well my parents own a 515,000 home. their income is 250,000 together. so around the upper 200,000 range ,good luck!

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If i buy a $1,500,000 house and 70,000 cadillac escalade, would i be able to afford it if i take a medical job that pays 300,000 dollar home? please also think of extra expenses such as insurance, children things, furniture and stuff like that.

If you earn $300,000, Federal taxes will take 33% plus state maybe 8% plus FICA 7.65%. So you're really making $154000 after taxes. At 6% the interest alone on $1.5M would be $90,000/year. So now your income is down to $64,000. CAN YOU LIVE ON THAT??? And you haven't even bought the car yet. And how long can you continue at $300,000, would you ever lose your job before your house and car are paid off? You need lots of savings before you can "afford" a $1.5M house, much less a $70,000 car.

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Hi i am young almost 21, but i am just curious if you "play your financial cards right" so to speak..are there ways you can afford a 500,000 home..like can u put up investments as collateral or will having a really good credit score make ur interest rates really low? i dont know much about the housing market but i would just liek to know what it would take to be able to afford mortgaging a 500,000 home on a 75,000 salary..thanks how much ideally would u need to be making to afford a 500,000 house? im not buying right now im still in college i am just asking. does it help if you have investments and great credit with 75,000 salary vs fair credit and no investments in affording it?

well, my mom makes about 120,000 a year. we live in a 170,000 dollar house in TX and it's the perfect size for us . i think you should just stick with something cheaper. you make good money for somebody your age (considering the average adult in the US makes like 34,000) my house was big enough to raise 5 kids, i think a 500,000 dollar house would be MORE than big enough for a single college student. then again, it does depend on where you live.

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I've been trying to use calculators online to figure out how much house i can afford but i am getting mixed results. i'm 25 years old, my base salary is $87,000 i get a good amount of overtime but i don't think it would be a good idea to buy a house based on bonuses and overtime. i have a $500 dollar monthly car payment. i have no credit card debt, i only have about $2000 dollars left in student loans. i would like to put down around $20,000 for a down payment. what would be a conservative maximum price that i should consider?

Be careful when using online calculators to figure out how much house you can afford. Most are biased toward purchasing more home than you can afford because they are created to the specifications of those who have a vested interest in price of the home you purchase. Also, keep in mind that the monthly mortgage payment is only the tip of the home ownership iceberg. According to a recent AHS Census Bureau report, the average cost to operate a home runs between $2-$3 per square foot per year (average home operating costs add up to around $6,000 per year). Operating costs include insurance, property taxes, utilities , and maintenance. The larger the home you buy, the more you pay in insurance, property taxes, utilities, and maintenance. Most online house affordability calculators fail to include utilities and maintenance in their calculations -- which results in many home buyers purchasing more house than than the can afford. Consequently they end up having to take out second mortgages to cover costs they didn't budget for. Keep in mind that nearly everything that comes with the house that CAN wear out, WILL wear out and need replacement on average of once every 15 years. If you don't budget 1%-3% of the purchase price for repairs, maintenance, replacement, and remodeling, your home is less likely to appreciate more than it's costing you to own. Many who stand to gain from your home buying decision will argue that you will save money in taxes when you purchase a home (deductible interest ). What they are really saying is that by spending $1 in interest you will save 25-cents in taxes. Hmmn. Personally, if I were you, I would save up and pay cash for a small home, then bank the mortgage payments you won't have to pay until you can afford to pay cash for a larger home. Considering the average home buyer pays $75,000 in interest and $30,000 in home ownership costs during the first 5-years of owning their home, you end up "throwing money away" regardless of whether you buy or rent. Bottom line? I know too many people who live in a nice house, but have no life ... because they are expending all of their life energy working to pay for the house that self-serving others said they could afford. Best wishes! Dan P.S. In case you're interested, the following house affordability calculator does include a forecast of ALL home ownership costs. http://www.free-online-calculator-use.com/house-affordability-calculator.html

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Please no rude comments, i'm just learning how this all works here. i'm 22, just got my first job out of college about 4 months ago. i take home around 27-30,000 a year depending on overtime and such. i save around 1,500 a month, and so hope to have about 40,000 dollars for a down payment on a house and have extra for miscellaneous expenses etc at around age 25. can i afford a mortgage on a house on such a low salary? or should i focus on going back to school for a masters to earn more? i'm weary of doing this because i would get in a lot of debt, the program i am looking at costs 65k total, and there's no real fafsa assistance for master's degrees... thank you for your help.

