I hate to add another one of these but I have lurked for a while and haven’t seen many in this bracket.
Things in my area have gotten expensive…we are looking at a 2mill$ home that would suit my family well for years to come. Now you might think “surely you can find something cheaper” but almost 2mill in my area gets you a nice house move in ready but nothing wild - best schools, ~3500sqft, & a small yard. We initially started looking in the 1.5-1.6 range but while those would get us through the next 10 years, going up to 2mill would feel “forever”. Hoping for a gut check….
Annual income: 450-800k (3yr average ~600)
Savings: 700k
Current house equity: 500k
No other debt
Good bit of $ in retirement
Probably 300k in investments paying out soon but will likely just reinvest that money
I don’t actually know what we spend per month, we do what we want but it’s nothing outlandish. Kids in public school.
I’m assuming a jumbo loan rate around 6%….correct me if I’m wrong.
Does this feel ok from a birds-eye view? Plan to put down around 800k (current home’s equity + some savings). We appreciate the financial freedom we have right now to feel safe investing when we want to, etc. Wouldn’t want to lose that but also feel like we’ve earned a home upgrade.
The alternative is buying the cheaper “10 year” house. (We are in our 30s.)
Safe or scary?
Thanks, internet. Big numbers are scary, even when you have a high income.