My partner and I just closed on our forever home - a $700k 5 bd 3400 square feet house in our desired location in NC. We put 20% down but still paid a bit more than expected due to the high demand in our area.
Our financials..
We make $180k pre tax and have no debt aside from mortgage. We are very behind in retirement and are aware of this (in early 30s). Have about $10k combined in a 401k. We have $10k in sinking funds and $60k in our emergency fund.
Monthly income: $9600 net
Mortgage: $3100
Utilities/internet: $400
Cell phone: $100
Subscriptions: $40
Groceries/take out: $550
Gas: $150
Car insurance: $150
Pet: $100
Sinking funds (travel, beauty, etc): $800
We will have about $4200 leftover a month after expenses. Planning on maxing our IRAs and my 401k from now on. We like to think our house payment is reasonable however our coworkers and family members are saying we are "house poor" and if either one of us were to be jobless, we are screwed. We also would like to start trying for a kid in 5 years. I like to think our jobs are stable (healthcare) but I'm feeling much more anxious about our new home now. We are hoping to increase our combined income to 200k by next year but is our situation as bad as everyone is making it sound out to be?
Submitted July 04, 2022 at 10:24PM by LuluBoox https://ift.tt/4FSNKPz
