Yea I’m with MuffinMan. Assuming no credit debt 600k on a 100k salary is going to be cutting it close unless “your guy” can get an interest rate lower than 6%
$100k household income is more in line with a $300-350k home in DFW. Any higher than that, the mortgage payment could make a buyer house poor. That’s also factoring in no other debts. 20% down may be difficult for a first-time buyer to save, so 3.5-5% down would be a more reliable assumption.
You'd have to be a complete fool to buy a 600k home on a 100k salary. Even if you manage to scrounge up 20% down payment, and get 1 or 2 years with a lesser interest rate, you're still looking at 3.5-4k a month. Let's assume your take home every month after social security, taxes and health insurance for a family of 3 (you, spouse and child) is $6500 monthly. You take out the $3500 you are left with $3000. Assuming you have utility bills, and budget for food, home improvement, car payments, and other bills, you will be house poor or eating instant noodles everyday for the next 30 years. That's best case scenario, if you can't put the money for the down payment up front and can only do 5%, you are looking at a $4500+ mortgage payment. I could maybe see someone single being able to manage it, but no way can you support a family on this budget. Bro, you need to explain the math instead of trying to gather sales, otherwise you'll get a slimey realtor badge.
600k on 100k salary is not affordable. Im in Dallas and the homes are WAY overpriced. Those very homes built 20 years ago were 100-200k targeted to middle class and were perfect for a lower 6 figure income. Now those same homes are 600k. Low 6 figures no longer affords people middle class suburban housing. 300-350k would be affordable and sadly those are in the hood. What they're doing to the housing market is criminal
Use to live in Dallas, property taxes and insurance, and homes overvalued by 30 to 40 percent you would be making a big mistake. DFW. Metroplex is already in a housing bubble, like Florida it's going to collapse.
Extreme unrealistic info! 20% down not happening on $100,000 a year. I have two kids living in Dallas making that much and even a $300,000 property is realistically too much when factoring in everything else you pay for on a monthly basis and saving for emergencies.
Hi there! Yes Im aware that it’s a stretch for many, especially first-time buyers. A 20% down payment builds equity faster by reducing the loan principal, lowering payments, and avoiding PMI. Not everyone finds it feasible, but it’s far from unrealistic. We've been in the business long enough to see many buyers successfully put 20% down. Are you on the lookout somehow?
what rational person would even consider a $600k house as an option with a $100k a year income!?!?!? with the numbers he shows, you're looking at like a $3.5k a month mortgage! that's well over half of your monthly income!
Hey! thanks for tuning in! I get why that seems like a stretch, but some people see the potential to build equity over time, which can make it worth it in the long run. where do you live now?
@@LIVINGINDALLAS it would be completely irresponsible to spend over half your income on your mortgage alone IMO. especially if you're a single income household with a kid or two. i don't think struggling to provide basic things in your life to build an equity position on a 30 year loan term is a financially sound move, especially if you had a 6-7% interest rate. it seems like an incredibly risky choice IMO. I have a 225k mortgage in indiana and couldn't imagine having one at 600k with 95k a year income AND i'm single with no kids. i'm quite comfortable, but if i had a mortgage almost three times what i have, i could make it, but it wouldn't be anywhere near the comfort level i have now.
I’m not sure if this is a house someone making $100k can afford. Dallas insurance is so high now. Do you have an insurance broker who you would recommend?
We do. Insurance isn’t so bad…it’s the property taxes that can get you. But you can homestead the property and that will help quite a bit. Shoot me a text and we can talk about the broker 214-441-6684
I could see my kid jumping up on the dust collector ledge with the plants. That is huge design flaw. Where do they get these builders/architects, Sears? 😂
If you pay cash, you can get away with a couple of those…but where are you not paying property tax…unless you’re disabled. Teach us your ways Investor Millard!
@@LIVINGINDALLAS I don’t think it’s a good idea, because with the monthly payments they are house poor at their yearly income. They would have to put more than 20% to afford the house more like at least 1/3 down.
@@eblawrenceeh depends a lot of people have great investments or high ROIs in place already to where 20% isn’t much. Not every buyer who makes 6 figures just started making 6 figures recently if that makes sense.
🤔Moving to Dallas Texas? Let's Chat!🤠
📱 Call or Text: 214-441-6684
📨 Email: Info@LivingInDallasTX.com
📅 Zoom: bit.ly/MovingToDallasSurvey
100k a year is about 6-6.5k a month after taxes. A 600k home would cost you at least 4k a month. The math does not math.
Maybe you’re working with the wrong mortgage lender Muffin Man. My guy is the best in the biz…
Muffin Man has a point. Can you show us the number that will make sense? Saying "your guy" is the best. Can you provide us some sample computations?
Absolutely. Shoot me a text and we will get yo in touch! 214-441-6684
Yea I’m with MuffinMan. Assuming no credit debt 600k on a 100k salary is going to be cutting it close unless “your guy” can get an interest rate lower than 6%
$100k household income is more in line with a $300-350k home in DFW. Any higher than that, the mortgage payment could make a buyer house poor. That’s also factoring in no other debts.
20% down may be difficult for a first-time buyer to save, so 3.5-5% down would be a more reliable assumption.
Yes sir. You can afford that price of home as well.
