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Finance - Investments Sub-forum: Non-Actuarial Personal Finance/Investing

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  #21  
Old 04-17-2019, 05:37 PM
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who or what is an acre

or a yard for that matter
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  #22  
Old 04-17-2019, 05:41 PM
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1.6x here with 2.5 acres as well. The po definitely has its advantages.
We're at 1.6x as well, though way less than 2.5 acres.

We put 30% down, and our minimum monthly payment including taxes/insurance is 8.5% of gross income. But that's on a 30Y note and we pay it on a 20Y schedule. Plus my savings rate is fairly high, so if you look at our actual payment vs our take-home pay (net of savings) we pay a decent chunk of that towards the house.
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  #23  
Old 04-17-2019, 05:43 PM
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Im part of the Po club. 2 acres with a relatively small home. home value about 1.7x gross. mortgage payment is about 12% of gross.

I generally tell people no more than 3x gross income, and that assumes no other significant debt with a 20% down payment.
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  #24  
Old 04-17-2019, 05:46 PM
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We're at 1.6x as well, though way less than 2.5 acres.

We put 30% down, and our minimum monthly payment including taxes/insurance is 8.5% of gross income. But that's on a 30Y note and we pay it on a 20Y schedule. Plus my savings rate is fairly high, so if you look at our actual payment vs our take-home pay (net of savings) we pay a decent chunk of that towards the house.
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Old 04-17-2019, 06:36 PM
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Around 2x. We thought about buying a lot more, but city taxes make it unappetizing.

We have a 15 year, so the payments are pretty high, but we also have cash savings sitting around, so rather than take a spending hit, we'll just redirect money.
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  #26  
Old 04-17-2019, 06:39 PM
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3.07x of my salary w/ 20% down, 1 acre, fantastic view of like 50 acres out back. Have neighbors, but not visible unless you're out in the yard, on the other side of some trees.

Annual mortgage = 15.0% of salary (10.4% including Mrs. Technically, 13.3% when adding in tax). Picked a 30 year mortgage to invest the difference.

Po.

Last edited by TechnicallyAnActuary; 04-17-2019 at 06:43 PM..
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  #27  
Old 04-17-2019, 08:29 PM
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Po.

At time of purchase (near bottom of market), purchase price was 2.1x household income and we only put 5% down. A year later, with first actuarial job added to household income, purchase price was 1.2x.

Our mortgage payment (15 year, was 30 year when we bought, have refi'd twice) plus what we pay for taxes and insurance annually (no escrow) is 9% of gross household income. According to Zillow (take that with a huge grain of salt), if we bought our house today, it would cost 2.5x as much.

Unlikely to be a useful data point given bottom of market timing plus Po, but PC=PC+1.

We've considered downsizing when the kids are fully gone, but I'm perfectly fine never moving again. I'd rather pay (a probably exorbitant amount) to have the single step up and down in our house removed to allow us to age in place and die in this home, than go through the hassle of moving
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