I’m currently renting and paying $2,150/month.
Salary is in the low six figures with a potential 12% bonus. I save 10% of my salary in a 401K, and my employer matches an additional 5%.
My net worth is $480K, which includes $140K in treasury bills set aside for a home down payment and emergency fund. Our monthly expenses are around $6K, including $1,300 for daycare.
My wife is not currently working (daycare is for social and language learning reasons since the child has no siblings and we are not native English speakers)
I’m considering buying a $350K-$380K house.
My reasons are not primarily financial. It is basically for feeling more comfortable and secure and not having to worry about moving every year when my landlord tells me he is selling the home.
Yet I care for the overall financial output still and don’t want to end up broke.
Instead of asking whether I can afford the home or not, where life is hardly black and white, I want to phrase my question as follows: with all the above in mind, how would you rate my future financial situation on a scale from 1 to 10 if I became a homeowner, where 1 means I would end up house poor and potentially foreclose, and 10 means I would do great financially?
Thanks
Salary is in the low six figures with a potential 12% bonus. I save 10% of my salary in a 401K, and my employer matches an additional 5%.
My net worth is $480K, which includes $140K in treasury bills set aside for a home down payment and emergency fund. Our monthly expenses are around $6K, including $1,300 for daycare.
My wife is not currently working (daycare is for social and language learning reasons since the child has no siblings and we are not native English speakers)
I’m considering buying a $350K-$380K house.
My reasons are not primarily financial. It is basically for feeling more comfortable and secure and not having to worry about moving every year when my landlord tells me he is selling the home.
Yet I care for the overall financial output still and don’t want to end up broke.
Instead of asking whether I can afford the home or not, where life is hardly black and white, I want to phrase my question as follows: with all the above in mind, how would you rate my future financial situation on a scale from 1 to 10 if I became a homeowner, where 1 means I would end up house poor and potentially foreclose, and 10 means I would do great financially?
Thanks
Statistics: Posted by BogleMelon — Wed Jun 26, 2024 7:55 pm — Replies 26 — Views 1040