5k/month in stuff that isn't going Supposedly, our max could be $600k. I'm sure a bank might approve you for a bit more, but spending >4x your annual income on a house is a good way to end up house poor. My target has always been $450-$500K, but I was curious if I could realistically consider higher based on the calculations I saw online. I’ll even say that I feel better off financially now that I’m not bleeding $22k in rent per year (HCOL area). You need to buckle down and save for 6-9 months then you can start doing everything you want. Is it possible or are we dreaming? I think a $350k home is at the high end of what you could afford with a 20% or greater down payment. So, we chose how much we actually would pre-approve for based on our comfortability and not on how much they say we can spend. Where to live with 3 kids under ~6 on ~500k combined salary. I bought my place for 500k (450k mortgage) on a 98k/year salary (now in the low 100s). Your payment would be somewhere in the $3100-$3200 range including taxes and insurance. I’m at the preliminary stage of my search and will definitely reach out to a lender in the upcoming months. •. I know there’s probably a lot of things to consider, but do you think I’d get approved for a mortgage on a home costing $500k with a W-2 salary of $100k? Working on getting a better credit score before the lender will run my credit. Ended up only buying a $330k house (and my SO was splitting the monthly payment with me, though we weren't engaged, so it was just me on the title/mortgage). This is as a single earner and ignores any tax implications/benefits from two peoples' tax free threshold. 2 max house, close-ish to the city, big back yard, in a safe Edit1: Well, this has become a busy little topic. I have lots of student loans and I’m doing just fine with it, including putting in some not cheap upgrades. £1,100 a month on mortgage, divided by 0. we had similar deal 2018, ~$150k household income, 20% downpayment, $900k house (freehold), it's now probably $1. . For someone with a $500k income you need to have a 6-12 month emergency fund. I realize this is an insane question, because everywhere else in the country/world 500k seems like a lot (at least it does to me). 2 max house, close-ish to the city, big back yard, in a safe . My question is targeted at people who just have a source of income that is what a lot of people (99. 9%?) would think make life very different. Personally, 25% of after tax salary (means you need to earn much more). I agree, and didn't actually say "from a salary". When I was buying in 2017, I was approved for $420k off of a 68k salary, with 20% down. 2 max house, close-ish to the city, big back yard, in a safe Aug 28, 2021 · Your payment would be somewhere in the $3100-$3200 range including taxes and insurance. Since you’re in tech make that 12 months of expenses so roughly $100k in a HYSA on top of your CDs/investments and $10k cash. I am generally risk & debt adverse, but it's a house, and I could afford it so I did it. However we've seen some houses we really like for closer to $400K. Thanks for participating. RE might crash tomorrow of course but people also been saying that for decades now. Feb 1, 2022 · I bought my place for 500k (450k mortgage) on a 98k/year salary (now in the low 100s). Estimating taxes at 2%/year, maintenance at 1%/year, even for a $500k house your taxes + maintenance would run about $15k/year, or a little less than what they're spending on rent. Boring_Adeptness_334. The homes we are looking at around in the 350k to 500k. My wife and I make $180K salary combined and we live in a Midwest area with plenty of nice houses in the range of $150K-200K. Caveat: above is just affordability, not how much you can borrow which will require you to earn a bit more. Then you factor in closing costs, inspection fees, mortgage interest, furnishing, etc and you'll likely pay much more than $1. We are looking between $400k and $480, but pre-approved for $500k and going conventional with the goal of 3% down 2 - Hedge Funds/Wall Street - base salaries in the $300k range but bonuses can be $500k-$1m plus annually 3 - Self Employed/multiple business owner - this runs the gamut. 5m. Jul 15, 2023 · I know there’s probably a lot of things to consider, but do you think I’d get approved for a mortgage on a home costing $500k with a W-2 salary of $100k? Working on getting a better credit score before the lender will run my credit. Reply reply. Hard to show the income but they usually have 1 business at least where they draw a nice income and then Underwriting can find the rest. In California that same house would cost about $3500 (higher property tax rate, slightly lower homeowners insurance rates), but I doubt you can find a decent house for $750k unless you move to Sacramento. but that is spending pretty much every penny on our mortgage. There's been more than 1 response re wealth is not earning $500k. 28 * 12 = £47,142. Downpayments seem to be the kicker. Aug 28, 2021 · Your payment would be somewhere in the $3100-$3200 range including taxes and insurance. But we’ve been really struggling with finding a house in our budget with our criteria ($2. Dec 20, 2021 · My target has always been $450-$500K, but I was curious if I could realistically consider higher based on the calculations I saw online. cimeihbqbkzrkrtmjefv