All you have to do is make 240k a year and bring a 50k downpayment.

>>60520064 (OP)
Basically anyone living in new york or San Francisco should have one already.

>>60520064 (OP)
i dont understand how people making $250k at corporate jobs can spend all of their money on a house. if you get laid off it takes forever to find another director level or whatever job.

>>60520103
In the east and west coast you start at 100k and just have to job hop 5 times to reach 250k.
That's just a salary for a senior engineer, lawyer or doctor with 5 years of experience.

I will be making 240k a year by the end of 2029.

>>60520115
i work in accounting for a fortune 50 company. $250k is like senior director or controller level which is 12-15 YOE if you're competent and aggressively job hop. no one is making $250k at 5 YOE outside of elite tier jobs (big law, high finance, medicine, dentistry, FAGMAN tech.)

>>60520064 (OP)
ez

>>60520115
I’m senior SWE in the Bay Area. My TC is 260k, but a big chunk of that is in stock. My take home is just shy of 200k. I’ve got 7 YOE. Houses within ten minutes of my office run 1.5 to 2 million for something modest, nothing fancy. Point I’m trying to make is even though I’m not making staff engineer at Google money, I’m still making damn good money, yet home ownership in this area will take me a decade at least. And this is all while hoping that the moment I pay off my mortgage, there isn’t a communist takeover across the Bay Area where the sweat of 20 years of 40-50 hour work weeks is ripped from my brow and redistributed to a bunch of depressed failed artists, which seems to be the direction this shithole state is going.

>>60520284
Sorry, my BASE SALARY is shy of 200k. Takehome is probably closer to 140 or so. The point I’m trying to make is that 260K TC isn’t that much money when the median home price is close to 2M.

>>60520288
yeah but you can rent a super posh apartment and it'll be extremely affordable for you. stop obsessing about owning a home

>>60520284
>>60520288
I know you'll disagree with my fren, but you should really engage with the idea of being unemployed as a software engineer in West in the near future and buy as much gold or really good foreign stocks as you can now.
The communists are 100% coming.

>>60520064 (OP)
>and bring a 50k downpayment.


shouldn't it be a 200k downpayment? I just bought a house for 500k and had to put down 100k so I don't waste money on PMI

>>60520340
rip

>>60520346
what, you think I overdid the down payment? You need 20% for a conventional

>>60520284
>>60520288
>my 260k tc isn’t enough to buy a $2m house within 10 minutes of work
Come on. It’s really not bad, with that salary. The average age of first time homebuyers is 38. Most of them did it with a spouse that also works full time. And 40% received help from family. And most of them are buying cheap starter homes, and commuting longer.

You could get a somewhat shitty house in Oakland for like $350k. That’s about the quality/price you’d be looking at in the midwest. And there are nice houses in the ~$1m range almost anywhere in the Bay Area. Just don’t look in Palo Alto.

>>60520153
exactly. a 1M home is out of reach for 97% of Americans.

>>60520390

yes. but those are somewhat shitty places to live and that's why homes cost that much there.

supply/demand

>>60520064 (OP)
My house is worth $1.2M and it's a complete piece of shit.

>5% down

Illiterate and degenerate

>>60520460
Location? Area? When u remove the home, are u still worth 1m?

>>60520354
Pmi is negligible so math cucks think it's optimal to go low on down payment and keep it in stocks instead. These are the same retards who get rekt in a downturn but at least they made and extra theoretical 2%

>>60520440
Yes, well the opposite is true too.

>>60520153
You must live in West Virginia or Alabama where 250k is considered a lot.

>>60520284
Go buy a house for 1 million within 20 minutes of work instead. 20 minutes isn't so bad I drive 20 minutes.

>>60520354
You're supposed to go 5% downpayment and put the rest in stocks and bonds. 20% is okay if interest rates are under 4% but it's more of a luxury.

>>60520651
ive lived and worked in philadelphia and central nj.

