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Old 02-23-2011, 04:06 PM
 
2 posts, read 5,873 times
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What is income required to buy million or 1.5 million dollar home?

Is there generally a rule for income/home worth that must be met? Please let me know.
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Old 02-23-2011, 04:45 PM
 
Location: Jersey
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Depending on the taxes, you should be pulling in atleast $250-300k.
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Old 02-23-2011, 08:49 PM
 
Location: state of procrastination
3,458 posts, read 3,704,807 times
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Quote:
Originally Posted by ssmmm11 View Post
What is income required to buy million or 1.5 million dollar home?

Is there generally a rule for income/home worth that must be met? Please let me know.
You can use this calculator to figure it out... of course it matters what downpayment you make too.
http://www.interest.com/content/calc.../earn-home.asp
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Old 02-24-2011, 12:29 AM
 
Location: Laguna Niguel, CA
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Depends on down payment, property taxes, homeowners insurance, interest rate, and your other monthly debt expenses.
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Old 02-24-2011, 02:09 PM
 
Location: Albuquerque
5,553 posts, read 9,548,734 times
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Quote:
Originally Posted by ShanetheMortgageMan
Depends on down payment, property taxes, homeowners insurance, interest rate, and your other monthly debt expenses.
I would have bolded and wrote in ALL CAPS this word:
DOWN PAYMENT.

If you have liquid assets that extend to eight figures and intend to pay cash ...
Of course, the OP probably wouldn't be posting here if they did.

Still, DOWN PAYMENT really should have been mentioned. ( It should have. )
It kinda makes a difference.
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Old 02-24-2011, 02:10 PM
 
Location: Laguna Niguel, CA
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mortimer - I am a little confused, is down payment important? ;-)
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Old 02-24-2011, 03:40 PM
 
21,720 posts, read 37,184,337 times
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Default Having MONEY is not the same as INCOME...

And to play just a little more with mortimer's excellent reminder that DOWN PAYMENTS in MANY cases is essentially comming from some ASSET unrelated to traditional INCOME --

I have helped several people with rather modest incomes of well under $100,000/ year from career / ongoing business purchase homes into the seven figures.

The most common source of this "wealth" is generally the sale of other appreciated real estate -- selling a "whole big piece of land" to developers was not uncommon, nor has it been uncommon to "climb the property ladder" moving up a few notches at time over the course of decade or so. I personally have owned and sold rental houses that appreciated at a nice pace and threw off cash that enhanced my other income.

Another huge source of such funds has been the sale of business, especially family owned / run businesses. I would say at least one third of all million dollar home owners in suburban Chicago fall into this category in some way...

Slightly less common is a large "lump sum" that has been inherited or received as a settlement from insurance / litigation.

In some industries / fields of work it is not unheard of to have 'income' that is VERY spikey due to either bonus on sales or "market returns" -- in such cases a HUGE check from some "work" related compensation that is close to a "one time" deal.

Mind you, depending on taxes, upkeep, long term investment plans, work stability and dozens of other factors it may not be PRUDENT to use funds from ANY of the above sources to purchase a "MILLION DOLLAR HOME", but I have seen all those variations.
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Old 02-25-2011, 11:25 AM
 
Location: Albuquerque
5,553 posts, read 9,548,734 times
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Quote:
Originally Posted by chet everett
And to play just a little more with mortimer's excellent reminder that .... [ ... deletia ... ] ...
Oh Oh!! Yessss!!!

Caps, bold, RED AND UNDERLINED. A true artist and creative thinker!

I really appreciate someone who can use bolded red as an accent
and not as a color scheme. It really shows discretion and talent!

... [ ... great example in the post too ... ] ...
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Old 02-25-2011, 11:27 AM
 
Location: Texas
28,114 posts, read 24,084,256 times
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Quote:
Originally Posted by TylerJAX View Post
Depending on the taxes, you should be pulling in atleast $250-300k.

HA! I don't think so.
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Old 02-25-2011, 11:30 AM
 
Location: Texas
28,114 posts, read 24,084,256 times
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Quote:
Originally Posted by ShanetheMortgageMan View Post
Depends on down payment, property taxes, homeowners insurance, interest rate, and your other monthly debt expenses.
^^^^ This.

Besides, even with my current salary, I wouldn't take a $1.5 mil house as a gift...the property taxes ($32k where we live), utility bills, upkeep, maintenance, repairs, insurance, remodeling...unless I could just turn around and sell it...no, thanks.
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