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Posted on 3/17/23 at 9:46 am to bayoudude
quote:
Crazy to me as 23% of gross is over 30% of take home most likely. That doesn’t leave much wiggle room for living. But to each their own people must be making it work somehow in these high prices areas
Depends on total dollars. If your net is only 6000 for a family of 4(I think this is about average), then yeah spending 30 percent on housing will make it tight as it only leaves 4200ish for everything else. If your net is 10000 a month it leaves 7000ish for everything else. I Just don’t see how that’s a struggle (it might feel a little tight until your savings builds up or when a huge expense pops up).
Posted on 3/17/23 at 9:48 am to SaintsTiger
quote:
It’s going to take some time. Slow burn. Won’t crash tomorrow.
If you had to guess will home prices, nationally, be the same, higher or lower in 5 years?
Posted on 3/17/23 at 9:51 am to Dawgfanman
I guess we must spend frivolously but man I don’t have a house note and don’t see those number working. Seems like I am always dropping $500-1000 on something. Tires, brakes, general crap around the house as something always needs to be fixed. Fixing to spend $500 to have the taxes done etc
Posted on 3/17/23 at 9:58 am to bayoudude
quote:
I guess we must spend frivolously but man I don’t have a house note and don’t see those number working. Seems like I am always dropping $500-1000 on something. Tires, brakes, general crap around the house as something always needs to be fixed. Fixing to spend $500 to have the taxes done etc
You can’t see how a person whose paid their taxes, health insurance, saved for retirement, and paid their house note can live on 5-7k a month?
Literally 80% of the country or more isn’t doing that well.
I think I just grew up poor. The above scenario is basically me. After I pay all the “bills” we have like 50% of our income left. I feel rich.
I grew up in house where if we didn’t tend the garden, hunt and fish to fill the freezer, and chop and stack wood for heat we werent gonna survive the winter.
People, including my wife at times, don’t understand “struggle”.
Posted on 3/17/23 at 10:00 am to bayoudude
quote:
I guess we must spend frivolously but man I don’t have a house note and don’t see those number working. Seems like I am always dropping $500-1000 on something. Tires, brakes, general crap around the house as something always needs to be fixed. Fixing to spend $500 to have the taxes done etc
Ok, so you generally have a spending problem and/or money tracking problem. That's fine.
Posted on 3/17/23 at 10:03 am to Dawgfanman
quote:
That family is bringing home 12k net or so per month after taxes/insurance/some retirement savings and you think they’ll struggle with a 4000 dollar mortgage payment?
Your math is a little wrong.
Current tax for their bracket ($178,151 to $340,100) is
$30,427 plus 24% of the amount over $178,150 (or better said as "24% of $169,573" which would be $40,697), meaning taxes of $71,124 and leaving them with $128,875 takehome (after only federal taxes).
They are taking home ~$10,739 (not including any state taxes, retirement, insurance, etc).
Now, let's be more realistic. The median US household income is ~$70k with only around 34% of households making $100k or more.
LINK
So who is buying all of these $500k+ homes?
Posted on 3/17/23 at 10:08 am to Bard
quote:
Current tax for their bracket ($178,151 to $340,100) is $30,427 plus 24% of the amount over $178,150 (or better said as "24% of $169,573" which would be $40,697), meaning taxes of $71,124 and leaving them with $128,875 takehome (after only federal taxes).
quote:
Your math is a little wrong.
Posted on 3/17/23 at 10:13 am to Bard
quote:
Your math is a little wrong. Current tax for their bracket ($178,151 to $340,100) is $30,427 plus 24% of the amount over $178,150 (or better said as "24% of $169,573" which would be $40,697), meaning taxes of $71,124 and leaving them with $128,875 takehome (after only federal taxes).
It’s yours that is wrong. The federal tax on 200k in income for a married couple is 29,536. The FICA is 12,014. In LA the state is 5,657. Grand total of 47,207.
This isn’t considering retirement or health insurance deductions, which cost money but also reduce that tax burden. It’s also not considering child tax credits which reduce it.
Tax calculator
Posted on 3/17/23 at 10:36 am to el Gaucho
quote:What does this mean?
We don’t want things to be bad we just want other people to suffer like we suffer. You know, equity
quote:
We work 80 hours a week and give up like half of it to taxes.
No. Very few people pay half in taxes. Not to mention you RECEIVE at least some services you value back in taxes (military, roads, courts.) 
Posted on 3/17/23 at 10:47 am to thegreatboudini
quote:
Thank you. This guy is saying he's demoralized, meanwhile I'm fricking thriving.
Good luck sending those 2-3 kids to college.
Posted on 3/17/23 at 10:48 am to Bard
Supply is way down on existing homes. Who wants to sell and move while sitting on a 3% rate?
Posted on 3/17/23 at 10:51 am to RolltidePA
quote:
Raleigh-Durham is still 20%-30% underbuilt and new businesses keep rolling in and expanding.
I'm here currently and renting. Everyone falling over themselves to pay 400k for 1300 sqft townhomes and pretending its the shite.
Posted on 3/17/23 at 10:56 am to The Baker
quote:
Good luck sending those 2-3 kids to college.
Will also be tough to maintain the boat and will have to limit the first class flights.
Posted on 3/17/23 at 10:58 am to Dawgfanman
quote:
That family is bringing home 12k net or so per month after taxes/insurance/some retirement savings and you think they’ll struggle with a 4000 dollar mortgage payment?
4000 mortgage
1200 (600x2) car payments
1000 food
1000 misc bills (energy/cell/cable/etc)
300 gasoline
I think you're light on those food, gasoline & misc bills sections, though it would depend on every family's unique situation:
Car insurance ~ $300
Energy ~ $350
Water ~ $200
Cell ~ $200
Already puts you over $1000 without any cable/subscriptions/etc
The big expenses I don't see either are student loan payments, childcare and/or private school. Not every family will have those but many do at that life stage and that can add another couple thousand to expenses each month.
That is all before any activities/entertainment, savings for emergency fund/vacations/college, etc which is of course also discretionary but is most definitely not going to be zero.
It's feasible, just a budgeting and standard of living adjustment.
Posted on 3/17/23 at 11:01 am to Lightning
quote:That was going to be my next rebuttal to this Narnia scenario.
childcare
This post was edited on 3/17/23 at 11:03 am
Posted on 3/17/23 at 11:08 am to The Baker
quote:
Narnia scenario
This coming from someone who thinks having 24-36k a year in discretionary spending is “demoralizing” lmao.
This post was edited on 3/17/23 at 11:09 am
Posted on 3/17/23 at 11:11 am to Big Scrub TX
quote:
Not to mention you RECEIVE at least some services you value back in taxes
quote:
roads
Bro have you seen the roads?
Posted on 3/17/23 at 11:15 am to JohnnyKilroy
Sure it can be done by a couple with no kids and frugal tastes but realistically people shouldn’t be spending more than double their gross income on a home. Especially if it’s not move in ready.
Posted on 3/17/23 at 11:16 am to JohnnyKilroy
quote:You wouldnt have that, unless you were in Narnia.
This coming from someone who thinks having 24-36k a year in discretionary spending is “demoralizing” lmao.
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