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Old 10-25-2014, 06:19 PM
 
Location: Katy TX
1,066 posts, read 2,364,853 times
Reputation: 2161

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Quote:
Originally Posted by Hangster View Post
Let me see here.

$150k/ year
- $35k (401k if they both work and contribute to their plan)
= $115k/ year
- $30k (taxes estimate)
= $85/year or $7083/month
- $800/ month (health insurance - estimate )
= $6283/ month
- $500 utilities (elec/gas/water/phone/cable)
= $5783/month
- $200 /month gasoline (estimate)
= $5583/ month
- $1000/month groceries/kids activities/piano/etc..
= $4583/ month
- $1000/month car payment of you have 2 average cars to pay
= $3483/month
- $500/ month spending expenses ( kids clothes/ etc)
= $2983/month
- $3500/ mortgage
= (-$517/month shortage).

That has not taken Into to account emergencies like dr visits or maybe a car repair bill etc...

Also, once you move into the new house, you will have about another $20k of cost for furniture, blinds, drapes, and just stuff. Lots of people say they won't but everyone will. Especially for a house at that price point.
This is VERY close to ours, except we pay an extra 300 on gas, 2400 on mortgage. Wife owns a small business and gets hit a bit harder on the quarterly taxes, and we make more than that a year....no way we would EVER be able to buy a 500k home if we both plan to have a savings and retire.

 
Old 10-25-2014, 06:23 PM
 
1,251 posts, read 1,077,396 times
Reputation: 2315
No offense, but HOW IN THE WORLD do you even qualify for that much?? We make nearly $200,000 a yr and there is NO way we would buy over $400,000 (and that even makes me nauseated). I just don't understand how you would even consider going over $300,000 and be able to sleep at night. It worries me that we are headed for another bursting bubble when people realize they can't afford these homes.
 
Old 10-25-2014, 06:52 PM
 
Location: Katy TX
1,066 posts, read 2,364,853 times
Reputation: 2161
^^Truth.
 
Old 10-25-2014, 06:54 PM
 
Location: Katy TX
1,066 posts, read 2,364,853 times
Reputation: 2161
What I'm really waiting for is someone to chime in who is actually living the question. Someone with kids and debt, that makes a household income of 150k, pays taxes, has some form of retirement AND healthcare, and of course, owns a 500k+ home.

I doubt it will ever happen. I'd be happy to be wrong if someone were able to actually do this...really, I would. But, if hardcore couponing, recycling toilet paper, eating off the dollar menu and taking vacations at home are the answer, then that's no life I'd ever want to live.

Also, it seems that folks who do not make that much, are saying yes do it, while others who make the same or more, are saying don't. Just something to chew on.
 
Old 10-25-2014, 09:10 PM
 
660 posts, read 1,616,132 times
Reputation: 323
Quote:
Originally Posted by Sharpydove View Post
No offense, but HOW IN THE WORLD do you even qualify for that much?? We make nearly $200,000 a yr and there is NO way we would buy over $400,000 (and that even makes me nauseated). I just don't understand how you would even consider going over $300,000 and be able to sleep at night. It worries me that we are headed for another bursting bubble when people realize they can't afford these homes.
this..
me and wife makes around $250k/year.. our house is just around $275k when we bought it..

i have zero worry sleeping at night even if i lose my job the next day and cant find work right away..

peace of mind is more important than super big house.. $350k house is already a big house, what's the need for $500k house..
 
Old 10-26-2014, 11:19 AM
 
109 posts, read 151,793 times
Reputation: 74
Quote:
Originally Posted by katie0123 View Post

...

Our house income is $150k with two little kids...
Out of curiosity, what is the monthly take home pay for that salary?

I make $160k in Biston and take home $8300 per month with 3 kids as deductions.
 
Old 10-26-2014, 12:27 PM
 
26,191 posts, read 21,574,273 times
Reputation: 22772
Quote:
Originally Posted by EarlofCardigan View Post
Out of curiosity, what is the monthly take home pay for that salary?

I make $160k in Biston and take home $8300 per month with 3 kids as deductions.


The state tax kills you but even with that factored in do you have 1400 +/- in monthly deductions outside of taxes?
 
Old 10-26-2014, 09:29 PM
 
Location: Houston, TX
8,895 posts, read 19,993,079 times
Reputation: 6372
We don't have a state income tax here, are you talking about property taxes ?
 
Old 10-26-2014, 11:05 PM
 
702 posts, read 1,235,833 times
Reputation: 463
OP, what did you decide to do? Judging by how many pages your thread garnered, inquiring minds would like to know
 
Old 10-27-2014, 09:52 AM
 
182 posts, read 350,317 times
Reputation: 132
DAT MATH!

Well at this point I hope there was some reconsidering!
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