Current Events > Can we afford this house?

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SwiggitySwoogit 03/03/22 2:38:22 PM #1:	My wife and I are looking to buy a house. Relevant financial details below: 250k HHI coming to about 13k take home per month. Looking for a total house payment of 5k per month -$500 monthly car payment (will be $0 in six months) -$200 per week on groceries -$200 per month on car insursance -$300 per month on cable/electricity/gas We have one child, but won't be paying for day care as our parents will alternate watching. <cite>SwiggitySwoogit posted [p:963137790] in Can we aff... [t:79925985]...</cite> <quote>My wife and I are looking to buy a house. Relevant financial details below: 250k HHI coming to about 13k take home per month. Looking for a total house payment of 5k per month -$500 monthly car payment (will be $0 in six months) -$200 per week on groceries -$200 per month on car insursance -$300 per month on cable/electricity/gas We have one child, but won't be paying for day care as our parents will alternate watching. </quote> ... Copied to Clipboard!
GateOfDoom 03/03/22 2:40:43 PM #2:	5k a month on a mortage I couldn't imagine <cite>GateOfDoom posted [p:963137847] in Can we aff... [t:79925985]...</cite> <quote>5k a month on a mortage I couldn't imagine </quote> ... Copied to Clipboard!
wackyteen 03/03/22 2:41:34 PM #3:	I can't imagine making $5K a month let alone spending $5K a month on a fucking house note --- The name is wackyteen for a reason. Never doubt. <cite>wackyteen posted [p:963137870] in Can we aff... [t:79925985]...</cite> <quote>I can't imagine making $5K a month let alone spending $5K a month on a fucking house note </quote> ... Copied to Clipboard!
ThePurrfectMan 03/03/22 2:41:45 PM #4:	Sounds like youre rich and should be able to afford something real nice. <cite>ThePurrfectMan posted [p:963137879] in Can we aff... [t:79925985]...</cite> <quote>Sounds like youre rich and should be able to afford something real nice. </quote> ... Copied to Clipboard!
Super Saiyan 3 Goku 03/03/22 2:42:19 PM #5:	Close to what my wife and I bring home each month after taxes and can't imagine spending 5k on a mortgage. --- When it is obvious that the goals cannot be reached, don't adjust the goals, adjust the action steps. - Confucius <cite>Super Saiyan 3 Goku posted [p:963137887] in Can we aff... [t:79925985]...</cite> <quote>Close to what my wife and I bring home each month after taxes and can't imagine spending 5k on a mortgage. </quote> ... Copied to Clipboard!
MrResetti 03/03/22 2:45:33 PM #6:	My mortgage is roughly 1k with escrowed shit for a 3bed 2 bath with a garage. I'm the only one on the loan. --- http://i.imgur.com/GRZEGPm.gif http://imgur.com/OeMgQZT.gif <cite>MrResetti posted [p:963137958] in Can we aff... [t:79925985]...</cite> <quote>My mortgage is roughly 1k with escrowed shit for a 3bed 2 bath with a garage. I'm the only one on the loan. </quote> ... Copied to Clipboard!
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GateOfDoom 03/03/22 2:52:19 PM #8:	[LFAQs-redacted-quote] This anyone making 250k knows what they can and can't afford <cite>GateOfDoom posted [p:963138134] in Can we aff... [t:79925985]...</cite> <quote><cite>[LFAQs-redacted-quote]</cite> This anyone making 250k knows what they can and can't afford </quote> ... Copied to Clipboard!
Cleo_II 03/03/22 2:53:04 PM #9:	Yes youre good. Ignore people who are bitching, they probably live in fly over states and have 0 idea of housing outside their bubbles. Current homes are at least $800k-1million in HCOL areas and around $5k mortgage is normal. We had similar numbers a while back with our first house and did perfectly fine with savings, 401K, etc. Have you talked to a lender yet? They can tell you what youre preapproved for. <cite>Cleo_II posted [p:963138149] in Can we aff... [t:79925985]...</cite> <quote>Yes youre good. Ignore people who are bitching, they probably live in fly over states and have 0 idea of housing outside their bubbles. Current homes are at least $800k-1million in HCOL areas and around $5k mortgage is normal. We had similar numbers a while back with our first house and did perfectly fine with savings, 401K, etc. Have you talked to a lender yet? They can tell you what youre preapproved for. </quote> ... Copied to Clipboard!
