$82,000/year to live comfortably in Denver.

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Originally Posted by mcantar18c

As most of you know we recently moved back from NC. We're still searching for the right house. From what we've found, anywhere close to the major population centers is either affordable but extremely shitty, or not terrible (though not great) and ridiculously expensive, and anywhere with a nice location and at a relatively reasonably price is at least 30-45min away.
For what we paid for the 3 bed, 2 full bath house on 22 acres we had in NC, we can afford a fucking apartment here in CO. The cost of living here is definitely significantly higher.

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Yeah the cost of living here makes my stomach turn a bit. Looking online at homes in La Junta opened my eyes (granted it's La Junta). A $300k home in La Junta gets you a easily what would be close to a mil here. With that said, I'm not willing to move back to LJ, so I'm looking for a happy medium.

This is why I could not buy any firearms for about a year! :(

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Originally Posted by Gman

Pretty amazing how that works out, huh? When my first wife became ill and couldn't work full-time, I did the math and it didn't really hurt us financially. Most of what she made was being consumed by taxes.

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Likewise for my spouse, back One topic.
Denver / the metro area has always been expensive to live and exist. A lot of you must be new home buyers, 5 yrs ago the same home could be had for an average of $75 - 100K less, easy. The last housing bust had a lot of places asking for offers. Now the demand outpaced the supply, so up the prices go.
We've always purchased / financed based on 1 income, just in case one were to become unemployed, injured, or serious health issue. Unfortunately most people buy because at the time they can afford it. I don't know how a lot of you do it.

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Originally Posted by Great-Kazoo

We've always purchased / financed based on 1 income, just in case one were to become unemployed, injured, or serious health issue. Unfortunately most people buy because at the time they can afford it. I don't know how a lot of you do it.

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^ This, My Wife and I both have good jobs, but we bought modestly so we could be flexible.

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Originally Posted by mcantar18c

For what we paid for the 3 bed, 2 full bath house on 22 acres we had in NC, we can afford a fucking apartment here in CO.

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I was sad to leave NC :(

We also live in a modest home. It's really nice and I'm refinishing it but the mortgage is 12% of our monthly net. We're looking at moving TO NC.

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Originally Posted by scratchy

We also live in a modest home. It's really nice and I'm refinishing it but the mortgage is 12% of our monthly net. We're looking at moving TO NC.

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12% seems cheap to me.......our rent right now is about 30-35 percent of my monthly take home, and when we were buying a house in the metro it was probably about 30 percent (and it was a cheap house, and I supposedly make decent money lol)

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Originally Posted by GunsRBadMMMMKay

12% seems cheap to me.......our rent right now is about 30-35 percent of my monthly take home, and when we were buying a house in the metro it was probably about 30 percent (and it was a cheap house, and I supposedly make decent money lol)

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And our first house while only $28K had a 13.8% interest rate.

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Originally Posted by scratchy

We also live in a modest home. It's really nice and I'm refinishing it but the mortgage is 12% of our monthly net. We're looking at moving TO NC.

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I'd say you're doing pretty well. Just looking at a bunch of approximate numbers….

IF:

House Cost: $300,000
Down Pmt: 20% = $60,000
Financing $240,000
Monthly Principle, Interest, Taxes & Insurance: ~$1300
Gross Pay: $84,000/yr = $7000/mo
Federal, State & FICA: 25%
Monthly Take Home: $5,250

Payment is 25% of the Take Home Pay

Back in the old days when I worked for the mortgage department at First National before going to law school, I think the accepted ratios were 28/36. Your mortgage PITI payment could be 28% of your GROSS pay and all your payments added together (including the mortgage, car, credit cards, student loans, etc.) could be 36% of your GROSS pay.

Personally, I wouldn't be comfortable spending that much on a mortgage, but I know a lotta people do just fine with it.

I am housing hunting in the metro area and it is a frenzyright now all the 200 ish level homes are gone so fast and the ones that last more than a week are overpriced. And if you look at what they where bought for less than a year ago usually then remodeled it is a 50k plus difference.