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> Plenty of 1 million dollar plus units being built, but nothing for first time buyers. What is affordable? I'm not in SF (or the U.S.), but as I understand sa
by lucaspiller 12y ago
> Plenty of 1 million dollar plus units being built, but nothing for first time buyers.
What is affordable? I'm not in SF (or the U.S.), but as I understand salaries of $150k+ in tech are common. Mortgage repayments on a $1mm property work out to be ~$5,000 a month for a 35 year mortgage, which you can easily pay if you are earning that much.
- ryan-c 12y agoNormally mortgage payments aren't allowed to be more than 38% of gross income for someone with no debt which works out to $4750 for $1M/yr, and you generally have to have a 20% down payment, and even then, it's still going to have to be a jumbo mortgage.
- ryan-c 12y ago"$1M/yr" should have been "$150k/yr" there.
- spiralpolitik 12y agoOn what planet is 2/3 of your post tax income considered to be easy ? (Also most of the units being built require HOA membership so tack on another 1k to your monthly outgoing)
- deleted 12y ago[deleted]