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Old 01-25-2016, 11:04 PM
 
6,385 posts, read 11,886,305 times
Reputation: 6875

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Quote:
Originally Posted by cdthrowaway View Post
Good luck. I am 37, single. I make 90k, my only debt is $15,000 in student loans. I am miserable here and can't wait to get out.

Looking at $400,000k for a livable house. So over 4 times my income for housing? Stupid.

I really want to buy a house and make a home here. However I don't want to be house poor. I would rather max out my investments so I can retire in 20 years as I will be able to with my job. Living here I will have to work forever since I wouldn't be able to save for retirement. So think about that.

Great place to live but not worth it. Keep looking.
So even if you pay say $2,000 a month in a mortgage, you are telling me the remaining $3,000 or so after tax is not enough to put a little aside for retirement? Maybe the savings part begins with a little budgeting no?

And its not like that house is going to zero, it might be worth something in 20 years...
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Old 01-30-2016, 09:51 PM
 
Location: C-U metro
1,368 posts, read 3,217,838 times
Reputation: 1192
Quote:
Originally Posted by Willy702 View Post
So even if you pay say $2,000 a month in a mortgage, you are telling me the remaining $3,000 or so after tax is not enough to put a little aside for retirement? Maybe the savings part begins with a little budgeting no?

And its not like that house is going to zero, it might be worth something in 20 years...
No it is not. You have home maintenance, vehicles & vehicle maintenance plus living expenses. There is a reason why the traditional mortgage % is no more than 25% of your take-home pay. It costs a lot to upkeep a home. In this budget, the payment is roughly 40% of the take home. Any little hiccup will send the OP's personal finances into a downward spiral.
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Old 01-31-2016, 12:04 AM
 
27 posts, read 37,543 times
Reputation: 22
get a place down in Colorado Springs or Castle Rock and commute. Much cheaper housing, much better environment to live in (imo), but no jobs there.
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Old 01-31-2016, 12:28 AM
 
2,401 posts, read 3,256,972 times
Reputation: 1837
Quote:
Originally Posted by cdthrowaway View Post
Good luck. I am 37, single. I make 90k, my only debt is $15,000 in student loans.

I really want to buy a house and make a home here. However I don't want to be house poor. I would rather max out my investments so I can retire in 20 years as I will be able to with my job.
It's a matter of preference . It doesn't sound like you actually want to buy a house. What you actually want to do is max out your non-real estate investments.

You are already paying rent. If you shift this money and a portion of your investments to buying a house, in 20 years you may come out ahead.

Anybody that is single, makes 90k/year in Colorado, and is at least decent at financial planning and discipline, can afford a home. Whether he chooses to is a matter of personal preference.
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Old 01-31-2016, 11:39 AM
 
Location: Highlands Ranch, CO
556 posts, read 763,204 times
Reputation: 848
Quote:
Originally Posted by flyingcat2k View Post
No it is not. You have home maintenance, vehicles & vehicle maintenance plus living expenses. There is a reason why the traditional mortgage % is no more than 25% of your take-home pay. It costs a lot to upkeep a home. In this budget, the payment is roughly 40% of the take home. Any little hiccup will send the OP's personal finances into a downward spiral.
No, it absolutely is. If the guy has no other debt (car, student loans, etc.) then you can easily put money in savings, retirement, and have plenty leftover for day to day living as a single person. I can easily do that with a family of four, there is no way a single guy wouldn't be able to live off of that.
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