Hypothetical home buying scenario

Started by StallionRx
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StallionRx

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15+ Year Member
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How much house would you consider buying as a pharmacist?

Consider the following scenario...

130k downpayment cash available
Combined salary with spouse of 185-190k.
no student loan on either side or other debt

Just curious based on the above what people would consider the lower/upper range of how much they would be willing to spend.
 
Also, in my opinion, where you live in the country will heavily influence this. Im not educated enough on the situation to understand all that goes into the difference, but a 300k mortgage in San Antonio will get you a nice house. In Maryland, were I previously lived, 300k wont get you much, however, 500-600k mortgage was a lot more affordable than in the south. Only considering 30yr fixed here also, not those interest only or flex arm trap loans that have ruined some peoples lives.
 
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Pharmcdc said:
Also, in my opinion, where you live in the country will heavily influence this. Im not educated enough on the situation to understand all that goes into the difference, but a 300k mortgage in San Antonio will get you a nice house. In Maryland, were I previously lived, 300k wont get you much, however, 500-600k mortgage was a lot more affordable than in the south. Only considering 30yr fixed here also, not those interest only or flex arm trap loans that have ruined some peoples lives.
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If OP puts down $130K and borrows $300K..at a total house price of $430K... with homestead exemption of about $50,000+.... 2.75% of $380K = property tax of about $10,450 per year.

Welcome to Texas... of course no state income tax makes it up for it...kinda.
 
:claps: AWESOME!

The houses that were labeled "yuk" & "gross" from Mr. Snob Z. Trump would have most CERTAINLY smoked my first house. :laugh:

I guess this would not be the right time & place to admit how excited I was when I found a mere $37 in my back-up car...which happens to be a huge, 5yr old Ford....(here, I'll say it with you..."ewwwww, low class! :d ")

too cute😎
 
I resemble that remark.

Yuk and gross were in comparison of those houses to Texas houses of equal price.
 
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WVUPharm2007 said:
Ok, I like this joint better. For $285k? Ridonkulous.
Click to expand...

Yeah...too expensive... that's over $100 per sq/ft. I'd say $80 per sq/ft is about right...then again the lot is pretty large.

You'd need a little John Deere riding mower.

Also, that house is 13 years old... did you see the property tax? almost $5,500 per year. So put that into the consideration also.
 
Its Z said:
Yeah...too expensive... that's over $100 per sq/ft. I'd say $80 per sq/ft is about right...then again the lot is pretty large.

You'd need a little John Deere riding mower.

Also, that house is 13 years old... did you see the property tax? almost $5,500 per year. So put that into the consideration also.
Click to expand...

I just remembered that I have a cousin that's a real estate agent in Texas. He has a video of himself on a green screen. Hahaha. He's got that WV accent, though.

But...that will...come in handy. I'ma look him up.

....

And I'd like a lawn. That house is cheap as hell to me, anyway. Put that house in Morgantown and you'd get $400k for it.
 
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WVUPharm2007 said:
I just remembered that I have a cousin that's a real estate agent in Texas. He has a video of himself on a green screen. Hahaha. He's got that WV accent, though.

But...that will...come in handy. I'ma look him up.

....

And I'd like a lawn. That house is cheap as hell to me, anyway. Put that house in Morgantown and you'd get $400k for it.
Click to expand...

Have you walked on St. Augustine? It's a crab grass imo.
 
StallionRx said:
How much house would you consider buying as a pharmacist?

Consider the following scenario...

130k downpayment cash available
Combined salary with spouse of 185-190k.
no student loan on either side or other debt

Just curious based on the above what people would consider the lower/upper range of how much they would be willing to spend.
Click to expand...

Where are you? Where I live, you could own a nice house free and clear for 130k!

How many bedrooms do you need? Do you have kids or are planning to? Other relatives living with you? (happens sometimes) etc.

ETA: 430k would get you the fanciest mansion (and not necessarily a McMansion, either) in my city.
 
rph3664 said:
Where are you? Where I live, you could own a nice house free and clear for 130k!

