Reply to 1.6MM home- how much would you want to be making?

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[quote=Anonymous][quote=Anonymous]No.  Exercise some patience and self control.

Take that $7000/month and save it for 2 years.  If you successfully save another $170K in the next 2 years (and your income rises as you think it will), then buy.

At this point, you will have very little cushion for true financial emergencies.  
What if we hit another recession and you get laid off?
What if you, wife of kids have a medical problem?
What if you have to help out your aging parents?

I'm in Finance and make $350 (and rising) and we bought a $800K house with $400k downpayment and $400k mortgage.  I believe houses over $1M should have a 50% downpayment, or you really can't afford it.

Before you buy a $1.6M house, you should save more for retirement, get your wife an IRA, fully fund your kids 529 plans and open a brokerage account where you save more.
[b]Even saving the 401k max every year is not alone going to provide for enough income in retirement for someone used to living on $100,000+ /year.  You better have a better plan.  [/b]

I have 2 friends who recently had to sell their "dream" homes because they couldn't afford them after a minor financial setback[/quote]

Op is only contributing 13k a year towards his 401k but wanting to spend 84k a year on a mortgage.  It's insane.  [/quote]

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