Axiom 03/03/22 3:04:44 PM #10:	Cleo_II posted... around $5k mortgage is normal. Lmao <cite>Axiom posted [p:963138406] in Can we aff... [t:79925985]...</cite> <quote>Cleo_II posted... </cite> <quote>around $5k mortgage is normal.</quote>Lmao </quote> ... Copied to Clipboard!
Buzz Killjoy 03/03/22 3:07:59 PM #11:	5K/month seems crazy high to me. My mortgage payment is half that and I live in Austin. --- *Does the name Pavlov ring a bell?* <cite>Buzz Killjoy posted [p:963138482] in Can we aff... [t:79925985]...</cite> <quote>5K/month seems crazy high to me. My mortgage payment is half that and I live in Austin. </quote> ... Copied to Clipboard!
MC_BatCommander 03/03/22 3:09:07 PM #12:	Seems like the value of the house would be relevant here --- The Legend is True! <cite>MC_BatCommander posted [p:963138522] in Can we aff... [t:79925985]...</cite> <quote>Seems like the value of the house would be relevant here </quote> ... Copied to Clipboard!
RemixRBG 03/03/22 3:09:58 PM #13:	Too much you should downsize and stack the cash up <cite>RemixRBG posted [p:963138547] in Can we aff... [t:79925985]...</cite> <quote>Too much you should downsize and stack the cash up </quote> ... Copied to Clipboard!
MrWingnut 03/03/22 3:11:31 PM #14:	Holy shit. My mortgage is around $1100 and I don't even like that! <cite>MrWingnut posted [p:963138592] in Can we aff... [t:79925985]...</cite> <quote>Holy shit. My mortgage is around $1100 and I don't even like that! </quote> ... Copied to Clipboard!
Cleo_II 03/03/22 3:17:24 PM #15:	Axiom posted... Lmao Yes, with current market prices in places like CA, Seattle, NYC, etc. Housing prices have exploded in the last couple of years. My friend was taking to me about a $5k mortgage for a $1 mil house she was looking to buy here in SoCal. Rates are rising too. <cite>Cleo_II posted [p:963138736] in Can we aff... [t:79925985]...</cite> <quote>Axiom posted... </cite> <quote>Lmao</quote>Yes, with current market prices in places like CA, Seattle, NYC, etc. Housing prices have exploded in the last couple of years. My friend was taking to me about a $5k mortgage for a $1 mil house she was looking to buy here in SoCal. Rates are rising too. </quote> ... Copied to Clipboard!
Super Saiyan 3 Goku 03/03/22 3:18:40 PM #16:	Sure as hell don't need to spend 5k even here in Howard County MD. OF course, there lots of homes here that are priced as such but you can get a great home here in the 800k range (so long as you survive the expected bidding war). --- When it is obvious that the goals cannot be reached, don't adjust the goals, adjust the action steps. - Confucius <cite>Super Saiyan 3 Goku posted [p:963138766] in Can we aff... [t:79925985]...</cite> <quote>Sure as hell don't need to spend 5k even here in Howard County MD. OF course, there lots of homes here that are priced as such but you can get a great home here in the 800k range (so long as you survive the expected bidding war). </quote> ... Copied to Clipboard!
kingdrake2 03/03/22 3:18:49 PM #17:	Cleo_II posted... Housing prices have exploded in the last couple of years seems about right. 3 years ago. --- Explorers In The Further Regions Of Experience, demons to some, Angels To Others: Pinhead <cite>kingdrake2 posted [p:963138774] in Can we aff... [t:79925985]...</cite> <quote>Cleo_II posted...</cite> <quote>Housing prices have exploded in the last couple of years</quote> seems about right. 3 years ago.</quote> ... Copied to Clipboard!
YugiNoob 03/03/22 3:23:50 PM #18:	Whose alt --- @taylorswift13 I want to rub my junk over every square inch of your body taylor - No_U_L7 <cite>YugiNoob posted [p:963138917] in Can we aff... [t:79925985]...</cite> <quote>Whose alt </quote> ... Copied to Clipboard!
