4 ms·
I used to make about $600K/yr salary in SF and couldn't imagine affording a home there that I'd feel comfortable with a 30-year mortgage payment on.
by throwmeaway999 7y ago
I used to make about $600K/yr salary in SF and couldn't imagine affording a home there that I'd feel comfortable with a 30-year mortgage payment on.
- apta 7y agoWhere did you move to after that, and what's your current income if your don't mind sharing?
- sadasy3748 7y agoI currently make 600K / year in SFBA and don't feel comfortable buying a home (2000+ sqft in a good neighborhood is 2.5M) We rent for $7K / month but our mortgage would be 14K a month if we bought. I am not sure how much money I would need to make to do this. My worry is that I lived through 2 recessions and we'd almost certainly lose everything if I lost my job and couldn't afford the mortgage.
- Domenic_S 7y agoWith 20% down it should be "only" $12k for the PITI. If you like to keep your house payment at 1/3 your income then 12 * 3 * 12 = $432k/yr is what you need.
- 6gvONxR4sf7o 7y agoAt that salary, you should be able to save pretty quickly to put more than 20% down. Live like you're only making $150k/yr and you can buy a $2.5M in cash in a decade if you prefer a $0/month mortgage.
- 6gvONxR4sf7o 7y agoIt's ridiculous to say you can't imagine affording a home on a salary where you could live off 150% of the median household income while still saving enough to buy a 150% of a median home for straight cash in under a decade. Color me incredulous. [Assuming you live like you make $150k/year (a bit over 150% AMI), you'll have about a quarter million per year left over after taxes. You could save $2.1M (a bit over 150% of median home) in cash in just below 9 years.]