Thread: Costly living
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Old 09-05-2019, 01:45 AM   #37
spence
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Quote:
Originally Posted by The Dad Fisherman View Post
Yep. Which I could have been clearer on. So probably closer to $18-$19 gross.

Someone is laboring under the delusion you need to make $208,000 a year to afford it, or that for some reason people working at Micky-D's are entitled to a half million dollar home.
Close to it, I think I applied the 30% after tax which raised it a bit.

480,000 principal + PMI @5% (likely much higher for a first loan) @30 years = 2577/month

10k average real estate taxes + 2k average property insurance = 12k

Monthly payment = 3,670

30% threshold = x*.30 = 3670 = 12,233/month gross

146,796/yr / 2000 hrs = 73.4 an hour gross wage.

Which is likely low as I don't think a first time home buyer with that size of a loan is even going to get 5%, so the answer is likely over 80/hr.
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