Reply to At odds with spouse ove how much house we can afford

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[quote=Anonymous]OP, come up with a more than generous budget - I mean the max you envision spending on everything (food, travel, daycare, car payments etc.) and then see what it leaves remaining for a house.

Our HHI is about $170k right now.  We just purchased a $550k home and put 25% down.  Our payment is $2415, which is inline with our maxed out budget.  But remember, this is a maxed out budget.  So in a couple years when both kids are in public, we will find ourselves a bit ahead.  And we do have room for income growth, so again, we will be a bit ahead in a few years.

If we wanted to, we could have gone up to about $4k for our PITI, because we could have cut our budget by $1500, but that would mean giving up eating out, cutting down on travel, eliminating a wedding fund etc.  You need to know what else you want to spend money on before knowing how much you can spend on a house.  Sure you may be able to spend $1.7 million on a restricted budget, but maybe the other things are more important and therefore a less expensive home is the smart move.

And before anyone jumps on me, we have maxed out retirement and college savings is slightly above what the calculators say it should be.[/quote]

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