AngelsNAirwav3s 03/03/22 3:38:33 PM #19:	A mortgage broker would be able to tell you what loans you are qualified for, much better advice than anything CE would offer. $250k income should be able to afford a $5k mortgage easy though. --- Hello world! <cite>AngelsNAirwav3s posted [p:963139279] in Can we aff... [t:79925985]...</cite> <quote>A mortgage broker would be able to tell you what loans you are qualified for, much better advice than anything CE would offer. $250k income should be able to afford a $5k mortgage easy though. </quote> ... Copied to Clipboard!
bigblu89 03/03/22 3:47:34 PM #20:	Cleo_II posted... Yes youre good. Ignore people who are bitching, they probably live in fly over states and have 0 idea of housing outside their bubbles. Current homes are at least $800k-1million in HCOL areas and around $5k mortgage is normal. We had similar numbers a while back with our first house and did perfectly fine with savings, 401K, etc. Have you talked to a lender yet? They can tell you what youre preapproved for. I live in one of the top 15 most expensive counties in America, and my mortgage is only $1700 a month. --- It takes zero effort to be a good person. <cite>bigblu89 posted [p:963139518] in Can we aff... [t:79925985]...</cite> <quote>Cleo_II posted... </cite> <quote>Yes youre good. Ignore people who are bitching, they probably live in fly over states and have 0 idea of housing outside their bubbles. Current homes are at least $800k-1million in HCOL areas and around $5k mortgage is normal. We had similar numbers a while back with our first house and did perfectly fine with savings, 401K, etc. Have you talked to a lender yet? They can tell you what youre preapproved for.</quote> I live in one of the top 15 most expensive counties in America, and my mortgage is only $1700 a month. </quote> ... Copied to Clipboard!
Cleo_II 03/03/22 3:50:18 PM #21:	bigblu89 posted... I live in one of the top 15 most expensive counties in America, and my mortgage is only $1700 a month. When did you buy your house? How much did you buy it for? How much square footage? Using one example doesnt mean much with current market trends. The 2000 sqft house we bought in 2017 for $740k is now worth $1.2 mil. Theres a housing frenzy in a lot of markets where people are doing bidding wars. $5k mortgages currently are not outside the norm. <cite>Cleo_II posted [p:963139594] in Can we aff... [t:79925985]...</cite> <quote>bigblu89 posted... </cite> <quote>I live in one of the top 15 most expensive counties in America, and my mortgage is only $1700 a month.</quote>When did you buy your house? How much did you buy it for? How much square footage? Using one example doesnt mean much with current market trends. The 2000 sqft house we bought in 2017 for $740k is now worth $1.2 mil. Theres a housing frenzy in a lot of markets where people are doing bidding wars. $5k mortgages currently are not outside the norm. </quote> ... Copied to Clipboard!
bigblu89 03/03/22 4:24:11 PM #22:	Cleo_II posted... When did you buy your house? How much did you buy it for? How much square footage? Using one example doesnt mean much with current market trends. The 2000 sqft house we bought in 2017 for $740k is now worth $1.2 mil. Theres a housing frenzy in a lot of markets where people are doing bidding wars. $5k mortgages currently are not outside the norm. Maybe, as I did buy it quite some time ago and then GW Bush was nice enough to crash the housing market, allowing us to refinance for a crazy low APR. Our house is currently valued at around 200K more than we paid. So you may be right, and I just haven't really been paying attention to the housing market. But a $5K a month mortgage a month still sounds ludicrous to me. --- It takes zero effort to be a good person. <cite>bigblu89 posted [p:963140475] in Can we aff... [t:79925985]...</cite> <quote>Cleo_II posted... </cite> <quote>When did you buy your house? How much did you buy it for? How much square footage? Using one example doesnt mean much with current market trends. The 2000 sqft house we bought in 2017 for $740k is now worth $1.2 mil. Theres a housing frenzy in a lot of markets where people are doing bidding wars. $5k mortgages currently are not outside the norm.</quote>Maybe, as I did buy it quite some time ago and then GW Bush was nice enough to crash the housing market, allowing us to refinance for a crazy low APR. Our house is currently valued at around 200K more than we paid. So you may be right, and I just haven't really been paying attention to the housing market. But a $5K a month mortgage a month still sounds ludicrous to me. </quote> ... Copied to Clipboard!
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Current Events > Can we afford this house?