How Much You Need To Make To Buy A $500,000 House

[Jubei-vytg]

84k is not enough in NY. You need 7k a month after taxes for this to be feasible. So technically, you would need an income of $120k to not be house poor for 30 years.

[realdeal]

Love the work your doing Thach and the simplistic explanations/breakdown you give. It is priceless game!

[GD-ozuy]

3500 is my payment now on a 389000 home in a suburb of NYC. For the homes here, you’ll be paying 4800 or more depending on the property taxes

[josemgogo]

This is great advice if you want to be poor

[sheikhatoshiafrin]

$3, 500 and income only 7, 000, no way. I have to pay tax on top of $7, 000. I don’t want to pay more than $1500 for rent or mortgage. Our goal is to save 50% of our income.

[andyk]

You should want to include after taxes in your statement because a lot of people will think them making 84000 will allow them to truly afford a $500, 000 home

[goneviral]

Nowadays total payment will be around 4k

[Ed-vddl]

A good rule of thumb would be 28% DTI front end ratio. And no more then 36% DTI back end ratio. But if you need to go higher and if the bank is okay with it. You can go higher as long as your keeping it under 50%.

[NewProvidenceUF]

Everything but the double the PITI is good info.
2x even after taxes is going to be hard to qualify

[nimz]

That’s only in California property taxes in taxes for a 500k homes are around 1k a month

[aztecjoe]

My property tax will be $250 so that's not for everyone so don't get discouraged don't waste money

[wkvlefu]

Great explanation. You should come to Auckland (New Zealand) some day, the real estate market is crazy expensive here. I’m a developer myself, and I’d be happy to drive you around the city showing you the different projects that are being developed here. A typical plot costs around $1-2 million NZD, and you can build 4-6 townhouses on a typical plot

[bornwin]

I wouldn’t be near a $500k home with $80k. More like $150k

[kieki]

$7k a month net income, so after tax.

[tikman]

It should b 30% of ur income...Not 20% 🤣😂🤣😂

[rynickhenderson]

Can you use this to also der mine if ppl can afford rent?

[alpinismutilitar]

The Ricest Man in Babilon say: No More than 20% debt of a net income!
Pay your self 10% of net income; buy debt only 20% of net income; live with 70% or with 50% and invest the diference!

The ricest man in babilol say if hard time will come you will do ok with only 20% debt of a net income! You will not have the risc of default on debt!

[samcase]

Am i stupid.... isn't 5 percent of 500, 000, 25, 000

[bear_momo]

I don’t understand, the bank said I can only do 25% down for the investment

[ronaldwilliams]

Lol so yo dent 3500 at least and the mortgage payment 3500 😳 u are literally back in poverty