- April 3, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Determining the Amount of House to Buy
Fairly straight forward question here – how much house would you buy given our numbers? 2024 budgeted Sankey diagram is below as well as high level information.
[2024 Budgeted Sankey]
My fiance (25F) and I (26M) rent in a MCOL metro and are getting married Fall 2024. We have no plans in the next 5 years for kids, but would like kids soon after that. Ideally, we would like to make a house purchase at the end of 2024 or early 2025 (currently saving in HYSA for downpayment).
Combined NW is roughly $275k: $130k in retirement accounts, $100k in HYSA, $65k between two cars (owe $20k on one of them). No other debt other than the $20k on one auto loan at 5.99% IR.
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Tentatively was thinking ~$500k but would like others opinions. Thank you in advance to anyone who takes the time to provide any feedback, I really do appreciate it!
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Similar age and income as you guys. One thing to keep in mind is paying for childcare. I ran numbers with 2 kids in daycare ($3600/month) over our typical numbers and with our first starting next month I’m glad we went with a smaller house. We will likely upgrade once they are all in school.
With those numbers (I subtracted $30,000 to keep in your emergency fund) your mortgage payment would be around $3,700 with tax, insurance, PMI, ect.
You’d need to ask yourself if that number feels comfortable for you given your budget and goals.
how much weight you wanna feel from that house :).
Do you need a 500k house? I imagine if you’re in mcol then you can get a decent house for less..400k? 300k? what are you getting for that extra 100-200k besides a larger mortgage payment.
Bigger house = bigger mortgage. bigger repair bill. more time to maintain/upkeep. Less money going to investments/savings, etc…
You have to decide on your priorities.
As little house as you can make work for you is always the best answer.
Childcare is a huge expense if you both plan to keep working, and a smaller but still noticeable expense if you do part time preschool for toddlers. I think this mortgage payment on this income could become pretty stressful with childcare. My recommendation would be to try and find a cheaper home, then upgrade if/when incomes go up significantly or childcare costs ramp down as kids age. That being said, I don’t think it makes sense to buy a 400k house that needs major capex like roof/hvac and is really only worth 350 but you have to bid up because it’s so competitive. Sometimes going a little higher in your market can put you in a place where you’re overpaying less. If you can find something closer to 400 where you live, you’ll be happy to have more options as you start considering kids.
I think 500k seems safe.
You could do upto 700k and still be comfy
How is Nannying non-taxable income?
Whatever 1 week of income brings in that’s the max payment you can do a month, then just run a mortgage calculator and that should give you the cap for a home loan. Never do the math based off bonuses or side work because that doesn’t lead to consistency.
Yet another snake diagram by a 25 y/o that doesn’t save nearly enough for retirement