On a salary of $30k, you can afford to look at houses in the $60-75k range if you have 20% down, plus closing costs, plus 3-6 months reserves, plus credit score over 700. Housing prices are coming down again, but are you going to be able to find a house in your area under $75k? Hard to do.

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Please no rude comments, i'm just learning how this all works here. i'm 22, just got my first job out of college about 4 months ago. i take home around 27-30,000 a year depending on overtime and such. i save around 1,500 a month, and so hope to have about 40,000 dollars for a down payment on a house and have extra for miscellaneous expenses etc at around age 25. can i afford a mortgage on a house on such a low salary? or should i focus on going back to school for a masters to earn more? thank you for your help.

Hi C, First well done on considering buying a house; great investment for your family-future. Second, don't fall for anyone advertising their services on here... Third, A good broker can get you between 3 - 4 times your salary, depending on down-payments, specifics of where you want to buy (so potential equity increase), possible security-referencing (maybe employer / parents etc). Find a broker with local references and talk face-to-face. As to going back to study: will the money you have to spend on the masters be returned in good time back to you? Will that money not be better spent / invested? Is there a guarantee of better pay after the masters? It sounds great, but from a real pragmatic view I'm not convinced its the way forward. My best wishes for you. RR

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I want to build a house on my land i already own but am a little lost in the steps of what i need to do? a little background to help you understand... i am 23 years old and live on my own. i own about 2 acres of land in the middle of the woods in southeast louisiana. i live on the property now in a trailor that i own. i want to build a house there, but it is in a flood area, so the houses foundation will have to be stilts. i work as a sheriffs deputy for the parish (county) i live in. annual salary is around 24,000. about 1600 a month after taxes. after all my bills each month i only have 500 dollars left, and i also have about 30,000 in savings. how big of a house can i build? can i even afford to build a house at this time? how much will it be to be up on stilts vs. a regular foundation? who do i need to talk with for permits and regulations of building in my area? also what are the benifits of going with a modular home vs. site built? i have never bought or built a house before so i don't understand how about going through the process. i have great credit, last i checked it was 708. so i know i wouldn't have to much of a problem getting a loan, its just not having enough money to pay it back each month. anybody who can give me a little push in the right direction? it will be greatly appreciated. what is debt fre??? if you are trying to say debt free, the only debt i have is my car, and one credit card that has like a 100 dollar balance that will paid this month. i could pay my car off with my 30,000 in savings but was going to use it to put towards a house.

no mortgage at this time as your debt to income ratio is way out there at 69% so you cannot qualify for a mtg. You can only build and pay cash with what you have. So either get debt free as soon as possible and keep your reserves in place or wait till you can afford to do so in cash. you do teh math as you earn $2000 monthly gross and you say you have $500 left over after your bills are paid. 2000-500 says you have 1500 in monthly debt to me. that tell me your debt to income is way out. That was your original posting so even with that you need to know that your total house note can be no larger and this includes taxes and insurances $580 or so. Your total expenses should not excede $860 so in any case your debt ratio is too high to make this work

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There salaries from start is $25,500 and after 5 and a half years its $59,000 compared to nassau county who starts with 23,000 but ends at $95,000. suffolk county starts in the $50,000 plus and ends in the $100,000's.nypd deals with the biggest and most expensive city in the world. could yo afford a house with that? and would you be willing to deal with the stress of the job for that much. for $59,000 at most they are expected to be the first to respond to a terrorist attack, or any attack. for that much they are supposed to risk there lives to protect people from the murderers, drug dealers, and the people with guns. could you do it for 59,000 dollars a year, not to mentions all the taxes, its more like 35,000 dollars. wouldn't you feel safer to know that the people who carry guns everyday are not miserable people with guns, but happy people who love their pay and their jobs. i know i would feel safer.

I think it's criminal that NYPD gets paid so low. I live in an area with half the cost of living of NYC and I started at 10k/year more then they do. NYPD always has problems with people leaving for other cities/counties. And the pay is one of the biggest reasons why.

