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Reply to "1.6MM home- how much would you want to be making?"
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[quote=Anonymous][quote=Anonymous]I'm curious to see opinions on how much you think your HHI should be if you were to purchase a 1.6MM home, 20-25% down (i.e., around $7000-7500 monthly mortgage). Assume no student debt, no car loans, and no child care costs. I'm thinking about doing this sometime next year, but in seeing the housing vs. HHI numbers of people here on various threads, I think I'd be on the 'very risky' side. [b] HHI is around 310K (wife is SAHM for now), 2 'jobs' so side job is bringing in good income + has lots of income upside potential, and if I put down 20% down I'd still have over 125K liquid cash in the bank. In addition, my retirement savings are below average I'd say (75K 401K/IRA, 1 rental property with 140K equity).[/b] Interested to hear your thoughts. [/quote] Hell no. Why do you need to stretch your budget like this?[/quote]
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