Anonymous wrote:So you take home is about $20k/mo?

School is about $6k.

That leaves $14k for everything else. I would not sign up to spend half of that on a house. But if you are ok being house poor, you should be able to do it.

Agree with this statement. Suggest you save the rent (or at least some of it) so you have a cushion if it unexpectedly disappears.
Without private, it is very doable.

Anonymous wrote:Sure you have parents subsidizing your lifestyle at age 40

Hey I’d take it if my parents were loaded and insisted.

Sure you have parents subsidizing your lifestyle at age 40

If you have that much money, why are you charging mom rent?

You sound cheap.

Anonymous wrote:

Anonymous wrote:Dual Income: $450-$475K
2 kids in private school: $70K
Net worth $3M (excluding $$ for down payment) and kid's 529s will be fully funded by their grandparents - maximum gift contributions.
25% down on a 1.8M house
We're 40.

The mortgage will be $7K/month, but my mother will be living with us and contributing in approximately $2-$2.5K in rent.

If you really need to have your mom as a tenant, then YOU CANT AFFORD IT!!
Any more questions?

Actually given the apparent generational wealth in the family (grandparents fully funding 529s), mom paying rent is just another way to transfer wealth without paying gift taxes/potentially less estate taxes....). Second if the only reason for getting more expensive house is to accommodate mom it is reasonable that she contribute to this expense. If number 2 then it is worth thinking of contingency plans/affordability in case moms health fails and she needs assisted living or some other level of care. Also consider what would happen with loss of one income...

Otherwise 9k a month post tuition and mortgage (counting in 2k of mon‘s contribution) is not house poor and seems like more than enough to live on (but then that’s basically my entire gross income so my perspective is skewed by that.)

Anonymous wrote:

Anonymous wrote:Dual Income: $450-$475K
2 kids in private school: $70K
Net worth $3M (excluding $$ for down payment) and kid's 529s will be fully funded by their grandparents - maximum gift contributions.
25% down on a 1.8M house
We're 40.

The mortgage will be $7K/month, but my mother will be living with us and contributing in approximately $2-$2.5K in rent.

Seriously, you should not be charging your mom.

Yep, bad karma

Anonymous wrote:Dual Income: $450-$475K
2 kids in private school: $70K
Net worth $3M (excluding $$ for down payment) and kid's 529s will be fully funded by their grandparents - maximum gift contributions.
25% down on a 1.8M house
We're 40.

The mortgage will be $7K/month, but my mother will be living with us and contributing in approximately $2-$2.5K in rent.

If you really need to have your mom as a tenant, then YOU CANT AFFORD IT!!
Any more questions?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So you take home is about $20k/mo?

School is about $6k.

That leaves $14k for everything else. I would not sign up to spend half of that on a house. But if you are ok being house poor, you should be able to do it.

Oh come on, get real! What is “left” is still more than the vast majority of families net per month before any expenses! If you’re house poor on 7K a month after mortgage and education you’re an imbecile.

So they’ll have $7k for food, vacations, savings, clothing, healthcare. That is not very much for such a high income. Savings will be hurt a lot. That is house poor.

Not sure what the School situation is but a lot of the privates will start at $35k and get to $50k plus by 7th grade, in addition to all kinds of expectations for donations as well as keeping up (trips, extracurriculars etc). Two expensive privates and a $1.3M is a stretch on that income. Also, high incomes are more volatile and at risk of being lost or not fully replaceable.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So you take home is about $20k/mo?

School is about $6k.

That leaves $14k for everything else. I would not sign up to spend half of that on a house. But if you are ok being house poor, you should be able to do it.

Oh come on, get real! What is “left” is still more than the vast majority of families net per month before any expenses! If you’re house poor on 7K a month after mortgage and education you’re an imbecile.

So they’ll have $7k for food, vacations, savings, clothing, healthcare. That is not very much for such a high income. Savings will be hurt a lot. That is house poor.

They already have $3M saved and fully funded 529. Without that I don’t think they can afford it comfortably, with it they can.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So you take home is about $20k/mo?

School is about $6k.

That leaves $14k for everything else. I would not sign up to spend half of that on a house. But if you are ok being house poor, you should be able to do it.

Oh come on, get real! What is “left” is still more than the vast majority of families net per month before any expenses! If you’re house poor on 7K a month after mortgage and education you’re an imbecile.

So they’ll have $7k for food, vacations, savings, clothing, healthcare. That is not very much for such a high income. Savings will be hurt a lot. That is house poor.

The statement in bold is asinine.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So you take home is about $20k/mo?

School is about $6k.

That leaves $14k for everything else. I would not sign up to spend half of that on a house. But if you are ok being house poor, you should be able to do it.

Oh come on, get real! What is “left” is still more than the vast majority of families net per month before any expenses! If you’re house poor on 7K a month after mortgage and education you’re an imbecile.

So they’ll have $7k for food, vacations, savings, clothing, healthcare. That is not very much for such a high income. Savings will be hurt a lot. That is house poor.

DP. That is not what house poor means.

Anonymous wrote:

Anonymous wrote:So you take home is about $20k/mo?

School is about $6k.

That leaves $14k for everything else. I would not sign up to spend half of that on a house. But if you are ok being house poor, you should be able to do it.

Oh come on, get real! What is “left” is still more than the vast majority of families net per month before any expenses! If you’re house poor on 7K a month after mortgage and education you’re an imbecile.

So they’ll have $7k for food, vacations, savings, clothing, healthcare. That is not very much for such a high income. Savings will be hurt a lot. That is house poor.

Anonymous wrote:So you take home is about $20k/mo?

School is about $6k.

That leaves $14k for everything else. I would not sign up to spend half of that on a house. But if you are ok being house poor, you should be able to do it.

Oh come on, get real! What is “left” is still more than the vast majority of families net per month before any expenses! If you’re house poor on 7K a month after mortgage and education you’re an imbecile.

So you take home is about $20k/mo?

School is about $6k.

That leaves $14k for everything else. I would not sign up to spend half of that on a house. But if you are ok being house poor, you should be able to do it.

That sounds like a huge stretch given what your post tax income is. Why not get a million dollar house?