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Client scenario paul is a 45 year old single parent with a 5 year old son, tom. he is a head chef in a cbd located restaurant. he loves his job as it pays reasonably well and gives him the opportunity to create his own dishes, which he really enjoys. for a number of years he has been collecting recipes and even had one of them published in the australian women’s weekly best ever recipes book. being the head chef already, paul does not really have any prospects for further advancement within the current organisation. paul has no immediate plans to change jobs and will be quite happy staying in the same role up until his planned retirement. paul would like to retire in 15 years, when he is 60 and then his child would grow up. paul is currently earning $70,000 pa before taxes. given the nature of the industry, paul does not expect significant pay rises in the next 10 years, but believes that his salary will at least keep up with inflation. the family can live on a budget of $35,000 per year for food, clothes, entertainment, minor housing costs, petrol, etc. however, this budget does not include his other major costs of car insurance $500 and the family’s health insurance $1000. he currently does not have home owner’s insurance but is considering one costing $300 pa. the home owner’s insurance is for $200,000 with qbe insurance limited. among his personal property is an antique jewellery collection worth around $10,000 that he inherited when his grandmother passed away a few years ago. his car, which is fully paid for, is a 2007 mazda 6 hatch currently valued at $25,000 and is insured comprehensively with cgu insurance ltd with $500. paul does not believe he needs any personal insurance. he does not have any life insurance, and also not have any private health insurance. paul owns a $250,000 town house and has a mortgage on it of $100,000 at a variable rate of 8% pa. the loan has a remaining term of 20 years with monthly repayments. paul wants the loan to be gone by the time he retires. he would like to renovate his unit within the next three years which should cost around $20,000 but will add at least $40,000 in value. he would also like to save towards a deposit for an investment property (another similar townhouse) within the next five years. paul has a small parcel of direct shares valued at $20,000 which earn 5% dividend per year as well as a $5,000 term deposit invested with a major bank, earning 6.5%. paul is not sure whether he should maintain these investments. he also has an anz saving account containing $20,000 and earning 1% pa interest. he also has a cheque account with anz which currently contains $3,000 and earns zero interest. over the recent years paul has been concentrating on paying off the home loan, but now is not sure if he should be focusing on pumping money into 401(k) instead. the employer contributes dollar for dollar up to 9% of his salary. paul has $150,000 accumulated in his 401(k) so far. he would like to have a lump sum when he retires that is enough to cover his expected retirement living costs, which he believes will be close to $30,000 per year (all inclusive, in today’s terms). paul feels that the 401(k) will not be enough to get him the required lump sum, and he is considering if he should use his after tax money to set up an ira. paul is not sure how he can afford any additional contributions, as in the next 10 years he is planning to take holidays every two years that will each cost $2,000. he would also like to continue with his car changeovers every five years, which is expected to cost $15,000 net each time. assumption: social security benefit accounts for 35% of retirement expenditures. paul wants to save for tom’s college by setting up a coverdell education savings account. paul is not happy with his pension fund where his current 401(k) are invested, as it has limited investment options and relatively low returns with the balanced investment option. paul would like to change to a convenient platform that has a good selection of asset specialised funds that he can tailor to match his aggressive risk profile, even if it means paying higher fees. he would also like a similar investment platform for his non-pension investments. you have been engaged by paul as his financial planner and your role is to prepare a comprehensive pre-retirement financial plan (statement of advice) for him based on the information provided. you are required to answer following questions: 1.what is paul’s current situation including a table summarising what you consider to be the client’s important details, balance sheet and income statement, including short comments on potential areas of concern with the client’s current financial situation and investment strategies? 2. what are the goals and objectives? 3.how much more life insurance does paul need to buy? what life insurance policy features would you look for? do they have adequate health

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How much money should a person be making every year to be able to afford houses like...(be specific for each one for example for an 100,000 dollar house you should make _?) value of houses- 100,000 250,000 500,000 750,000 1,000,000 1.2 million' 1.5 million 1.75 million 2 million 2.5 million 3 million 4 million 5 million please don't answer unless your positive

Assumptions: 20% down 6% loan 30 year term Insurance and taxes at 2% of home (added to monthly cost) Payment (pls 2% factor) = 28% of income House $........... ........Yearly Income 100,000.............. .....27,700 250,000.............. .....69,250 500,000.............. .....138,500 750,000.............. .....207,750 1,000,000.............. ..277,000 1.2 million'.............. .332,500 1.5 million.............. ..415,500 1.75 million.............. .484,750 2 million.............. .....554,000 2.5 million.............. ..692,500 3 million.............. .....831,000 4 million.............. ...1,108,000 5 million.............. ..,1,385,000