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 return2ozma to c/aboringdystopia

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[–] UmeU 12 points 3 months ago* (last edited 3 months ago) (5 children)

Bringing in 17k+ per month after tax and cannot afford a home?? I call bullshit. A $750k home is 5k per month including HOA/tax/insurance. That’s less than 30% of their take home.

They could double their payment and pay it off in 5 years, with 7k per month to live on, then they live rent free for the rest of their lives.

This article feels like propaganda. Homes are over priced but 250k per year is a lot of money.

[–] TempermentalAnomaly 5 points 3 months ago* (last edited 3 months ago)

They want to keep their monthly mortgage payment between $3,000 and $3,500 — or around 30% of their monthly take-home income of about $11,000.

This makes it seem like they only take home a little more than half their wages.

Something doesn't add up. The only issue I see is one might be an independent contractor. Or they're excluding health insurance and 401k.

Edit: some quick digging. First issue is the definition of take home pay.

Take-home pay is the net amount of income received after the deduction of taxes, benefits, and voluntary contributions from a paycheck. It is the difference resulting from the subtraction of all deductions from gross income. Deductions include federal, state and local income tax, Social Security and Medicare contributions, retirement account contributions, and medical, dental and other insurance premiums. The net amount or take-home pay is what the employee receives.

But the bigger issue is the 30% rule. 30% is on gross and not take home. This would give them a out 7k per month. I bet they're following the advice of someone like a Dave Ramsey. These people are not victims.

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