When I bought my first home.
-Yearly income 60k.
-Home price 196k
-Down payment was 20% (39,200) plus I put 8k in upgrades into the home so 47,200 down.
-After closing had about 30K left in savings.
-Debt free in all other aspects.


With a salary of 60K I would not spend more then 200K on a home. If you can't afford to save and put 20% down on a home, you probably can't afford a home. As far as going in 50/50 with your girlfriend just know if you break up with her and come home one day and Tyrone and Jamal are spit roasting her on the living room couch. Your only real option is to just smile and take it. You can move out. But you're still liable for the house. With both of yall on that poverty time its unlikely either could afford the house on your own. And its unlikely either can afford to buy the other out/refinance in just their name.



As far as financing a house that cost 400-500K with a 120k house-hold income fukking lol at that. If I made 120K per year and wanted a house upgrade I'd go 250-300K max and I'd put down at least 20%.

Currently in process. Just dropped out of escrow on a place due to inspection feels bad mane.

Over 1.5m stocked away great yearly income and feel like I can't buy anything worth a **** in LA.

I bought a $1.1 million house one month ago.

$110k/yr year income

$400k downpayment

Less than $5k left in my savings now.

People have said I was crazy.

This make sense, but real estate in Ontario, Canada is quite ridiculous. I am very familiar with OP's area and houses are minimum 400k and that is for an absolute piece of trash.

The Canadian housing bubble is absolutely terrible, and even worse in large cities like Toronto.
I can literally move across the river into the USA thats a 10min drive from me in a well established neighborhood and only pay 300k for the same exact house i am building for 500k after currency conversion.

5'5
115lbs

Ideally, that would be the case.

Unfortunately, housing prices in my area are very high. Even a 500sqft chithole condos start at $375. So, a $200k house is a pipedream Brah.

A base house that would require $75-100k in work start around $450k.

Not sure if that changes your advise or opinion, but its just the reality of my area.

I don’t think you have enough saved it the income for a 500-600 house TBH. Maybe 300, do you have a down payment?

Also, WOULD NOT buy house together with GF, asking for a chit load of trouble man. Put the deed in your name and don’t use any of her assets. Depending on what state you live in you could be considered married under common law.

Not trying to be a negative nancy but I wouldn’t do it. Huge risk.

Back to saving it is brahs.

My house was £60k and me and my partner put £30K in each. Sadly i now live in the backside of beyond as 60K doesn't get you much in this day and age.

When i bought my house at 24:

60k income
20k down on a 200k dollar house
Debt Free
Investments were around 40K at the time

I bought a newer place in the country, but only about 35 mins from work so its still a viable option for most people. Make sure the school district isn't dog chit. Buy something newer unless you are a contractor. I went with a 30 year fixed but i paid extra most months. Just refinanced during the RONA to a 15 year fixed rate at 2.75%. My advice would be to lock in a mortgage asap. Money will never be this cheap again unless we go into a legit recession. Also, get out of debt and stay out of debt permanently. Do not keep up with the jonses...there is always gonna be someone out there doing better than you.

Stats for first/present house

Age: 29
Income: £17k
Debt: £0
Savings: £45k ish
Type: terrace with garage, driveway and small back garden
Area: below average (not ghetto, but far from affluent)
Sole owner
Deposit % = 70

OP don’t listen to these jokers about buying a house with your GF. If you guys are in it for the long haul and secure in your relationship it’s fine. I sort of did the same thing as we were engaged already but wedding was scheduled for a year after from the home purchase. We wanted to prioritize getting into a house first before dropping so much cash on the wedding.

Year: 2014
Age: 23
Personal Income: $70k
Combined income: $120k
House: $340k
Debt: 0
Put 5% down to secure a conventional loan which pretty much drained our savings at the time