Quote:
Originally Posted by boogerz
Even with a $450k mortgage, I wonder how families aren't house poor with a gross household income of $100k.
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Pretty much my circumstance that time I moved into my current house.
I think we were sitting close to $105 / $110 K income at the time. Our initial mortgage was was $445K, and we had two kids in full time daycare, we did not have a penny to spare until we started making a little bit more and one of the kids got out of full time daycare.
IMO your debt should not go a penny over 5x income, it's just impossible to service at that point, and if they ever want interest rates to go up it will have to get even tighter than that.