House prices related to unemployment, are layoffs at that scale ?

Depends on so many factors, how much of the HH TC is your salary, what other sources of income and what safety net you have.

There is no “good time” to avoid a layoff or other interruption in work. What you need to be able to do is to save enough money to be able to cover your expenses without any income for at least six months. If you got into a car accident tomorrow and had to quit working forever, what would you do? The correct answer should be “I have enough expenses to cover me while I figure out how to maybe sell my house or get some kind of disability income that might be enough to keep me afloat”. And most people don’t like this advice because it generally amounts to “you need to save for like five straight years” before contemplating buying a place.

I bought a house last year for $1.6M. I put $1.2M down, got a 15 year fixed mortgage at 5.5% APY, household income of $300K, and nowadays I have non-retirement emergency savings of $100K. $2800/month mortgage plus $1K/month property tax. I can swing it but it’s a little tight.

Unemployment different between industries

1. What’s your monthly mortgage including property taxes and insurance? 2. What are your remaining basic recurring monthly expenses such as childcare or student loans + groceries, utilities etc? 3. After you put down 1M, how much do you have left? 4. How stable is your spouse’s job? Is it as unstable as yours?