I’m sorry but this can’t be correct. I live within 30 minutes of two minor cities with plenty to do and me and my wife combined make around 100k. We live comfortably and have 50k in the bank in addition to retirement. We also have one kid. This is highly dependent on where you live. I am not saying the cost of housing,etc is not a problem but some of these numbers need to be put in context.
There was a questionable article written with that number not long ago. It’s completely bullshit though.
I’ll use my own experience as an example: I got approved for a mortgage of 125k (which is fairly low for my area, but there are still options) with the understanding that I’d be getting a house with a few issues that I can work on. My 30 year mortgage rate if I had managed to buy a house at that time would have been around 700 a month. If you double those numbers to 250k, 1400 a month and you earn 4x that amount your annual salary needs to be just under 70k.
Just for reference, there are a significant number of homes for sale for 250k or less, and I live in one of the top 10 most populated cities in the country.
$140k per year is enough to afford a mortgage on a $500k house. You’d have to make crazy money to buy a house outright on a year’s salary, so nobody evaluates it that way.
the amount you need to make in order to afford the ever-fleeting american dream is about $140k right now. so I want 280k
I’m sorry but this can’t be correct. I live within 30 minutes of two minor cities with plenty to do and me and my wife combined make around 100k. We live comfortably and have 50k in the bank in addition to retirement. We also have one kid. This is highly dependent on where you live. I am not saying the cost of housing,etc is not a problem but some of these numbers need to be put in context.
When did you purchase your housing (rough year range) if you don’t mind?
That sounds awesome, but I live in low CoL area make more and feel like I’m just eaking by sometimes.
Genuinely curious, where does that number come from?
There was a questionable article written with that number not long ago. It’s completely bullshit though.
I’ll use my own experience as an example: I got approved for a mortgage of 125k (which is fairly low for my area, but there are still options) with the understanding that I’d be getting a house with a few issues that I can work on. My 30 year mortgage rate if I had managed to buy a house at that time would have been around 700 a month. If you double those numbers to 250k, 1400 a month and you earn 4x that amount your annual salary needs to be just under 70k.
Just for reference, there are a significant number of homes for sale for 250k or less, and I live in one of the top 10 most populated cities in the country.
$140k won’t buy you a house in almost any even remotely popular city or its suburbs.
$140k per year is enough to afford a mortgage on a $500k house. You’d have to make crazy money to buy a house outright on a year’s salary, so nobody evaluates it that way.
Is 500k a house to raise a family in or just a place to stay in?
In Boston, where I live? $500k is an unheated garage.
San Diego checking in. $500k is a shack in someone’s backyard. Fuck I love it here but damn sometimes I really don’t.
ok ok I exaggerate a little. But everything is crazy expensive here. Nice weather and beaches though. Get to surf every week. Can’t complain.
$500k houses don’t exist in popular cities.
That’s why I live way the hell out in the suburbs