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@QBbride: lol I thought I was calculating wrong too.
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2x
We have so much student debt and I'm not working right now.
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10x but our house holds a lot of value right now and it's nowhere near what we paid for it. For what we actually paid for it, then 5x.
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Purchase price - 1.5x
Current value - 2x
Current mortgage amt - 1.5x -
@stratosphere: I'm in the bay too and I'm shocked at how low te ratios are.. I feel like most ppl here it's more like 10x!!!
But I'm renting so I can't play
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It is 1.3 now but we close in a month on a new house and will be 2.4
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Ours is about 4x our income, in SoCal It's so stressful! My siblings are all closer to 1.75-2x in the Chicago suburbs.
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2x
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Purchase price: 3.4x
Amount Owing: 2.3x'
Current Value 5.6x -
Currently - 6.25. Value has gone up quite a bit since we bought our hours 8 years ago, our income has not increased by much at all.
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@Sapphiresun: that's probably a great way to show the progression. It's great to see so many that are increasing their investment.
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Is actually equal right now. We are looking to move in about A year.
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Our house is worth about 4x our household income. We don't plan to move.
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We are in our starter/fixer upper house right now, and with what we bought it for, and our income, we are 1:1 actually.
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We qualified on my salary alone, and it's 4.4x that. Obviously, we have DH salary too, but wanted to make sure we could afford it on one salary alone without any help if Something happened. I got a promotion 4 months after we moved, and the area is hot. If we are still only using my salary, it's now 3.75x my salary. The house appreciated $15K from the time we put a contract on it, and it was built (4months.) We plan to stay for 6 years, and use the equity to buy our forever home.
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Hmm, the value of the house is always a moving target based on the marketplace.
Our new house sales price is a little less than 3X times our combined base salary. We used DH's income only to qualify for our mortgage, which is of course less than the sales price. We plan to live there for at least 10 years.
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@Mrs. Lemon-Lime: True! We bought in a young suburb which made the list for best schools and wealthiest counties in the nation. They are building like crazy out here. My parents did the same thing when we lived in Georgia, and walked away with 180K check after the sale of our house!
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purchase price: 3.2x
debt: 2.4x
value now: 4.4xOur area is insane... I really hope that someday we can take our equity and buy a house outright in a cheaper part of the country... and live a simpler life without housing cost stress.
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purchase price: 2.5x (low salary, fixer upper house, low market)
debt: 1.5x (we make more now and have paid off some in 7 yrs)
value now: 2.25x -
Purchase price - 2.8x
Market Value - 4x
Current mortgage amount - 2.5x -
@PurplePeony: Right? Insane. A house across the street from us- 2BR 1 Bath - went for $664k last year. OMG.
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We are selling ours for 2.25x annual income and will be buying 3x our income.
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Purchase: 4x
Value: 5.5x-Mortgage/Only Debt:3x
Equity: 2.5x -
Our house purchase price was 2.3x our combined gross income. Is that how to calculate? I wasn't sure if it was gross or net!
Our mortgage now is about 1.7x our income. -
4x for a modest Bay Area house with dual income. I expected to see a larger % of much higher ratios here.
We are very fortunate that we had a big down payment saved and my parents helped us by investing in the house with us. All my coworkers that are renting now are really struggling. Too expensive to buy, too expensive to rent.
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House value is about 2x our combined salary.
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