You'd have to be a complete fool to buy a 600k home on a 100k salary. Even if you manage to scrounge up 20% down payment, and get 1 or 2 years with a lesser interest rate, you're still looking at 3.5-4k a month. Let's assume your take home every month after social security, taxes and health insurance for a family of 3 (you, spouse and child) is $6500 monthly. You take out the $3500 you are left with $3000. Assuming you have utility bills, and budget for food, home improvement, car payments, and other bills, you will be house poor or eating instant noodles everyday for the next 30 years. That's best case scenario, if you can't put the money for the down payment up front and can only do 5%, you are looking at a $4500+ mortgage payment. I could maybe see someone single being able to manage it, but no way can you support a family on this budget. Bro, you need to explain the math instead of trying to gather sales, otherwise you'll get a slimey realtor badge.
600k on 100k salary is not affordable. Im in Dallas and the homes are WAY overpriced. Those very homes built 20 years ago were 100-200k targeted to middle class and were perfect for a lower 6 figure income. Now those same homes are 600k. Low 6 figures no longer affords people middle class suburban housing. 300-350k would be affordable and sadly those are in the hood. What they're doing to the housing market is criminal
Use to live in Dallas, property taxes and insurance, and homes overvalued by 30 to 40 percent you would be making a big mistake. DFW. Metroplex is already in a housing bubble, like Florida it's going to collapse.
So where do you live now and when did you buy your home?
Extreme unrealistic info! 20% down not happening on $100,000 a year. I have two kids living in Dallas making that much and even a $300,000 property is realistically too much when factoring in everything else you pay for on a monthly basis and saving for emergencies.
Hi there! Yes Im aware that it’s a stretch for many, especially first-time buyers. A 20% down payment builds equity faster by reducing the loan principal, lowering payments, and avoiding PMI. Not everyone finds it feasible, but it’s far from unrealistic. We've been in the business long enough to see many buyers successfully put 20% down. Are you on the lookout somehow?
what rational person would even consider a $600k house as an option with a $100k a year income!?!?!? with the numbers he shows, you're looking at like a $3.5k a month mortgage! that's well over half of your monthly income!
Hey! thanks for tuning in! I get why that seems like a stretch, but some people see the potential to build equity over time, which can make it worth it in the long run. where do you live now?
@@LIVINGINDALLAS it would be completely irresponsible to spend over half your income on your mortgage alone IMO. especially if you're a single income household with a kid or two. i don't think struggling to provide basic things in your life to build an equity position on a 30 year loan term is a financially sound move, especially if you had a 6-7% interest rate. it seems like an incredibly risky choice IMO.
I have a 225k mortgage in indiana and couldn't imagine having one at 600k with 95k a year income AND i'm single with no kids. i'm quite comfortable, but if i had a mortgage almost three times what i have, i could make it, but it wouldn't be anywhere near the comfort level i have now.
Thank you for your time and for creating such important information vlogs!
Appreciate the kind words!
I’m not sure if this is a house someone making $100k can afford. Dallas insurance is so high now. Do you have an insurance broker who you would recommend?
We do. Insurance isn’t so bad…it’s the property taxes that can get you. But you can homestead the property and that will help quite a bit. Shoot me a text and we can talk about the broker 214-441-6684
Where would you recommend for $190k price point?
I know a couple of spots. Depends on where you want to be or if you want new construction or pre-existing…shoot me a text 214-441-6684
I could see my kid jumping up on the dust collector ledge with the plants. That is huge design flaw. Where do they get these builders/architects, Sears? 😂
That’s a life of slavery! No thanks! No hoa, no prop tax, no insurance!
That’s how I & the way to roll this area!😊
If you pay cash, you can get away with a couple of those…but where are you not paying property tax…unless you’re disabled. Teach us your ways Investor Millard!
You lost me at 20% down. That's just not a reality for most people except for maybe your handful of clients.
@@Musiqman76 wrong.
Surprisingly, a lot of people still manage 20% down! it’s less common for first-time buyers, but overall, it’s far from rare.
Don't think you mentioned the price on that last one. Wow it was a beauty though
Great Video, Can you also please do video on Highland Lakes, McKinney TX and help share your perspective?
Great suggestion! We will add it to the list!
@ thank you
Thank you for the video, you make great content. However, there is nothing luxury in vinyl plank floors, stop normalizing it, please.
That is marketing for you! I have LVP in my home and I wasn’t a fan at first but it is amazing for pets and kids. That is luxury in itself!
😂😂😂
@@LIVINGINDALLASit saved my whole house in recent 65k gallon flood!😊
If they throw in the bunny we have a deal. 🐇
These homes aren’t even in Dallas Proper. Should have said DFW surrounding area.
Hey there! True, they're not exactly in Dallas proper, but they’re still in the DFW neighborhood, just a little off the beaten path!
Who is putting 20 percent down 😂😂😂
We work with many clients selling much more expensive homes in other states and they put down 20% all the time.
We put 35% down.
I'm putting 20% down on $750k home.
Not a flex, just letting you know people are doing it.
@@LIVINGINDALLAS I don’t think it’s a good idea, because with the monthly payments they are house poor at their yearly income. They would have to put more than 20% to afford the house more like at least 1/3 down.
@@eblawrenceeh depends a lot of people have great investments or high ROIs in place already to where 20% isn’t much. Not every buyer who makes 6 figures just started making 6 figures recently if that makes sense.
Great video and handsome UA-camr!
Appreciate that! 😊Thanks for tuning in!
So not that hard
Thanks for tuning in!
I am just here to see muscles 😂
Probably have to keep looking 😂