How Much Home You Can ACTUALLY Afford By Salary (Buying A Home Masterclass)

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20% tax I wish lol. I’m in Canada with a marginal rate of 46%. I ended up with a house that takes up 15% of net pay, and invest about 40%. I opted for a 1960s semi-attached instead of a brand new detached mcmansion. It’s not fancy…but it’s enough and I get to do what I want in my 40s.

10:30. I would totally agree with the fact that it is better to put more down payment overall, but also agree that if you can effectively invest the savings on an investmemt with returns more than the mortgage rate, that is great news. When we bought the house in early 2022, my partner and I were able to put only 5%down as he freshly got out of a family situation and I just graduated with a masters without taking a loan. But the fact that we were able to lock the rate of 3.3%, instead of saving for 20% down payment with about 6% rates of today ( and meanwhile, paying someone else's mortgage for another year)- we decided to buy it and are very happy with our decision. Even right now, I have zero intention of paying extra principal even though I have saved quite enough as putting that money in an online savings would yield higher (4.3% apprx) interest rate(not even talking about investing in stocks to get higher returns) than 3.3% mortgage rate. We had our worries that house price will go down, but it did not go down and actually went up a bit so far. Moreover, we are renting out a room and the tenant basically pays the interest part of our mortgage. We are paying the part of principal, property taxes and HOA only.

Keep going bro lot's of love, from Nepal❤❤❤

Good morning. This depends on where you live and what you buy. Forget owning a home, everyone is priced-out unless you are the latest lottery winner.😳😳😒😒

Extremely valuable information. It’s a shame most people have their priorities a$$ backwards.

I don't need all this, I live in a very small room, I sleep on the floor, I eat on the floor, but wish and working to become a millionaire I just have to work joyfully and do the right things Thanks for your help

I work for a debt relief service. Thank you for this. So many people need to hear this

Also plan for big increases in insurance and property taxes. Ours were just increased by 50% for insurance and about 20% for property taxes (no claims or problems- just gouging). Also make sure you also have the $$ for the maintenance. New roof, fence, water heater, window, tree limbs down in a storm, sewer backs up, you name it, it can happen and you have to pay for it.