Can I afford this 2.3 million dollar home?

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SQRT
Posts: 1085
Joined: Sat Feb 05, 2011 9:44 am

Re: Can I afford this 2.3 million dollar home?

Post by SQRT » Tue Jun 11, 2019 4:48 pm

It certainly wouldn’t be unusual for someone in their mid 30’s to have a very high proportion of their net worth tied up in their principal residence. I would have been well over 100%. To wait until you have a much higher net worth, may be more prudent but by the same token, you end up forgoing a lot of utility which may be important to a young family. Was for me.

Broken Man 1999
Posts: 2503
Joined: Wed Apr 08, 2015 11:31 am

Re: Can I afford this 2.3 million dollar home?

Post by Broken Man 1999 » Wed Jun 12, 2019 2:02 pm

SQRT wrote:
Tue Jun 11, 2019 4:48 pm
It certainly wouldn’t be unusual for someone in their mid 30’s to have a very high proportion of their net worth tied up in their principal residence. I would have been well over 100%. To wait until you have a much higher net worth, may be more prudent but by the same token, you end up forgoing a lot of utility which may be important to a young family. Was for me.
Me, also. I certainly didn't have the high multiples of NW some suggest as necessary to have a mortgage.

What I did have was a growing family. I was 27 when I took out our first mortgage.

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven than I shall not go. " -Mark Twain

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