At least in CA where the property tax is 1%, last time I fed the info into one of those calculators a few months ago, a 1.2m house (exactly the type you describe) with a standard 20% down-payment would run closer to $8k/mo with good credit. That includes property tax and homeowners insurance, which is required to get a loan.
So yeah, that doesn’t leave a whole lot to live off of.
We’ve let our gutters stay broken for several years now because we just can’t afford to get them fixed. We had to have an emergency repair to our heat pump yesterday and that’s going to be hundreds of dollars out of pocket. We’re on a single income. My wife gets paid well (not $150,000 a year well) and our mortgage is low, but we’re barely making it.
At least in CA where the property tax is 1%, last time I fed the info into one of those calculators a few months ago, a 1.2m house (exactly the type you describe) with a standard 20% down-payment would run closer to $8k/mo with good credit. That includes property tax and homeowners insurance, which is required to get a loan.
So yeah, that doesn’t leave a whole lot to live off of.
There’s also the upkeep cost for repairs and to renovate.
We’ve let our gutters stay broken for several years now because we just can’t afford to get them fixed. We had to have an emergency repair to our heat pump yesterday and that’s going to be hundreds of dollars out of pocket. We’re on a single income. My wife gets paid well (not $150,000 a year well) and our mortgage is low, but we’re barely making it.
Person making 150k has no business buying 1.2m property.
What was the old 3x? Where are we at now 5x?
Can somebody buy a family house for 450-750k?