I just got preapproved for significantly more than my target price range on a house....can you say "bike room"?
...and also, no new bikes for a while?
...and also, no new bikes for a while?
+1Remember this simple rule: Never spend more than 2.5x you pre-tax income on a house.
This rule was what banks looked at until the first housing bubble in 90's. Look what happened after that...
Then you are looking at too much house.yeah that's not going to happen around here. There are few if any houses available for <2.5 times our combined incomes....and we live in and are looking in an area that isn't high end.
+100xThen you are looking at too much house.
Then you are looking at too much house.
no, their problem is they are living in western massachusetts.+100x
If you can't afford a house on 2.5x your annual income, you are trying to buy too much house. Sorry, but that's just how the math works out.
Who was it telling me that if it's too expensive to live where you work that you should commute?no, their problem is they are living in western massachusetts.
This also has a secondary benefit in the case of death. There is no death escrow (not sure on correct title there), as all are owners of the home.When my wife and I bought our house we were looking at houses that were at the 2.5 mark like we should. Man, they were dumps! What saved us was an idea my wifes parents had. They bought the house with us. We get a bigger house, we all make the payment (we pay about 50%) and when the house eventually sells we split the profit.
This allowed us to get into a bigger house in a better area, and as long as we sell AFTER the house's value goes up, we all make a little money. I know not everyone has in laws that have the means to do this, but if you do, it's not a bad idea.
This. We bought our house factoring my income alone. Do not put your self in a position of being absolutely dependent on dual incomes, especially in our current economy. Though this seems to have given my wife the impression that she can work/quit arbitrarily.Oh, and then see what happens when you take one income out of the equation. If you or your wife lose your job, what happens? If you buy at 2.5x, then you should be able to survive on one income. If not, you are buying too much.
eastern MA, suburb of boston. Our pricerange is 2.5-3.33 times our incomes. We make more than 2 times the median income, yet we can't afford much more than that.no, their problem is they are living in western massachusetts.
Nope. Just parents with great credit!cool, now all I have to find is rich parents!
The house is owned by the family trust. I am still unsure of the details, but I do know that the house is in the name of the trust.This also has a secondary benefit in the case of death. There is no death escrow (not sure on correct title there), as all are owners of the home.
She can. You planned for it as evidenced above.This. We bought our house factoring my income alone. Do not put your self in a position of being absolutely dependent on dual incomes, especially in our current economy. Though this seems to have given my wife the impression that she can work/quit arbitrarily.
east side, west side, same thing. point is that geographically you're fvcked. moving an hour isn't gonna snag you a cheaper house, just a longer commute and higher blood pressure and stress levels. hence liz and i are looking at leaving jersey in the next few years.eastern MA, suburb of boston. Our pricerange is 2.5-3.33 times our incomes. We make more than 2 times the median income, yet we can't afford much more than that.
I know it's fun to run numbers and talk about living an extra hour and a half away from where we work, but that translates to a 2 hour and 15 minute commute, worse school districts, and houses that cost about the same. That's not worth the quality of life hit that losing 2.5 hours of time and sanity a day costs.
One of us planned for it apparently.She can. You planned for it as evidenced above.
tis true. F- Massachusetts. It's a silly place....sadly, science geek jobs are either here, san diego, or RTP in North carolina. Aside from not being 72* year round, I think we did ok in our choice of the three.east side, west side, same thing. point is that geographically you're fvcked. moving an hour isn't gonna snag you a cheaper house, just a longer commute and higher blood pressure and stress levels. hence liz and i are looking at leaving jersey in the next few years.
She knew where the dumb money was fer sure. She's paying for it though by having to put up with my shenanigans.Sucker.
Every day she has no job is another day you get to PIIHB.She knew where the dumb money was fer sure. She's paying for it though by having to put up with my shenanigans.
Couldn't be more wrong.east side, west side, same thing. point is that geographically you're fvcked. moving an hour isn't gonna snag you a cheaper house, just a longer commute and higher blood pressure and stress levels. hence liz and i are looking at leaving jersey in the next few years.
Toshi weeps for you.commuting to work: 50 miles and a 55-60 minute commute.
You become numb to it. I can drive 30+ miles and not recall a single thing I saw on the road.Toshi weeps for you.
But , but you are in Hubardston! that is Really No Mans land!Couldn't be more wrong.
Living in apartments within a 15 mile radius of work: 15 miles or less and a 45-60 minute commute (suburb of Boston)
Buying a house in central MA and commuting to work: 50 miles and a 55-60 minute commute
My house cost $235k....3 bed, 2 full bath, 2 car garage with a pool on 2 acres in a quiet farmland neighborhood (town = 42 sq. mi. and ~4,000 people). Find me an equivalent home within 15 miles of my work for less than $500k....
Also, as an enginerd I know I'm going to be working in a city/busy atmosphere wherever I go (for the most part).....I'd rather drive a bit further everyday and go home to nothing but the sounds of my pool filter and crickets.
You found a way to get your life back? What, did you buy a DeLorean or something?There's 10 hours a week of your life you'll never get back.
compare that to marriage....There's 10 hours a week of your life you'll never get back.
sorry chief, i'm calling possible BS on this. the math on your commute times is highly suspect, ESPECIALLY if the mass pike is involved. break it down for me.Living in apartments within a 15 mile radius of work: 15 miles or less and a 45-60 minute commute (suburb of Boston)
Buying a house in central MA and commuting to work: 50 miles and a 55-60 minute commute
When I lived in N. Andover: Choice of commute was between 128 (standstill traffic) or backroads through 5-6 towns with boatloads of school buses (many schools on the main backroad). Either way took anywhere from 45-60 minutes with the usual traffic (typical work rush hour OR school buses).sorry chief, i'm calling possible BS on this. the math on your commute times is highly suspect, ESPECIALLY if the mass pike is involved. break it down for me.
-are we assuming working in the same location?
-are we assuming the same mode of transportation?
waltham. My wife and I both work in cambridge for now, though I'll be moving to the burlington area soon. It's 30-45minutes into cambridge by car, public trans is not a very good option where we are (hour and a half bus ride, good commuter rail options but 2.5 miles away). We could potentially move closer to littleton or that way, but you start getting into better school districts and therefore higher taxes. It doesn't necessarily compute that moving further out saves you money, as where we are looking, the next steps out are wayland, weston, sudbury, concord, acton, and eventually maynard. Maynard is the closest comparable to waltham, but that turns the wife's commute from 45 minutes to more like an hour 30. Spending any more than an hour on the road for a job that pays less than 100+k is just stupid, IMO, unless there are zero other options due to financial hardship. Waltham is the best compromise of cheap houses, boston accessibility, and proximity to the 95 belt. There's a load of potential too as we're surrounded by Lexington, Wayland, Newton, and Belmont, where buying wouldn't even be a considerable option for us (I think wayland has the best schools in MA, to the tune of 10k$ tax on a 400K house).Hey Sandwhich what towns are you looking at ?
ftfy...good luck with your new heuse.....yer gonna need it!!!!
His times are accurate. I have driven both routes many a times.sorry chief, i'm calling possible BS on this. the math on your commute times is highly suspect, ESPECIALLY if the mass pike is involved. break it down for me.
-are we assuming working in the same location?
-are we assuming the same mode of transportation?