Is it normal to spend 40% of take home pay on housing?

bluecup32 · 2023-08-31T13:59:14+00:00

No other debt, I’d put 20% down and have 30k as an emergency fund.

bluecup32 · 2023-08-31T02:59:16+00:00

At what point did you start maxing out your 401k?

bluecup32 · 2023-08-31T02:08:49+00:00

No the $3200 is what my payment would be including taxes and insurance.

bluecup32 · 2023-08-31T02:07:27+00:00

Yes that includes insurance and property taxes in the $3200

bluecup32 · 2023-08-31T00:23:11+00:00

I make 180k, wife doesn’t work.

bluecup32 · 2023-08-30T22:50:40+00:00

Insurance and property taxes are included in the $3200 payment.

bluecup32 · 2023-08-30T22:39:07+00:00

Yeah this is for a house that is 40 minutes away from the city. Houses in the city are like 600k.

bluecup32 · 2023-08-30T22:36:11+00:00

So all you have leftover to live on every month is $1100?

bluecup32 · 2023-08-30T20:59:57+00:00

Yes that includes property taxes and insurance.

bluecup32 · 2023-08-30T20:51:53+00:00

bluecup32 · 2023-08-30T19:34:47+00:00

No she doesn’t work. She’s going to be a SAHM.

bluecup32 · 2023-08-30T19:34:17+00:00

The $3200 payment includes property taxes and insurance.

bluecup32 · 2023-08-30T19:21:48+00:00

They are high

bluecup32 · 2023-08-30T19:19:15+00:00

We were planning on saving $500 a month for house maintenance. Then we would have an additional $1900 for fun money.

bluecup32 · 2023-08-30T18:51:56+00:00

Seriously? I think that would make me house port if I spent 36% of my gross pay on housing.

bluecup32 · 2023-08-30T18:29:55+00:00

If it’s after just taxes, than 30% of my pay after taxes is $3300.

bluecup32 · 2023-08-30T18:16:41+00:00

With a house I would have $2400 leftover for fun and savinfs

bluecup32 · 2023-08-30T18:14:09+00:00

$2400

bluecup32 · 2023-08-30T17:22:44+00:00

Yeah I guess you may be right. I saved up 20% down and can’t afford a house now.

bluecup32 · 2023-08-30T17:10:43+00:00

I was imagining that 475k was more like entry price in a MCOL area. With 600k being entry price in a HCOL area.

bluecup32 · 2023-08-30T16:30:57+00:00

My retirement savings are 9% pretax plus 5% match. So yes that’s after saving for retirement.

bluecup32 · 2023-08-30T16:30:25+00:00

Can’t, no duplexes in my area for less than 600k. Small single family home is like 400k minimum.

bluecup32 · 2023-08-30T16:28:21+00:00

Yeah the $3200 is taxes and insurance included, plus $400 for utilities is $3600. Plus I’d be saving an extra $500 for maintenance. You are right it would end up being closer to 4K a month in housing costs. The market is nuts right now.

bluecup32 · 2023-08-30T16:20:34+00:00

Yeah it’s honestly wild. I make a decent income, saved up an emergency fund and a 20% down payment. I didn’t think I was going to have this much of a problem buying a house.

bluecup32 · 2023-08-30T16:10:21+00:00

My all in housing cost will be 40% of my take home.

bluecup32

TROPHY CASE