]

We are looking at houses in all price ranges from $500k up to $675k. Ideally, we would buy something closer to $600k in one of our ideal neighborhoods in N. Arlington. We are only willing to spend on the high end of this range if we find our "forever" home. My wife and I both work and we do realize that child care expenses are in our future. Answering the PP questions above: we both put 10% into our 401Ks and max out our Roth IRA contributions as well and have 6 months salary in savings separate from what we have saved for our house. We'll most likely look into 529 plans for our child's college savings. Other than that, we have normal social lives and go out about once or twice a week. We're good with our money spend well within our means. We have vacationed extensively since college (international vacations almost every year) and since both of our parents have beach houses, that usually takes care of a week or two in the summers. We have family all over the country and plan on mostly road trip type family vacations when we have kids, much like the way we grew up. We realize that $650k-$700k is a stretch but we figure we're young and can stick it out for several years as we get more established in our careers.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics