A Boring Dystopia

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A millennial couple who make $250,000 say they can't find a home in their budget: 'We refuse to become house-poor' (www.businessinsider.com)

submitted 3 months ago by [email protected] to c/[email protected]

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[–] [email protected] 2 points 3 months ago (1 children)

The 30% rule is generally about gross pay. Their gross income is about 20k a month.

Regardless though the 11k a month take home doesn't make much sense. That would mean they're paying closer to 100k in taxes plus another 20k on other deductions, which even on the west coast is absurd.

[–] [email protected] 3 points 3 months ago

Not too weird if you consider pre-tax contributions for retirement and health insurance.

Regardless, this is some clickbait bullshit. I ran some numbers too like other commenters, and you have to have some real shit credit even with an 11% down payment to get the monthly payment cited in the article. Even so, with an 11% down payment you shouldn't be buying a house anyway due to the PMI and higher interest that comes with it.

There's a whole mess of poor financial decisions that led to the clickbait headline.