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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Op,  look at your financial situation, your consumption habits, and future income vs expenses.  People on this forum are nuts. I think most just have bad spending habits....excessive alochol, travel, recreation drug use, etc.   You don't need a $500k to purchase a $1.6m home, at least when you are not white (cacausian). We built a $2m custom for a income same as yours and not stretched by any means.  Both kids in private college and retirement fully funded and we travel and shop at whole foods,mets.  We are in our late 40s.  Bunch of bull here on this form....![/quote]

PPP may be on to something here.  I have seen many immigrant (the professional kind) with good, but not super high incomes purchasing high end (>$1.5m) homes  throughout the finer suburban Montgomery and Fairfax county sub divisions.  I own a small hme improvement business and find myself installing decks, patios, hardscaping, etc at numerous newly built homes owned by immigrants.  Must be a cultural and/or lifestyle thing I guess.[/quote]

I think you will be fine and agree with this. We have $5k monthly payments on a $19k monthly post tax income. When we bought our income was $12k. We don't live extravagently. I like living in a nice area and have always been happy to lead a simple life. If you like fancy holidays, brand new cars or your wife is really into clothes it will be harder.  [/quote]

I remember when I purchased our home, around 1.5M. It shocked me how many people were just like yourself, living in a nice home on a lower end income for the neighborhood and how the houses were hardly furnished and the finishes were sated and low end. It strikes me as odd that someone would buy a house for 1M+ and can only afford to furnish at a 400k house level.

We purchased for 1.7, financed 1M (max tax write off) and bring in 30k/mo and have lots of investments.[/quote]

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