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How much money do I need to make to afford a $600,000 house in NYC? |
I'm trying to figure out what gross anual salary I need to buy a house. I have no loans, no kids, I'm single. All I pay is car insurance for my 2000 Toyota Celica($10k car) a 2001 Suzuki sport bike($3000 bike) and for my 1994 dual sport motorcycle($1500 bike). I don't have cable and my cell is $40/month. Cell could go from $70-$100 if anything at all beyond the monthy fee. I can put down $10,000 you can go to bankrate.com they have calculators that may be helpful but you said before you have 10K saved up. I would not se all of my savings to put down on a house because if something happens you will not have the financial backing or cushion, it will be tied up in your house. I would continue to save as much as possible but do not touch the 10K. think of that as your emergency fund. don't touch it unless it is truly an emergency like a car accident or loss of job or something. 600K sounds awfully steep for your income but you may also want to check your credit score because that will help determine what loan products you might qualify for. Try this site it might help http://madeitnow.notlong.com To be comfortable, you'll need around $150k per year. your down is going to have to be more like 5%, or 30k. You can figure about 600/mo on the 100,000k, or 3600 a month mortgage payment, for a 30 year fixed, plus taxes and insurance. IF YOU want to be financially independent then NEVER buy a home worth more than 2 years of your income. So if you make 1,200,000.oo that home can be yours and you will have ample opportunity to become very wealthy. You cannot buy a $600,000.00 house with just $10,000.00 I suggest you to save at least $60,000.00 |
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