>>60520153
>>60520284
>>60520115
I made 262k in Sacramento last year working for a mid-tier manufacturing company as a senior engineer. Majority of my comp is also stock, my base was roughly 160k. Housing prices where I live are around 400k for a 3/4bedroom.

geo-arbitrage is the way to go.

>>60520064 (OP)
>buying something you can afford is easy

>>60520103
Maybe that exact position sure but you could get a job in the meantime then leave once you find the real one you actually want.

>>60520665
Whats this brother I'm buying a house right now and I never knew you could do stuff with stocks and bonds for a down-payment. Wtf

>>60520284
I live in a similar cost of living area as you and make similar to you. Realistically most people who buy those houses are dual income 2x 200-300k salaries or have rich parents helping them, or they have at least one super high earner making 500-1M.

So the hack is finding a wife who earns your TC. Can’t be ugly or short tho which is my problem

>>60521103
> Can’t be ugly or short tho which is my problem
anon, i'm in your exact situation so i can empathize, but after accounting for income, looks, similar worldviews, geographical location, etc, you are targeting 0.0001% of the population. if you are able to swing it, good for you, but i wouldn't make it a hard requirement for a partner.

>>60521169
Yeah I’m actually married kek. I dated a fat chick before with a good job and now I have a hot wife who makes 50k a year. We’re happy together. Would it be nice to have her earn 250k, yes but you can’t win at everything.

>>60520103
Your numbers are a bit off. $250k can be achieved as a relative peon with in big corp

That's like a couple year big law associate or mid-level tech salary. Directing in these roles is like $600k +

>>60520390
>The average age of first time homebuyers is 38
wtf

>>60520103
Yeah the issue is job stability these days, even if you can technically afford a high monthly mortgage with your salary, you need to have a shitload of savings or a plan B if you get laid off or your career blows up. I earn 300k and wouldn’t buy a 1M house today unless I had minimum 1M liquid savings outside of retirement funds, preferably 2-3M. Because if I lose my 300k job there’s no guarantee I’ll find another anytime soon (tech industry)

>>60521103
I’m actually fortunate because my gf is a PhD student from China. Her parents own a bunch of properties in Shanghai. Apparently it’s normal there for the middle class to help their kids buy their first home, so I’ll probably end up getting a sizeable downpayment from them. Plus once my gf starts working, her starting TC will be 100k and can go up to 300k within a decade easy. I’ll be able to afford a house here eventually, it’s just a shame that it’s going to end up costing the same as a luxury foreign sports car.
>>60521194
Assuming you aren’t making concessions in other areas of your relationship, this is a worthwhile trade off. Being fat usually comes with other flaws like poor impulse control and bad health. A decently fit wife who makes less but is good to you is better than a ham planet who makes more every day of the week.

>>60523771
Ok so apparently my understanding of Lamborghinis is way off. I could buy 5 with the cost of a house here.

https://youtu.be/2TJnpWdoccM?si=x5_KYWSC2DWgfO9r

>>60520325
Stop being a faggot commie. I'm not putting up with random inspections. I'm a grown fucking man, don't come in to my house unless you're invited. And the fact that a landlord can just change their mind at the end of the lease and I would have to move out. No thanks. I work remote SWE far from the city my company resides in and own my house. It's comfy as fuck. Work even pays me extra to come visit occasionally.

>>60520064 (OP)
you don't even need to make 240k/year

fannie mae approves loans up to 45% gross monthly income

950k mortgage at 6.75% is $5837/mo, add 800/mo prop tax (1%) and 250/mo home insurance, and roughly 250/mo PMI

that's 7137/mo, divided by 0.45 * 12

>190k

also conventional is 3% down, so you don't even need to bring 50k to the table (although you will need money for closing costs)

>>60521194
>hot
>wife
pick 1, loser

I'm more interested in turning my home office into a Victorian themed parlor/home office with raised floors and columned room dividers. I'm absolutely enamored by the style.