With a $150k salary, you can afford a house worth $750k or below on average. Mortgages have made it easier for families to own good houses with a low salary because you can pay bit by bit the total amount until it is complete. If you make $150k a year, you will be able to afford a $750k mortgage without having to sabotage other expenses. I will tell you it is important to limit yourself to a house worth $750k or below.
Reasons You Should Not Buy A House Worth More Than $800k with a $150k Salary
- To be able to afford other life expenses after buying the house. If you buy a house worth more than $800k you will face problems taking care of other important expenses. A house worth $800k will be very big so naturally, you will need to buy new furniture among other house essentials.
- Paying monthly installments for a house takes a long time depending on how much percentage you took care of on the downpayment. The house should not be too expensive so that paying the monthly payments for 30 years, for example, won’t take a toll on you.
- Affordable downpayment options. With a $150k salary, you will be able to afford to pay the downpayment and still have some money left. This is important because you will still have to pay the monthly installments as soon as you enter the house. The remaining amount can be used to transport your belongings from the old house to the new house.
In conclusion, although mortgages have good deals, you should take time to calculate before getting into a deal. Ensure that you will be able to pay for the mortgage with ease because once you make the deal, it will not be simple to back off.
Didn't find a solution? we are here to help each other, you can ask here or search below.
Need a professional construction worker?
You are here