I'm looking for housing between South SF and mountain view. I've got around 500K for a down payment and make $280K base/yr. I have around 200K/yr equity additional that won't be sellable for a few years. What price range should I be looking at? Online calculators seem to suggest 1.8M to 2.1M. Seems so high but maybe it's fine... Made this a poll to get more engagement but please feel free to elaborate.
To give you a comparison, we ( a couple) earn 350k a year, had 300k down payment on a 1mil place. Took out a 30yr mortgage. We have enough cushion each month to not be stressed.
Each 350 or total
Don’t buy a house now! Prices will crash! It’s all a sham.
With your base, I think you'll easily qualify for a loan on a 2.4M house with 20% down. If you can show additional consistent income like bonus, dividends, equity etc for at least a couple of years, you could qualify for more.
A few pieces of advice 1. Talk to a real estate agent and a bank or two. You can afford any fees. 2. The housing market is tightening, and I (along with many, *many* others) expect it to tighten further due to the incoming trade war, volatile SA relations, and market corrections. (That long over due bear market is really gonna hurt). 3. If you want rough numbers, it sorta depends on your lifestyle and expenses, but for a 30 year that range that you gave makes sense. However, a bank will happily give you more than you need. You do not need a 3m home that won't hold its value. You might need an apartment and fat savings for the next 3 years to ride out price deflation.
It's tightening more because interest rates are rising. On a million dollar mortgage every quarter percent hike is $100/month. Which means a 1.5% hike is $600/month. Pushes barely affordable out of reach.
That is the highest tc I have ever seen for indeed. Are you vp?
I doubt indeed pay that much.
This is for a role outside Indeed, but Indeed absolutely pays this much for SWE4 and above, and even for top-performing SWE3s in some markets.
Why do u guys think housing market might tighten , there is still a lot of shortage in Bay Area I see number of offers going down , but people still buying
Those online calculators don’t take into account state taxes, so in CA you should reduce whatever they say by 10%.
I've been using this tool, which seems to do so: https://www.nerdwallet.com/mortgages/how-much-house-can-i-afford/calculate-affordability
I went through it and didn’t see anything for the fact that your CA income tax is 10% whereas in WA it would be 0%. That’s what I’m referring to as it really should be a calculation based on take-home or net pay than gross.
How much house do you NEED?
Indeed!
Not the house you deserve