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

Sign up, and you'll be able to vote in polls. Sign up

Report problem with this ad

Jan 3, 2025
7:13:07pm

Blue for Life Intervention Needed

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

Report problem with this ad

Blue for Life

Bio page: Blue for Life
Joined: Nov 27, 2006
Last login: Jan 5, 2025
Total posts: 18,066 (703 FO)

Report problem with this ad

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

Report problem with this ad

Posting on CougarBoard

In order to post, you will need to either sign up or log in.

Report problem with this ad