How many bedrooms do you need? Do you have kids or are planning to? Other relatives living with you? (happens sometimes) etc.

ETA: 430k would get you the fanciest mansion (and not necessarily a McMansion, either) in my city.
Click to expand...

http://www.raveis.com/propdetail.as...1823&FSTKEY=3267063&LASTKEY=3111823&LASTPG=23

This is where I live. 1500 sqft for a cool 1/2 mill.

My own thread is depressing me as it is pretty apparent (and always has been) that money down south goes muuuuuch further than it does in the north.

Fairfield County,CT.

Those homes up north would be well in the 6s.
 
StallionRx said:
http://www.raveis.com/propdetail.as...1823&FSTKEY=3267063&LASTKEY=3111823&LASTPG=23

This is where I live. 1500 sqft for a cool 1/2 mill.

My own thread is depressing me as it is pretty apparent (and always has been) that money down south goes muuuuuch further than it does in the north.

Fairfield County,CT.

Those homes up north would be well in the 6s.
Click to expand...

I know how you feel, housing prices around my area in Northern NJ are f-ing ridiculous...houses which in the 1980's were selling for a cool 80k are selling for upwards of 350k nowadays around here.
 
WVUPharm2007 said:
I got that bluegrass. It's nice.

I don't think I've ever gone barefoot on grass outside of WV. So, no.
Click to expand...
I mow my mom's grass, and once she upgraded to a self-propelled mower, it made all the world of difference. I remember being in high school and walking away from her thick*** lawn exhausted, because I had mowed it with a gas-powered push mower!

So... get a decent lawnmower, and you'll be fine.
 
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StallionRx said:
http://www.raveis.com/propdetail.as...1823&FSTKEY=3267063&LASTKEY=3111823&LASTPG=23

This is where I live. 1500 sqft for a cool 1/2 mill.

My own thread is depressing me as it is pretty apparent (and always has been) that money down south goes muuuuuch further than it does in the north.

Fairfield County,CT.

Those homes up north would be well in the 6s.
Click to expand...
That's a cute house! 🙂 The gold lighting fixtures have to go, but other than that, I think it's a nice house.

Not all houses in the south are cheap. If you live in certain metro areas, you'll have to pay out the nose.

These are some of the listings for < 1/2 mill Metairie, which is outside of New Orleans.
The sq footage doubles when compared to Fairfield County, CT, but the homes are no where near mansions.
 
PharmDstudent said:
I mow my mom's grass, and once she upgraded to a self-propelled mower, it made all the world of difference. I remember being in high school and walking away from her thick*** lawn exhausted, because I had mowed it with a gas-powered push mower!

So... get a decent lawnmower, and you'll be fine.
Click to expand...
mower.jpg


Hells ya.
 
Filler said:
I know how you feel, housing prices around my area in Northern NJ are f-ing ridiculous...houses which in the 1980's were selling for a cool 80k are selling for upwards of 350k nowadays around here.
Click to expand...

Ridiculous? not really... count inflation, maintenance, and chit ~ after 30 years $300k is just a tad inflated (proves that there is still some room for housing market to go down more ~5-10%)

$80,000 in 1980 has the same buying power as $211,823.30 in 2010...
 
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StallionRx said:
http://www.raveis.com/propdetail.as...1823&FSTKEY=3267063&LASTKEY=3111823&LASTPG=23

This is where I live. 1500 sqft for a cool 1/2 mill.

My own thread is depressing me as it is pretty apparent (and always has been) that money down south goes muuuuuch further than it does in the north.

Fairfield County,CT.

Those homes up north would be well in the 6s.
Click to expand...

This is why my wife and I said HELL NO, when Pfizer wanted to relocate me to Groton back in '07. $250k for a condo converted from a 20 year old apartment was ridiculous enuff. Good luck with your search.
 
