Debating becoming a homeowner in 2024. Even if it means moving, srs.

Very curious what your financial situation was like for your current house.

Feel free to use the format below, or just type freely.

Year of Purchase:
Income At The Time:
Income Now:
Total House Price:
Interest Rate:
Down Payment:
Size:
Roommates? (Y/N):

2020
150,000
90,000 (gave up contracting)
339,000 at purchase
0 (VA home loan)
3268sqft
Family

I just bought what I could afford mon-fri no OT.

Never consider OT to be a partner in borrowing power

HUGE house for the price wtf. Even by 2020 standards. Props to you. Obviously jealous of the 0%, but I thought even VA loans have an interest rate, just a reduced number?

Very nice fam. So at the time the house was a little over double your income. That obliterates most guidelines out there (3-5x your income). Now that you make less, you're within that range, but that's after 3 years of paying down the principal at 0%. Great situation fam.This is advice I need to hear. Appreciate you writing that. As someone looking to buy soon, it's very tempting to just look at my W2 from last year, and say "well as long as the house is not more than 3x that number...", but probably 25-30% of that number is made up from a combination of shift differentials and overtime, both aren't guarantees. They always say they can go away at any time, schedules can be changed short notice, etc.

0 was the down payment, I locked in my interest rate at 2.25% before the economy went to šhit. I live in a rural area, so it didn't cost nearly as much as a similar model closer to town. Unfortunately, my rural area is being built up, and being across the street from 3 different schools is going to be a big plus in the next few years.

Planning to sell in about 3 years for a nice profit, buy some land and build a hose and shop

Bought in 2009
Income at the time was about $80k. Wife was stay at home mom.
Income now $107k wife makes about $40k.
House price $196k
Interest rate at the time I don't remember. Refinanced at 2.87%
Payment is $1530 with taxes and insurance.
Only about $5k down on a FHA loan
Size is just over 1900 sq ft on 2.6 acres
No roommates, me, my wife, and 2 kids.

Jeez that's 2/2 for people with incomes that were HALF of the house price. Literally impossible for me to do that in the areas I've been looking at. But to be the fair there's still some areas out there where I could find a decent house that's 1.5-2x my income. Just gotta live in bumphark no where.

Spent entire savings on down payment. Moved in with 0 left. Been trying to build up savings again.

House price was around 315k ( condo)

I only had about $15 K lol... Lucky i bought in 2010. I feel bad for you brahs. I'm locked in at 2.7% $950 total mortgage payment. 2k sqft house in S.Fl

2018, cheap , cheap , cheap 2500sq ft with a $1700 mortgage ( Orlando ). Income just under 100K between me and spouse

Year of Purchase: 1995
Income At The Time: $42,000, just me
Income Now: $180,000 me, $45,000 wife
Total House Price: $105,000
Interest Rate: 7.25%
Down Payment: $10,000
Size: 2100 sf
Roommates? (Y/N): wife and unborn child -> wife and 2 kids -> wife

Some of the down payment literally came from the paper route I had in jr. high.

Are your property taxes effected by how many schools are in your zip code? I know much of the mid west is structured that way.

Year of Purchase: 2022
Income At The Time: 300k
Income Now: 300k
Total House Price: 1m
Interest Rate: 3.89%
Down Payment: around 80k
Size: 3000 sq ft w/ 1,600 sq ft basement walkout
Roommates? (Y/N): N

First house was bought in 2015 with around $150k household income and was almost $500k

Year of Purchase: 2020
Income At The Time: $87k
Income Now: 80s, supposed to jump to $125k/yr all in all when they new job starts in a couple weeks
Total House Price: $454k
Interest Rate: 2.25%
Down Payment: $5k EM
Size: 2960sf
Roommates? (Y/N): Nnice brah i remember you talking about maybe moving out a year or something ago. i guess you pulled the trigger on something. i thought you were talking about a condo back then?

Appreciate your post. Curious what your HOA is since it's a condo. And the other numbers (income, interest rate), but it's cool. Yeah I was debating putting nearly all my liquid into the down payment + closing costs + move, but I was thinking it's probably a good idea to have at least $25k extra... for emergencies, furniture, etc. I don't plan on keeping most of my furniture in my current apartment.Jeez. Yeah $950/mo total mortgage would be sick in these times, especially for a 2k sqft. I'm in FL too, but thinking of getting a place closer to Tampa. Difficult to get anything nice below $400k without moving to bumpharkville.Those fluctuating interest rates are pharking killer. I'm sorry man. So you're renting out the house now? Even with the lower interest rate, a ~$900k loan with $200k income sounds pretty rough depending on your federal/state/city/other taxes and debts.Very spacious for a $1700 mortgage in Orlando. $95kish sounds more than sufficient to me, especially since it's FL, property taxes aren't terrible and you're keeping more of your money than most (no state income tax).BOOM another person with a total house price that was close to DOUBLE their income. Very jealous of this. I didn't know the interest rates were that bad in the 90's. Learn something new every day. Since you've had it for about 30 years, how much maintenance and renovation costs have you had? Very curious about how things go for the long haul of home ownership. Clearly if you keep increasing your income over time, mortgages just become negligible. Gotta buy in while you can I guess.With 20% down your loan was about double your income, also no PMI. JEALOUS. Size is a bit small though, but if you live alone then I guess it's fine. Jealous of that interest rate of course.Very good interest rate for 2022 wtf. Also huge house, jeez. The numbers seemed intimidating at first, but if you make $300k, a $920k loan doesn't sound terrible, it's still within that 3x-5x range. Doesn't seem like the worst setup in the world.Huge house WTF. Also nice interest rate, jealous. Over 5x your income with minimum down payment seems risky though. I wonder what that house is worth now in 2024. I hope that higher paying job goes as planned mang, rooting for you.

