289
Salary Needed To Buy a Home In The US
(reddthat.com)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 18 Oct 2023
289 points (97.1% liked)
Personal Finance
3803 readers
1 users here now
Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!
Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)
founded 1 year ago
MODERATORS
They should include the interest rate they are using to calculate the mortgage. Based on what's provided they are assuming around a 6% mortgage which is no longer available. Tack an extra $1,000 monthly payment onto that million dollar home and an extra $40,000 to your income to make it affordable. (Assuming debt/income ratio and income taxes)
Did I miss anything?
They did it’s at the bottom. 6.37%
Which, having literally just bought a home, is a supremely optimistic rate to get right now. We spent $10k buying down our interest and only managed 6.9%