It depends on what you can support a month comfortably for an extended amount of time. I wouldn't base it on the price of the house alone because a $300,000 house @ 5+ % is a big difference compared to a $300,000 @ 4+ %. I'm a 4th year and my wife and I just barely break $100,000 and our house principle is 142,000 @ 5.5% and we pay about $1300/month for everything including HOA fees.
 
So I have a question that semi relates...What did you do coming out of school? Did you live in the same apartment for a year or two then go for a house, upgrade to a nicer apartment/condo out of school and saved for 4-5 years for a house? I know it depends on where you end up getting a job but just curious what some of you have done or plan on doing still.
 
Trankuil said:
So I have a question that semi relates...What did you do coming out of school? Did you live in the same apartment for a year or two then go for a house, upgrade to a nicer apartment/condo out of school and saved for 4-5 years for a house? I know it depends on where you end up getting a job but just curious what some of you have done or plan on doing still.
Click to expand...

600 sq/ft Apt.
800 sq/ft Apt.
1,100 sq/ft Apt.
2,100 sq/ft House Yay! 👍 4 years out of school
2,400 sq/ft House
4,300 sq/ft House... to store all the junk I've collected.
 
If you can't afford to do a 15 year fixed rate on a home with a pharmacist salary, then look smaller. Unless you gotta have something more. Just my .02.
 
My fiancee and I:

combined salary $160k
my loans $116k

our house: 475K
location: Washington DC (2 stone's throw from the Capitol baby!)
Sq ft: a cozy 1300, 2 bed+den, 2.5 bath 1 secure parking space, roof deck.
a 1907 rowhouse, gut job, 2009, lux finishes and appliances

pros: gas prices? what gas prices?
cons: shootings in the 'hood, rats

Downpayment 20% (about $100K)
Monthly mortgage: $2500 (it's all about the mortgage rate!)

http://www.ocdevelopment.com/index.php?option=com_joomgallery&func=detail&id=105&Itemid=6

Anyway I would never dream of living in suburbia. Never be a slave to the automobile! 😀
 
ThePlantation said:
our house: 475K

Monthly mortgage: $2500 (it's all about the mortgage rate!)

Anyway I would never dream of living in suburbia. Never be a slave to the automobile! 😀
Click to expand...

Living in the city ain't cheap. Trade a car payment for a higher mortgage payment.

And not all of suburbia is bad. Even Z fits in nicely in suburbia. Soon WVU could be your suburban neighbor. Let's fire up the grill!

You gotta serve somebody.
 
Oh yeah, back to the point of the thread is that, I can live quite comfortably even though DC is expensive. Even after taxes I can still own a luxury car, enjoy the trendy city restaurants, and go on vacations. I can even have a few designer handbags! (And yes mom, I'm contributing max to the 401k.) However, instead of furnishing my house with the most expensive stuff, I have to pick a signature piece then go cheap on the rest. I don't spend a lot on clothes or cosmetics. I don't have a big yard. Sometimes people urinate in my alley. And most importantly, I can't throw down cash like a baller in da club 🙂

...I can't imagine having a $250k house, what would I do with all that extra cash?? I know my counterparts in less expensive areas are partying like rockstars! Must be nice 🙂

Here's my luxury: When I do make the 10 minute drive to work, I get this priceless view:

http://maps.google.com/maps?f=q&sou...d=xX8ebDDxjfBHQq5wXpuOEA&cbp=12,180.9,,0,0.98
 
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WVUPharm2007 said:
I'm looking at $250-300k houses and I'm near your combined salary range and will have about 100k down.

If everything goes right here in the next month, I will hopefully wind up in Houston...I like this little house...220k...
Click to expand...

Oh my! WVU moving to Houston? Someone should make a movie about that... I'm really interested to see what you're going to think of Houston... I personally hated it. Are you trying to be in the medical center?
 
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All these places are sounding way better than tornado-land Kansas....a bad storm took down one of my huge trees right in front of my house blocking my front door & garages 😡, and Mr. Fix it (hubby) is in Dallas right now!! This means I have to use my sliding glass doors and that's where my mean spiders hang out.....🙄 Moral of story: Kansas 👎
 
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