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Even in MCOL areas with an average-to-high non-FAANG tech salary, "just save 250-500k for a house" is not realistic advice. Even with a FAANG salary that's doab
by pc86 5y ago
Even in MCOL areas with an average-to-high non-FAANG tech salary, "just save 250-500k for a house" is not realistic advice. Even with a FAANG salary that's doable with concerted effort but not if you already have a family.
- hawaiianbrah 5y agoWho is saving that much for a house? Does anyone actually put 20% down these days?
- pc86 5y ago20%? Absolutely. PMI is just setting piles of money on fire and except in the highest of high COL areas, you're almost always better off saving more or buying smaller than wasting years of PMI. Enough to have something that doesn't qualify as a "large" mortgage? Rarely.
- hawaiianbrah 5y agoSeems worth it to pay PMI and get a place rather than wait another 1-5 years to have enough saved up to me, but I live in one of those highest of high COL areas and the market has appreciated so much more in the past few years that you lost out if you were waiting to have 20%.
- pc86 5y agoRapidly appreciating housing prices certainly change the math, and depending on your specific mortgage, may help get rid of PMI sooner.