My wife and I are shopping around for homes in the Bay Area. We have settled on the type of home and neighborhoods we want and they are priced at around $1,500,000. Assuming a 20% down payment, I am looking at ~$7,500/month PITI for a 1.5m dollar home. What is the minimum TC if I want to afford such a home and not be house broke? Answers from those who have recently purchased a ~1.5m dollar home would be greatly appreciated! TC: 350k
2 year pre tax income is the max
So you need 750k that's too much, what if you are single?
buy 1.5million u need 750k combined tc
b.s.
google it.
bing it.
duck duck...hmm. That’s kind of awkward to say.
You can buy that with 200K TC
Of course with 80% down!
I dont disagree with being conservative given current market. A couple years ago buy a house 5-6x TC is normal.
Your monthly mortgage will be around $6100 and property taxes $1500 per month. So the $7500 you had is right. That would be $90k per year. Your debt cannot be more than 38% of your TC. So your TC should be $210k per year. To be safe $220k per year.
Move to Austin, you can get it for 500K double the size. Invest your cash on others and live the American dream. Bay Area is only for folks who wanna enjoy their retirement unless you make 400K+
Just rent.
AMA
Yesterday
1795
I’m a professional coaster AMA
Tech Industry
1h
421
I wish I were East Asian instead of Vietnamese (Southeast Asian)
Tech Industry
Yesterday
2277
TESLA UP 14% AFTER HOURS 🎉🎉🎉🎉
Ask Blinders
Yesterday
1021
Tipping culture is really getting out of control! Waiter gave me ‘a look’ because I tipped her 10% for ‘BAD service!’
Tech Industry
Yesterday
3215
ByteDance is officially fucked
Even more than what you listed, except if that’s all base. That’s if you only want to spend 1/3 post tax.