Totally how I feel.

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Jan 3, 2025
8:06:41pm

ZuluBlue Contributor

Totally how I feel.

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ZuluBlue

Previous username: bluecougz
Bio page: ZuluBlue
Joined: Dec 14, 2016
Last login: Jan 7, 2025
Total posts: 561 (0 FO)

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Messages

Author

Time

What would you say is the minimum household income someone would need…

NonmormonYfan89 Playmaker

Jan 3, 6:36pm

It’s around $93k

Jan 3, 6:37pm

Maybe when interest rates were 3%. My personal opinion is around 150k

NonmormonYfan89

Jan 3, 6:39pm

How are you affording a $3,600/month mortgage with only $93k pre tax income?

RdF3

Jan 3, 6:41pm

RE: How are you affording a $3,600/month mortgage with only $93k pre tax income?

Jan 3, 6:42pm

by not buying an "average" home at first. Start small.

runnincoug

Jan 3, 6:50pm

Oh I thought we were throwing out monthly income, not annual.😉😂

Jan 3, 6:42pm

Exactly, maybe if you were living off raman!

NonmormonYfan89

Jan 3, 6:43pm

Not saving for retirement

Powerbait DPM

Jan 3, 6:45pm

Yea 15 years ago maybe. But really before Covid not now.

Jan 3, 7:13pm

Assuming that home is financed at today's rates, 120-140k

txblue

Jan 3, 6:39pm

I was thinking around that.

BYUHawk

Jan 3, 6:42pm

Yeah, not easy. Probably little saving capacity, depending on various factors

txblue

Jan 3, 6:52pm

Yeah I think you’d have a rough go at a 130k.

NonmormonYfan89

Jan 3, 9:01pm

The sltrib researched this and wrote an article about it and arrived at $130k.

RdF3

Jan 3, 6:40pm

$150k minimum.

RootieBoy

Jan 3, 6:40pm

$130k-160k

Jan 3, 6:41pm

How many kids?

allaboutthegainz

Jan 3, 6:43pm

How many kids? If it's 4+ you need 200k

Blueto

Jan 3, 6:43pm

Nah. I’ve got five kids and we are probably upper middle class

Yukon

Jan 3, 6:45pm

What’s your mortgage payment like?

allaboutthegainz

Jan 3, 6:46pm

Ah. Touche.

Yukon

Jan 3, 6:50pm

RE: Ah. Touche.

allaboutthegainz

Jan 3, 6:51pm

But when did you buy your house?

NonmormonYfan89

Jan 3, 6:46pm

Did you recently buy a home with a 7% interest rate?

RdF3

Jan 3, 6:47pm

I actually did. I got a rate buy down from my builder though. Full disclosure my wife and I make about 175k a year.

NonmormonYfan89

Jan 3, 7:03pm

If it includes buying a home I'd say $150k

JuicyJam

Jan 3, 6:45pm

You are lucky to have an extra 10% to use😉

JohnnyC

Jan 3, 6:46pm

Mortgage approximately 3x your annual salary

justAnotherCoug

Jan 3, 6:47pm

$100k down for a first home? Sheesh.

allaboutthegainz

Jan 3, 6:48pm

20% to get approved and avoid PMI

justAnotherCoug

Jan 3, 6:51pm

People making the median ~55k after saving enough down for a 165k home mortgage:

vagabonder

Jan 3, 6:54pm

No offense, but good luck finding a house for 450k that isn't poop

NonmormonYfan89

Jan 3, 6:57pm

$100k down + $450k mortgage = $550k purchase price

justAnotherCoug

Jan 3, 7:00pm

You don’t avoid PMI putting $100k down on a $550k mortgage. Otherwise you have a $3400-3500 mortgage payment.

RootieBoy

Jan 3, 7:03pm

These are coarse numbers. Down payment of 20% ($110k in this hypothetical).

justAnotherCoug

Jan 3, 7:05pm

Sweet. House payment is now ONLY $3200.

RootieBoy

Jan 3, 7:07pm

Yup. I think that's in the ballpark.

justAnotherCoug

Jan 3, 7:29pm

For a $550k house with a $50k down payment I think we would need to make

elmerfudd

Jan 3, 7:20pm

Exactly our situation

ZuluBlue

Jan 3, 7:43pm

It's maddening to think how far $130k would get you even 5 years ago.

elmerfudd

Jan 3, 7:56pm

Shoot I graduated highschool in ‘08 if you’d told me how much my wife and I would make I’d of thought we were rich! 🤣

NonmormonYfan89

Jan 3, 8:04pm

I'm told $250k is the "six figures" they used to talk about in high school

justAnotherCoug

Jan 3, 8:15pm

That sounds about right.

NonmormonYfan89

Jan 3, 8:15pm

Totally how I feel.

ZuluBlue

Jan 3, 8:06pm

Whats crazy is according to the google average household income in Utah is $117,000. Which is probably about right

NonmormonYfan89

Jan 3, 8:23pm

Depends a lot on what rate you got in 2022

JuicyJam

Jan 3, 8:49pm

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