Telfair and Riverstone Family Income and House (Houston, Howe: HOA, insurance)

[mazda6drvr]

Hey guys,

For those who've bought or built a new house in Telfair or Riverstone, I have a question for you just so I have something to compare to while on my search for building in either of those communities.

Question: How much is your household pre-tax annual income (incl. bonuses, other income, etc.) and what was the final price for your house?

There are some beautiful houses in both those master-planned communities, but I have no clue what type of income the families have to purchase those homes. And also, I'm not referring to the homes that are $1MM+.

Thanks!

[mazda6drvr]

Oh, and I know that your house price should depend on your personal financial situation and account for how much debt you have, how much you want to save for retirement, education, vacations, etc. However, I'm just asking to get some basic demographics so just want to know the top-level information such as household income and house price.

[wheretogo]

It does not matter what 'their' income is...what matters is your income.. You dont know 'their' liabilities and financial situation..but you know everything about yours.

Originally Posted by mazda6drvr

Hey guys,

For those who've bought or built a new house in Telfair or Riverstone, I have a question for you just so I have something to compare to while on my search for building in either of those communities.

Question: How much is your household pre-tax annual income (incl. bonuses, other income, etc.) and what was the final price for your house?

There are some beautiful houses in both those master-planned communities, but I have no clue what type of income the families have to purchase those homes. And also, I'm not referring to the homes that are $1MM+.

Thanks!

[ToyYot]

The debt to income ratios the bank use for qualifying loan mortgage applicants is, in my opinion, too high (47.5% of gross, I think). I'd try to keep your payments at or below 25% of your net pay and bear in mind your taxes and insurance are on top of that. In a perfect world, put down 20% and get a 15 year fixed mortgage, right now the rates are below 3%.

I think the most people stretch to a total mortgage of 2 x gross income, sans bonus, but less is sometimes more on the sanity scale.

[diablogun]

Originally Posted by BDFP

The debt to income ratios the bank use for qualifying loan mortgage applicants is, in my opinion, too high (47.5% of gross, I think). I'd try to keep your payments at or below 25% of your net pay and bear in mind your taxes and insurance are on top of that. In a perfect world, put down 20% and get a 15 year fixed mortgage, right now the rates are below 3%.

I think the most people stretch to a total mortgage of 2 x gross income, sans bonus, but less is sometimes more on the sanity scale.

2X Gross at a stretch? That is very conservative, and not what most people follow, expecially with rates this low. A good figure is 1/3 of net income for PITI, which is very managable, and for most should be a guide. In this market, one should be able to afford a 300 K mortgage, figuring 4% at 1432 per month, insurance at 110 a month (a guess), taxes 750 a month for about 2200-2300 a month total, plus HOA (maybe) and PMI (maybe). Assuming one nets 6.5-7 K a month, that is pretty affordable and still conservative for saving and a car payment, as long one isn't saddled with debts.

I admit a 15 year and 2X gross is smart(I suspect you are frugal), but that is out of the reach of most families.

[mazda6drvr]

Currently, I'm looking at houses that would be about 23% of our take home but it would include PITI, PMI and HOA. I guess that is a sound purchase...however, it would be 27% of our take home if I do not include my over-time pay, bonus and investment income. Still good?

[mazda6drvr]

But anyone going to answer my initial question???

[Glossa]

Originally Posted by mazda6drvr

But anyone going to answer my initial question???

I would never ask someone how much they made! Maybe others are more comfortable with that, but I think that's a private matter, and I would not expect that you will receive a lot of answers to that particular question.

[diablogun]

Originally Posted by mazda6drvr

Currently, I'm looking at houses that would be about 23% of our take home but it would include PITI, PMI and HOA. I guess that is a sound purchase...however, it would be 27% of our take home if I do not include my over-time pay, bonus and investment income. Still good?

Yes, that is very good, and you can easily afford it--assuming it is what you want. As to what people make, I imagine a good houseold income in Houston is 110 K or so, which would afford that hypothetical mortgage I pondered.

[va_residents]

For double income professional family, 200k is the minimum.