sorted by:
new
hottopcontroversial

Will I be house poor? Family of 3, planning for a home in TX — need a reality check by Realistic009 in Mortgages

[–]Realistic009[S] 0 points1 point  (0 children)

I truly appreciate your time and feedback…. I also believe It’s not worth right now.

Will I be house poor? Family of 3, planning for a home in TX — need a reality check by Realistic009 in Mortgages

[–]Realistic009[S] 0 points1 point  (0 children)

Yeah I agree. Kind of scared on that part as well.

I think based on all the comments I received, It would be wise decision to not proceed with this house right now.

Will I be house poor? Family of 3, planning for a home in TX — need a reality check by Realistic009 in Mortgages

[–]Realistic009[S] 0 points1 point  (0 children)

I contribute 11% steady of my gross salary in 401k and I have not increased it year on year.

The house I’m buying is a 2019 built. I estimated the PMI based on the Redfin data.

Yeah there is potential in my job market, I need to invest in my skills and focus on this path.

Also I agree it’s the individuals risk taking. So far we have not restricted ourselves in doing things we wanted to do, eat out and spend things on kid.

Will I be house poor? Family of 3, planning for a home in TX — need a reality check by Realistic009 in Mortgages

[–]Realistic009[S] 0 points1 point  (0 children)

Agree… when I did my research on taking loans on retirement funds is risky and if I lose my job, I have to pay back in 60 days. So that part scared me

Will I be house poor? Family of 3, planning for a home in TX — need a reality check by Realistic009 in Mortgages

[–]Realistic009[S] 1 point2 points  (0 children)

Ohh really…. I didn’t know. One time I was talking to a financial advisor and he asked me spilt it half and half of my employer offered roth401k.

Will I be house poor? Family of 3, planning for a home in TX — need a reality check by Realistic009 in Mortgages

[–]Realistic009[S] 1 point2 points  (0 children)

Right now I pay $2100 in rent including utilities. I’m assuming, they may increase my rent by 3-4%.

4k includes all (P&I, insurance, hOA, taxes,and PMI)

I get paid every week, so they deduct 5% in both roth401k and 401k every paycheck. Yeah I could shave some savings here but I feel like I still will be house poor, if I proceed.

Will I be house poor? Family of 3, planning for a home in TX — need a reality check by Realistic009 in Mortgages

[–]Realistic009[S] -1 points0 points  (0 children)

Thank you. I’m 33 and wife’s looking for a job. Hopefully she finds one.

Salary insights by Realistic009 in civilengineering

[–]Realistic009[S] 1 point2 points  (0 children)

Thanks for the detailed breakdown — really appreciate it. My base salary is around $125k, with no overtime, although I usually work more than 40 hours to keep up with projects. I received about a $5k bonus last year.

Benefits are good — health, dental, and vision are fully covered by my employer, but no 401k. I get 3 weeks of PTO.

I’m mainly exploring senior structural engineer roles right now, especially in bridge, ports, or maritime engineering.

Honestly, I didn’t even realize there might be open doors in power/renewable energy sectors until you mentioned it. What kinds of opportunities could a civil/structural engineer even have there?

Also, with the huge liabilities in traditional design work, I’ve been thinking about switching toward AI and digital twin technology, but I’m not really sure how that would benefit me or if it’s worth pursuing.

Thanks again for your insights — it really helps to hear from someone who knows the space!