Hi, Looking to fill any gaps that we maybe missing wrt buying a home. We are currently living in a 1bed 1bath apartment and would have to move to a 2bed and 2bath soon. Thinking if we should dive into the housing market and pay the monthly mortgage rather than pay 2b-2b rent that is around $3.6-4k per month. The monthly mortgage tolerance we were looking was around $6-7k per month based on our calculations. But the interest rates are so high that itâs ending up to be $8k making the monthly living very tight. How are folks budgeting their monthly income with such high interest rates? Or is our risk tolerance very low? Total household compensation: 435k Monthly take home: $13800 Curious to know whatâs an average ratio of take home vs mortgage payment in the Bay Area #mortgage #housing #bayarea
Wtf is a BHK
Bed hall and kitchen đ . Meant it to be 1 bed 1 bath and 2 bed 2 bath
Thatâs a lot of your take home.
how is your take home 13.8k with a 435k TC? should be over 20k
Take home is net income of our base pay. We included RSUâs in TC
Whatâs the yearly base total?
Not on your base, youâll have to tap into RSU
Yeah! Wanted to check if we are being extra cautious or everyone is budgeting with such high risk tolerance. Thanks for the input!
If the monthly payment is 6-7k then do you think itâs still stretching it and riskier.
Does your mortgage include property taxes and insurance and hoa?
I have 350k base and 6k total house payment. It is tight for first few months and then you learn to spend reasonably.
Yes mortgage includes all property taxes, insurance and hoa
Buy now. Refi later. Dm me when youâre ready to run numbers
There is a rent vs buy calculator https://www.nerdwallet.com/mortgages/rent-vs-buy-calculator It show if you are wasting more money on rent or mortgage interest