$585k house on dual income
My fiancé (F28) and I (M30) are closing on a home in NJ and I want to make sure A. we won’t feel “house poor” and B. sanity check my numbers because everything we see online is no more than 25% of net income should be housing costs but know in this market that’s not super realistic. Between my fiancé and I we make ~$242k a year in our base salaries then up to ~$82k bonus between both jobs. With base, bonus, and stock (assuming everything goes as planned) we should make about $350k.
The one thing I’m firm on is not counting bonus or stock into the equation at all so it forces us to live off much less than we make. Based on our salaries we take home about $12.5k/month and our mortgage + taxes + insurance nets out to $4,275/month which has us at ~34% of our salaried take home pay. (526k loan at a 6.125% interest rate).
We currently pay $3k in rent and have no problem saving, maxing IRA, vacationing, etc but I’m nervous that the increase in monthly expenses plus unforeseen home maintenance costs puts us closer to 40% when all is said and done. We put 10% down to save a good chunk of money to renovate as it was an older house but wanted to see how anyone feels at a similar % of net going (30-35%) to housing.