Where would you be now if your dad didn't give you $100k towards the down payment?

I could have bought the house outright if I wanted to

Year of Purchase: 2023
Income At The Time: 165k
Income Now: 170k
Total House Price: 1.5mil at the time, worth about 2 mil now, land prices shot up like crazy here
Interest Rate: 0
Down Payment:0
Size: 7 acres, 1700 sqft
Roommates? (Y/N): Wife, child.

Inherited it.

Living at home with them or in some rental with roommates most likely lol

Income : around 60k Canadien
Interest rate. High around 7-8 %
Parents gave me 105k for down payment. I put in my savings of 65k

Mortgage remaining is like 145k ~

I needed a high payment to qualify because the banks here are more strict than the U.S .


Hoa is only around 170 CAD per month includes water , gym pool etc snow plowing.. One of the reasons I choice this building bc hoa fee wasn't jacked up.

About to buy my fourth house. My rule of thumb has always been the purchase price shouldn't exceed 3 times total gross income. Even less if you have a debt load i.e. student loans, credit cards, etc.

The dream. Ugh. Short of winning a lottery, or saving/investing for a decade, moving to bumpharkville, or a combo of these things, I don't see that happening for me lol.No shame in inheritance. I'm jealous. I presume the property taxes are rough for 7 acres of land for sure. But I'd bet it's fine with both your income and the fact you have no mortgage/rent. You're in a good spot, your family must be very happy. Have you ever considered selling, moving into the city, and buying a nice house outright?So basically a $320k house, but $170k down, NICE. That makes up for the crappy interest rate IMO. Your income:mortgage ratio is pretty stellar. Short of other debts, or high CoL, you sound like you're killing it. That HOA is godly for a condo. Most HOA's start at like $300/mo USD for decent condos in my area.I like that rule of thumb, believe me. But what are your considerations for if 25-30% of your gross tends to be from things like shift differentials and overtime?

The prevailing rate at the time was 7.5% (builder bought the rate down by 0.25%), and was actually a short term low. It went up for a little bit after that before trending on down. Obviously we refinanced a couple of times since then and it is paid off now. The paper route money from the early 80s was initially invested in 4 CDs yielding between 12-15%.

Honestly no idea what we've spent on maintenance. We've actually been really lucky on major stuff. One of the AC compressors siezed up about 15 years ago and we had to replace it, but most of the other 3/4 of the system is original. Replaced both controller boards and a few caps, but I did all that stuff myself. Probably not going to last much longer and is pretty inefficient compared to new stuff, so that's on the not too distant future list. Roof is original. Not leaking yet, but we're living on borrowed time, so as soon as I finish replacing a couple of rotted fascia boards, I'll be getting that done ASAP and I'm figuring about $10k.

Yes, but property taxes in general are some of the highest in the country

Year of Purchase: Jan 2020
Income At The Time: 64k
Income Now: 88k
Total House Price: 165k
Interest Rate: 2.9
Down Payment: 0
Size: 1500 sq ft 3br/1bath
Roommates? (Y/N): Live alone, have a dog

I got super lucky on my house. It was an estate and had been on the market for 3 months due to only one bathroom. All I did was replace about 250sq feet of carpet and about the same in kitchen flooring + paint. It was well maintained and I am the 2nd owner, even the mechanicals and roof were all replaced in 2018. Its appreciated almost 40%.

I was just under the income limit for a USDA Rural Development loan, hence the 0 down. I also didnt have to pay for closing costs or any of the other costs that come with purchasing. Its an awesome program if your property qualifies.

2010
175k (first job out of college)
275k base + bonuses
300k
0.0%
300k
3500 sq. Ft
0 roomates

Year of Purchase: 2018
Income At The Time: 71k (lol)
Income Now: 130k
Total House Price: 450k (dont do this lol at 71)
Interest Rate: 4.5% (now 3%, refinanced twice)
Down Payment: 15%
Size: 588sf lol
Roommates? (Y/N): N

I now rent a house with fiance for 2800/mo

Lucky ducky. Is it reasonable to say total maintenance costs over the 30 years was below $50k? Trying to figure out a good ballpark number to expect if you replace AC, water heater, roof, every so often as needed.So a little over double your income for the house price. Mirin. I think my income is too high for that, I'll be doing as close to 20% down as possible most likely. Now I'm curious how old the house is if you're willing to mention. Being the 2nd owner sounds like a reassuring trait.Crazy square footage for the price, but I guess 2010 times it might've made some sense depending on the area. You also had a crazy income at the time too all things considered. I bet you love your situation.Yeah man no offense but IDK what you were thinking with $71k income going for a $450k house, even with 15% down. Did you already "know" you were gonna significantly increase your income over the years? I'm with TheDude8734 btw, WTF @ 588sqft, is that a typo? Are you in some kind of condo, and if so, what's the HOA like? 'Mirin the 3% interest rate at least.

You just have your best judgment - only you know your income fluctuations and risk tolerance.

It was built in 1969, the original owner was a machinist at the big GM plant near me his whole life. I have an attached garage, acre of property surrounded woods in which the owners let me ride and shoot, and the addition that was added in '89 included an amazing covered patio. Full red oak hardwood throughout. Blows my mind nobody wanted it, for sure a sleeper home and perfect for me.