Post # 1
We are entering the very crazy world of home buying and I am very curious to see what price other’s home were and what their income was at the time of puchase. Obviously this probably depends on other things like cost of living and others debts, so feel free to add that as well if you want.
Post # 2
we bought a house thats roughly 3 times our combined income
Post # 3
We got a brand new (built in 2017) 4 bedroom lake front house in Melbourne Florida for $224,000. My husband’s annual income is $104,000
Post # 4
Our house is less than twice our combined income.
Post # 5
Our purchase price was approx 3x our annual income, our mortgage is about 2x our annual income.
Post # 6
Our house was three times our gross income when we bought. It is now twice our gross income after 5 years
Post # 7
When we bought our house 6 years ago it was 3.5x our income, no other debts. It’s now 2.5x our income.
Post # 8
My husband bought our house before we were married. At the time it was 3 times his salary. Now that we have combined finances, the house cost about 40k more than we make combined per year. We live in an area with a very low cost of living.
Post # 9
Our house was 1.1m when we bought it in late 2014. We made 380k combined at that time. We invested another 900k in renovation, so the total cost is around 2m now. We now make 550k annually with an expected 150k increase in 2017. The house just appraised for 2.6m.
We are tight on cash now but we can sell if we absoutely need to, which we likely won’t for some time.
I have no idea what your income is, but the game becomes different when you start making a high income. The 3x or 2x rule is more flexible, I think, because not all COL scale with income. Sure, taxes are a pain, but the can of tuna is $0.80 if I make 34k or 350k. At a certain point, the amount of disposable income has a meaningful impact on your budget for a mortgage payment. I think mortgage brokers understand this. We has no issue qualifying for our loans.
Post # 10
We bought a house that’s less than our annual income (it’s about 90% of what we make) and our mortgage will be about 50% of what we make annually. We’re under contract for a 5 bedroom home in Northern NJ, so the taxes are quite high, and we like to keep our cost of living under what we’d actually be able to spend. We’re pretty big savers.
The only other debt we have is my student loans, but we’ll probably pay those off in the next couple of years, so we’ll just have the mortgage.
Post # 11
Our house is $120k more than our combined yearly salary.
Post # 12
We purchased our home for about 1.3 times our annual gross salary and our mortgage was approximately what we make annually (less if I can count on my typical bonus). That being said, we both have rather successful careers for our age group and live in a low cost area.
We have no other debt.
Post # 13
Our condo cost us $210,000 in Toronto Canada, and our combined yearly income is $100,000
Post # 14
Current home is about 75k less than our combined income. We are looking to buy nEw home within the next year, though, and the budget for that will be about 1.8x our income. The mortgage should be about 1.2x our income.
Post # 15
Our house was $392,000 and our combined income is $200,000. We also have other debts (school and car loans)