[dumbrenter]

Lets see what the taxes are for this fictional family of 3 who are grossing 100K and are responsible (i.e. are renters and invest fully in 401K)

100K – 15K (401K) – 2k (medical) – 11k (standard deduction) – 10K (exemptions for 3 people) = 62K of AGI. For 2008 taxes, this means that the federal taxes are $8500. Add $5000 for state taxes and $7650 for social security & medicare and subtract $1000 for child tax credit, then the total taxes add up to $20150.

If my calculations are correct, I would say enron_by_the_sea is correct in the sense that the taxes are overestimated.

[dumbrenter]

Lets see what the taxes are for this fictional family of 3 who are grossing 100K and are responsible (i.e. are renters and invest fully in 401K)

100K – 15K (401K) – 2k (medical) – 11k (standard deduction) – 10K (exemptions for 3 people) = 62K of AGI. For 2008 taxes, this means that the federal taxes are $8500. Add $5000 for state taxes and $7650 for social security & medicare and subtract $1000 for child tax credit, then the total taxes add up to $20150.

If my calculations are correct, I would say enron_by_the_sea is correct in the sense that the taxes are overestimated.

[dumbrenter]

Those with children should also account for baby supplies, more clothes, leisure and entertainment, educational events and most of all, investment in time from parents (which means less time spent on other work, investments or opportunities). All this in addition to childcare.

Those pesky little brats suck up a big chunk of the budget.

[dumbrenter]

Those with children should also account for baby supplies, more clothes, leisure and entertainment, educational events and most of all, investment in time from parents (which means less time spent on other work, investments or opportunities). All this in addition to childcare.

Those pesky little brats suck up a big chunk of the budget.

[dumbrenter]

Those with children should also account for baby supplies, more clothes, leisure and entertainment, educational events and most of all, investment in time from parents (which means less time spent on other work, investments or opportunities). All this in addition to childcare.

Those pesky little brats suck up a big chunk of the budget.

[dumbrenter]

Those with children should also account for baby supplies, more clothes, leisure and entertainment, educational events and most of all, investment in time from parents (which means less time spent on other work, investments or opportunities). All this in addition to childcare.

Those pesky little brats suck up a big chunk of the budget.

[dumbrenter]

Those with children should also account for baby supplies, more clothes, leisure and entertainment, educational events and most of all, investment in time from parents (which means less time spent on other work, investments or opportunities). All this in addition to childcare.

Those pesky little brats suck up a big chunk of the budget.

[dumbrenter]

SD Transplant, getting back to your topic….

Do not forget that mortgage payments and taxes are interlinked.

Assuming a $4,841 take home / month as you mentioned, anybody paying greater than 50% of it in effective rent (i.e. mortgage payments after being discounted by tax effect)is setting themselves up for a disaster.

Picking half of it, say $2400 per month will result in a home value of 445K at 6% interest rate, 1.02% property taxes, $3000 housing related expenses per year (insurance, etc.) and assuming 20% down.

So, any family grossing $100K that buys a home valued more than $445K is one small financial emergency away (like a loss of job etc. or worse) from being in trouble. They are essentially betting on the fact that nothing out of ordinary will ever happen to them for the next few years.

Given that the median income in this county is less than $100K, what is the median house price again?

[dumbrenter]

SD Transplant, getting back to your topic….

Do not forget that mortgage payments and taxes are interlinked.

Assuming a $4,841 take home / month as you mentioned, anybody paying greater than 50% of it in effective rent (i.e. mortgage payments after being discounted by tax effect)is setting themselves up for a disaster.

Picking half of it, say $2400 per month will result in a home value of 445K at 6% interest rate, 1.02% property taxes, $3000 housing related expenses per year (insurance, etc.) and assuming 20% down.

So, any family grossing $100K that buys a home valued more than $445K is one small financial emergency away (like a loss of job etc. or worse) from being in trouble. They are essentially betting on the fact that nothing out of ordinary will ever happen to them for the next few years.

Given that the median income in this county is less than $100K, what is the median house price again?

[dumbrenter]

SD Transplant, getting back to your topic….

Do not forget that mortgage payments and taxes are interlinked.

Assuming a $4,841 take home / month as you mentioned, anybody paying greater than 50% of it in effective rent (i.e. mortgage payments after being discounted by tax effect)is setting themselves up for a disaster.

Picking half of it, say $2400 per month will result in a home value of 445K at 6% interest rate, 1.02% property taxes, $3000 housing related expenses per year (insurance, etc.) and assuming 20% down.

So, any family grossing $100K that buys a home valued more than $445K is one small financial emergency away (like a loss of job etc. or worse) from being in trouble. They are essentially betting on the fact that nothing out of ordinary will ever happen to them for the next few years.

Given that the median income in this county is less than $100K, what is the median house price again?

[dumbrenter]

SD Transplant, getting back to your topic….

Do not forget that mortgage payments and taxes are interlinked.

Assuming a $4,841 take home / month as you mentioned, anybody paying greater than 50% of it in effective rent (i.e. mortgage payments after being discounted by tax effect)is setting themselves up for a disaster.

Picking half of it, say $2400 per month will result in a home value of 445K at 6% interest rate, 1.02% property taxes, $3000 housing related expenses per year (insurance, etc.) and assuming 20% down.

So, any family grossing $100K that buys a home valued more than $445K is one small financial emergency away (like a loss of job etc. or worse) from being in trouble. They are essentially betting on the fact that nothing out of ordinary will ever happen to them for the next few years.

Given that the median income in this county is less than $100K, what is the median house price again?

[dumbrenter]

SD Transplant, getting back to your topic….

Do not forget that mortgage payments and taxes are interlinked.

Assuming a $4,841 take home / month as you mentioned, anybody paying greater than 50% of it in effective rent (i.e. mortgage payments after being discounted by tax effect)is setting themselves up for a disaster.

Picking half of it, say $2400 per month will result in a home value of 445K at 6% interest rate, 1.02% property taxes, $3000 housing related expenses per year (insurance, etc.) and assuming 20% down.

So, any family grossing $100K that buys a home valued more than $445K is one small financial emergency away (like a loss of job etc. or worse) from being in trouble. They are essentially betting on the fact that nothing out of ordinary will ever happen to them for the next few years.

Given that the median income in this county is less than $100K, what is the median house price again?

[dumbrenter]

The property is around 1400 square feet, a very large 2 BR 2.5 bath property by my standards (with a 2 car garage). Also comes with all appliances (refrigerator, full size w/d….).

I have been following the craigslist and zilpy site where the rentals seem to be in the same range with what was quoted for this property.

The weird thing is that there are bigger places renting in UTC for cheaper.

[dumbrenter]

The property is around 1400 square feet, a very large 2 BR 2.5 bath property by my standards (with a 2 car garage). Also comes with all appliances (refrigerator, full size w/d….).

I have been following the craigslist and zilpy site where the rentals seem to be in the same range with what was quoted for this property.

The weird thing is that there are bigger places renting in UTC for cheaper.

[dumbrenter]

The property is around 1400 square feet, a very large 2 BR 2.5 bath property by my standards (with a 2 car garage). Also comes with all appliances (refrigerator, full size w/d….).

I have been following the craigslist and zilpy site where the rentals seem to be in the same range with what was quoted for this property.

The weird thing is that there are bigger places renting in UTC for cheaper.

[Author]

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