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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Paul Viapiano who wrote (5425)9/19/2002 8:30:15 AM
From: TheStockFairyRead Replies (2) | Respond to of 306849
 
My rule of thumb is 1.5 - 2x annual gross income for the entire purchase price of the home. I'm in the upper 7% of earners of the country but I can only get a hovel at that price. Also have the downpayment in cash to cover that.



To: Paul Viapiano who wrote (5425)9/19/2002 9:16:28 AM
From: GraceZRead Replies (2) | Respond to of 306849
 
No that's a terrible rule of thumb. Figure your net (minus every single tax you pay) and figure a third from that. Your gross income can be almost third higher than your take home depending on your marginal rate and various deductions, which means if you take a third of the gross you are spending almost half your net. Do you really want to work half of every single day to put a roof on your head?


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