Personal Finance

3819 readers

1 users here now

Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!

Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)

founded 1 year ago

MODERATORS

WandererLagomorph799@lemmy.ml

nieceandtows@programming.dev

nieceandtows@lemmy.ml

287

Salary Needed To Buy a Home In The US (reddthat.com)

submitted 1 year ago by Blaze@discuss.tchncs.de to c/personalfinance@lemmy.ml

105 comments fedilink hide all child comments

you are viewing a single comment's thread
view the rest of the comments

[–] OnionQuest@lemmy.ml 7 points 1 year ago (1 children)

They should include the interest rate they are using to calculate the mortgage. Based on what's provided they are assuming around a 6% mortgage which is no longer available. Tack an extra $1,000 monthly payment onto that million dollar home and an extra $40,000 to your income to make it affordable. (Assuming debt/income ratio and income taxes)

Did I miss anything?

[–] Aquila@sh.itjust.works 9 points 1 year ago (1 children)

They did it’s at the bottom. 6.37%

[–] bitsplease@lemmy.ml 3 points 1 year ago

Which, having literally just bought a home, is a supremely optimistic rate to get right now. We spent $10k buying down our interest and only managed 6.9%