Hello! Wifey and I are looking to buy our first home in the Bay Area (mid 30s), but are unable to decide on how much we can afford to take on as a mortgage. No plan to have kids. Want to stay in the Bay Area for at least another 5-10 years.
Combined Salaries: 400K
Combined RSUs: 100K
Retirement accounts: 380K
Liquid Investments (stocks, etc.): 600K
Cash (saved for a down payment): 400K
Expecting that we will make more money in the next few years, but don't want to do so by working at the expense of health/stress. Our monthly projected expenses/responsibilities (post buying a home) would be ~7K-8K (not including home costs)
The bank is saying we can afford up to 2.5M-3M, but that seems kinda crazy to us. We are thinking of having a max budget of $2M. Even this puts us at ~8.5K/mo. which is a crazy stretch from where we are with rent today (~4K). Feels affordable, but we generally shy away from crazy financial pressures...
Is $2M reasonable / go higher / go lower?
Thank You!
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Right now we’re in a 977 sqft 2bd/2ba apartment which is nice but the remote work piece is really getting to us and feel like we need more space and areas to get breaks
Don't get me wrong, you do deserve a great place to live in and you are both doing well in your career..you've earned it. I think you have an edge over the others cos you are not planning to have kids. You have more flexibility in choosing a location. You can do something that fits your needs in a high end location which has access to things and commute time is less.