Mana home afforadability range entha?

[Vaampire]

11 minutes ago, veerigadu said:

That business model is not okay for all ankuls. Especially if they have ladies and family visiting  over. No fool should plan his financial calculus based on this bussiness plan. 

That's the stupidest thing. Okka sari night poker ki velthey 2 hours undalekapoya. Full uneasy anipinchindi. Inka athani wife ki entha uneasy undo

[veerigadu]

1 minute ago, Vaampire said:

Property tax Inka chaala karchulu untayi.

3% interest rate ki monthly payment 1300 for 240k loan. Which is like 16k. Monthly $500 lo migitha bills, grocery Etta possible vayya? Costco ki easy ga avuthayi 500 per month kids untey.

Nuvvu annatu manage cheyyochu.. $1 karchupettadaniki kooda 100 times alochinchinappudu.

 

As I said kids unte. It may not be possible.

[k2s]

1 hour ago, andhrabullet said:

120K FL single income aithe entha?

 

considering present market trend and rates.. no other debts 

 

online lo household income * 3  undi... adi mana desks ki workout avuthunda

Banks will give loan emi upto 38% of your monthly pay check. 

[PilliBeta]

34 minutes ago, Vaampire said:

Ohio lo 100k salary is good. 300k illu konadam correct nee calculation prakaram.

 

100k after tax will be 75k.. 30% of 75k is 22.5k.. mortgage, grocery, bills Etta possible 22.5k lo?

 

The 30% rule is not after taxes, it's on gross income. Annual rent should be nearly 20% of gross income, if it was mortgage, it shouldn't be more than 30%.

[Hydrockers]

1 hour ago, veerigadu said:

Standard calculation suggested by country's top financial advisor while I worked at chase 

Your car = 3×monthly pay 

Your home= 3*annual pay

Your investments= 1/2 of everything you earn. 

Life style= 15% of your pay

Bill's, mortages and groceries: 30% of your pay. 

Emergency fund: 5 to 10%

PS: I'm single with no kids. This might not be applicable if you have kids. 

Kids unte 1/2 kadu kada 1/10 kuda kastame investment ki

[nijamena]

Just make sure you dont work for bank. 

 

20% 401k I strongly recommend. The more you age, you become less employable. So make sure you have a nest egg. 

 

Dont be house rich. Dont earn in your prime time and then pay the loan to the bank. 

 

If you can wait, hold on to buying house. Keep investing in an asset. Home is not an asset in US market. 

 

With WFH trend, it is very hard to predict if the home prices stay the same in prime areas.

[Vaampire]

1 hour ago, PilliBeta said:

The 30% rule is not after taxes, it's on gross income. Annual rent should be nearly 20% of gross income, if it was mortgage, it shouldn't be more than 30%.

Mortgage 30% antey makes sense.

Mortgage + groceries + bills <= 30% antey possible kaadhu emo

[PilliBeta]

11 minutes ago, Vaampire said:

Mortgage 30% antey makes sense.

Mortgage + groceries + bills <= 30% antey possible kaadhu emo

My rent in the Bay area is ~20% of gross income. Groceries and bills kalipina we will be well under 30%. Based on the math for our income level, renting is better than buying in the long run. 

https://smartasset.com/mortgage/rent-vs-buy 

The math might be different for each person based on their income level and mortgage. 

[Vaampire]

27 minutes ago, PilliBeta said:

My rent in the Bay area is ~20% of gross income. Groceries and bills kalipina we will be well under 30%. Based on the math for our income level, renting is better than buying in the long run. 

https://smartasset.com/mortgage/rent-vs-buy 

The math might be different for each person based on their income level and mortgage. 

I don't go with those sites recommendations. Everyone's life style & priorities are different. 

 

Rent 20% of gross in bay area makes sense

[AndhraneedSCS]

Monthly EMI calculate cheste niku telustundi.

 

It depends on how much you downpay, what's your current rent and various other factors like appliances and stuff that you have to pay for when you buy a home.

[Smartboy_Bakra]

Ekkada man 300k ki house vachedi? South dakota nebraska povali

[Joker_007]

21 hours ago, veerigadu said:

California and ny thappa everywhere its possible.

However desis buy 400k houses with 100k salary. It's stupid according to experts. 300k is our rightful range. 

Desi people buying homes based on emotional feeling.. most of the times they think that the house can be sold out and the money will be back and they are saving rent on the home... 

[Kootami]

22 hours ago, andhrabullet said:

120K FL single income aithe entha?

 

considering present market trend and rates.. no other debts 

 

online lo household income * 3  undi... adi mana desks ki workout avuthunda

according to dave ramsey .... it should  not be more than 25% of your take home.

 

 

https://www.daveramsey.com/blog/how-much-house-can-i-afford

 

[KisMisNaidu]

22 hours ago, andhrabullet said:

120K FL single income aithe entha?

 

considering present market trend and rates.. no other debts 

 

online lo household income * 3  undi... adi mana desks ki workout avuthunda

500K, 4-5 times your salary in FL and TX

[veerigadu]

19 minutes ago, Joker_007 said:

Desi people buying homes based on emotional feeling.. most of the times they think that the house can be sold out and the money will be back and they are saving rent on the home... 

People are becoming oblivious to risks associated with jobs and housing market in upcoming 30 years.

There is no way in this world that the next 30 years the market will keep booming. It's impossible. It's already been inflated and people should make a healthy choice when it comes to risk.