How much income for 3m home

amother

Wed, Mar 27 2024, 9:52 am

Does anyone own a 3m home without generational wealth/starting their own business? How much is your combined yearly compensation to afford such a home + normal lifestyle, and what’s your job if you don’t mind sharing? And where do you live? Thanks!

amother

Violet

Thu, Mar 28 2024, 12:24 am

I don't own at all.

But if you want numbers, here you are:

Probably most 3 million home buyers have cash in hand. If you don't, let's say you can put down 20% ($600,000) and pay upwards of $20,000 per month for mortgage and fees.

Generally you want your housing costs to be under 30% of your income, so you'd want to be bringing in over $60,000 a month after taxes to be able to afford this comfortably. A very rough estimate of pre-tax income would require at least 1.2 million annual salary.

You can make a salary like that if you are a CEO, law firm partner, excellent real estate agent, or top surgeon. (Most don't, but it can happen.)

You'd want to have really good job security, though, because nobody would bail you out of foreclosure if you lost your job ch"v.

amother

Fuchsia

Thu, Mar 28 2024, 3:32 am

Op, are you asking to see if you can afford it, in which case you know the answer, or are you trying to figure out how someone you know can afford a home that costs that much? If it’s the second reason, it’s truly none of your business…

amother

Darkblue

Thu, Mar 28 2024, 4:48 am

I really don’t see the point of this post. If you have a specific house your interested in, go to Zillow and use the mortgage calculator to figure out how much you could give as a down payment and how much your monthly payment would be based on that

Then take a look at your income and expenses and see if that’s something you can make work

I never get these threads in general because people have different expenses in life and it’s fairly easy to figure out what a person can afford if they just sit and look at their own numbers and do the math

But based on your OP, it doesn’t even seem like this is a serious question, but rather being nosy (or living in a fantasy?) so again, I REALLY don’t get the point of this post.

amother

Wallflower

Thu, Mar 28 2024, 5:00 am

Why can someone run numbers for a 500,000 house but if she wants to for a 3 million house you all try to put her down? Maybe this is her bracket and she’s unsure if she can afford the house she saw or if she needs to get the 2.5 instead. Either answer her question or scroll. The attitudes on here are so disgusting.

amother

Darkblue

Thu, Mar 28 2024, 6:06 am

amother Wallflower wrote:

I actually gave practical advice in my post, and said I don’t understand why anyone makes posts like these. Nothing to do with the price of the house.

It’s a simply thing to figure out and only OP and her DH can, no one here knows every detail of their income, expenses, spending, savings, investments, etc etc etc. I don’t understand the need for the 500k thread either, it makes no sense.

amother

Fuchsia

Thu, Mar 28 2024, 6:07 am

amother Wallflower wrote:

If someone is in the 3 million house bracket, she knows exactly what she can afford.
Plus, op is asking very interesting questions for a person who can afford a house of that price. I could be wrong, but to me she’s really asking questions about how someone she knows can afford such a house. If she wanted to know if she can afford it for herself she can ask more questions, since she anonymous anyway. Or she could be wanting to get a job in order to afford a multi million dollar house, if that’s the case-it’ll take you decades in any profession to get to that point.

amother

Wallflower

Thu, Mar 28 2024, 6:35 am

What you all are not getting is some people use this site to post their thoughts and gather info before they do things officially. So yes it’s helpful to give ball park figures so they know if they are close or if they need to wait. And just because someone has money doesn’t mean they know how to break these numbers down. Can everyone stop saying if you have the money you also have the brains and information to live on an island and figure out life alone. Just stop already. You all need to stop getting dramatic on every post discussing money.

amother

Wallflower

Thu, Mar 28 2024, 6:35 am

amother Fuchsia wrote:

Absolute nonsense. Money doesn’t mean you know everything.

amother

DarkGreen

Thu, Mar 28 2024, 6:44 am

You cant really buy a 3m home if you aren't wealthy so I am not understanding the question. My house is worth 3m today but thats not house much I bought it for. I live in the 5towns

Genius

Thu, Mar 28 2024, 6:47 am

Speaking of 3M homes, Zillow has some drool worthy options. Am I the only one who scrolls that site for entertainment?
Op make sure you earn enough that housing costs a 1/3 of your monthly income. That’s the advice I heard in the park.

amother

Thu, Mar 28 2024, 7:05 am

amother Fuchsia wrote:

Not sure why my intentions are being assumed for the worst here? I’m not curious about any specific person and I know I can’t afford it. I’m trying to educate myself about housing plus living a frum lifestyle. Pondering years into the future if a certain community could ever be a possibility for us. Not sure why people are offended by my question. It’s always okay to educate yourself and learn more- not talking about finances or feeling uncomfortable to ask this type of question is so harmful!

And Zillow and trulia affordability calculators don’t take into account a frum lifestyle.

amother

Thu, Mar 28 2024, 7:06 am

amother Wallflower wrote:

Exactly! Not sure why everyone is attacking, it’s so unexpected! Thank you for this!!!

amother

Thu, Mar 28 2024, 7:08 am

giftedmom wrote:

In that range this really isn’t a question for imamother. If you really know so little you need a financial consultant.

Why do you think only certain ranges are acceptable for imamother?

amother

Acacia

Thu, Mar 28 2024, 7:13 am

amother OP wrote:

The calculators calulate what your monthly paymens would be. That is based on your down payment, and has nothing to do with lifestyle. You can take that number and then use it to figure out what you can afford.