The most prestigious law school admissions discussion board in the world.
|
 |
 
|
Minimum household income for $1.5 million house assuming $30k in property taxes
Poast new message in this thread
Date: May 1st, 2025 9:40 AM Author: .- .-. . .-. . .--. - .. .-.. . and HOA fees annually. About to pull the trigger on this golf course property.... Property tax + golf course HOA = $32k per year. (http://www.autoadmit.com/thread.php?thread_id=5719200&forum_id=2#48895935) |
Date: May 1st, 2025 9:44 AM Author: Paralegal Mohammad $800k (http://www.autoadmit.com/thread.php?thread_id=5719200&forum_id=2#48895939) |
|
Date: May 1st, 2025 9:44 AM Author: UhOh 500k (http://www.autoadmit.com/thread.php?thread_id=5719200&forum_id=2#48895940) |
|
Date: May 1st, 2025 9:45 AM Author: XO Walrus irl $300k (http://www.autoadmit.com/thread.php?thread_id=5719200&forum_id=2#48895943) |
|
Date: May 1st, 2025 9:48 AM Author: blow off some steam 200k (http://www.autoadmit.com/thread.php?thread_id=5719200&forum_id=2#48895946) |
|
Date: May 1st, 2025 9:49 AM Author: He flexed his right muscle. How much is P&I on the mortgage? (http://www.autoadmit.com/thread.php?thread_id=5719200&forum_id=2#48895954) |
|
Date: May 1st, 2025 9:52 AM Author: Covid was a Hoax hoa of 32k is killself level so just enough to buy a gun and end it all (http://www.autoadmit.com/thread.php?thread_id=5719200&forum_id=2#48895961) |
 |
Date: May 1st, 2025 9:54 AM Author: Drunkard HOA is $2k, tax is $30k.
In any event, double gross income is safe so $750k |
|
Date: May 1st, 2025 9:55 AM Author: Covid was a Hoax are you living on a golf course in nj or ca? (http://www.autoadmit.com/thread.php?thread_id=5719200&forum_id=2#48895969) |
|
Date: May 1st, 2025 1:07 PM Author: Drunkard I live above the interstate. Reread the initial post. $32k all in, not $32k HOA. (http://www.autoadmit.com/thread.php?thread_id=5719200&forum_id=2#48896395) |
|
Date: May 1st, 2025 2:36 PM Author: Covid was a Hoax k i see youre not op but 2% is a lot for ptaxes (http://www.autoadmit.com/thread.php?thread_id=5719200&forum_id=2#48896643) |
|
Date: May 1st, 2025 1:08 PM Author: cock of michael obama Shouldn’t buy more than 4x or 5x one’s gross income is the rule of thumb
So 300-400k |
|
Date: May 1st, 2025 1:11 PM Author: Oh, you travel? ( ) the "rule of thumb" is more like 2.5-3x gross income (http://www.autoadmit.com/thread.php?thread_id=5719200&forum_id=2#48896411) |
|
Date: May 1st, 2025 2:42 PM Author: cock of michael obama 2. The 28% rule If you’re following this general rule, you shouldn’t spend more than 28% of your gross income (what you take home before taxes) on your mortgage payment (principal and interest).
Example: If your household income is $100,000, then you can afford to spend around $2,300 on your mortgage principal and interest per month; with these numbers, and assuming you have good credit (a score of 680+) and 6.7% for a down payment, then you should be looking at homes priced around $450,000.
https://www.homelight.com/blog/buyer-how-much-house-can-i-afford-rule-of-thumb/ |
|
Date: May 1st, 2025 2:43 PM Author: Miss Anthropy (http://www.autoadmit.com/thread.php?thread_id=5719200&forum_id=2#48896660) |
|
Date: May 1st, 2025 2:47 PM Author: Oh, you travel? ( ) lmao (http://www.autoadmit.com/thread.php?thread_id=5719200&forum_id=2#48896674) |
|
Date: May 1st, 2025 2:55 PM Author: Nazca Redlines Net worth? Down payment? Being "house poor" would be rough, and you risk falling into foreclosure if you cut it too close on income and get behind on mortgage payments.
If you have 7 figures invested (you wouldn't be asking if you had more than that invested), you (a) don't need to save as much, as you should earn $100k+ each year in investment growth, and (b) don't have to worry about foreclosure nearly as much.
Assuming you're putting 20% down and looking at something like $10k/month PITI + HOA, I'd say you need $350k HHI if you have good savings/investments, $500k HHI (and good job security) if you don't.
|
|
Date: May 1st, 2025 2:55 PM Author: gedood persoon jfc @ 30k/year in property taxes ljl (http://www.autoadmit.com/thread.php?thread_id=5719200&forum_id=2#48896702) |
|
Date: May 1st, 2025 2:56 PM Author: mountain cat Wife is trying to get me to buy a $1.3M house with a $27k tax bill without selling our current house which would be converted to a 2 unit rental.
cr? |
|
Date: May 1st, 2025 2:57 PM Author: A Joyless Profession Convert your wife to a rental (http://www.autoadmit.com/thread.php?thread_id=5719200&forum_id=2#48896709) |
|
Date: May 1st, 2025 3:02 PM Author: cowgod ( ) The problem is the $30k property taxes. At least with RE you can justify it bc it’s an “asset.” $30k is Ruinous. Like 20% of OYT’s net worth. (http://www.autoadmit.com/thread.php?thread_id=5719200&forum_id=2#48896722) |
|
Date: May 1st, 2025 3:11 PM Author: The Velvet Bulldozer I thought you were pretending to live in Florida these days. The only places with 2% property taxes are Illinois, NJ, and Texas. So enjoy New Jersey! (http://www.autoadmit.com/thread.php?thread_id=5719200&forum_id=2#48896750) |