[sdduuuude]

I think you are going to burn all your tax savings (from your wise financial choice of purchasing insted of renting a depreiciating asset) on PMI (which is a complete waste of money if you have a 20% down payment) and depreciation.

Assuming a purchase price of 800K and a loan of 720K at 6%, the payment is $4,316. Assuming ALL of that is interest and a 50% tax bracket, your tax savings is $2158 per month, or $25,900 per year. 25,9000 is 3.24% of the purchase price of 800K.

So, if the house depreciates by 3.25% or more, buying is not a wise financial decision. Add in the non-depreciable cost of PMI, adjust for the actual interest rate and tax bracket and you are barely there. Also, consider that you can put an extra $1K per month or so in the bank if you rent at $3300/month instead of make a mortgage payment of $4300 per month.

The point is not “never buy a house.”
The point is rent, don’t buy, a depreciating asset.

[sdduuuude]

I think you are going to burn all your tax savings (from your wise financial choice of purchasing insted of renting a depreiciating asset) on PMI (which is a complete waste of money if you have a 20% down payment) and depreciation.

Assuming a purchase price of 800K and a loan of 720K at 6%, the payment is $4,316. Assuming ALL of that is interest and a 50% tax bracket, your tax savings is $2158 per month, or $25,900 per year. 25,9000 is 3.24% of the purchase price of 800K.

So, if the house depreciates by 3.25% or more, buying is not a wise financial decision. Add in the non-depreciable cost of PMI, adjust for the actual interest rate and tax bracket and you are barely there. Also, consider that you can put an extra $1K per month or so in the bank if you rent at $3300/month instead of make a mortgage payment of $4300 per month.

The point is not “never buy a house.”
The point is rent, don’t buy, a depreciating asset.

[sdduuuude]

I think you are going to burn all your tax savings (from your wise financial choice of purchasing insted of renting a depreiciating asset) on PMI (which is a complete waste of money if you have a 20% down payment) and depreciation.

Assuming a purchase price of 800K and a loan of 720K at 6%, the payment is $4,316. Assuming ALL of that is interest and a 50% tax bracket, your tax savings is $2158 per month, or $25,900 per year. 25,9000 is 3.24% of the purchase price of 800K.

So, if the house depreciates by 3.25% or more, buying is not a wise financial decision. Add in the non-depreciable cost of PMI, adjust for the actual interest rate and tax bracket and you are barely there. Also, consider that you can put an extra $1K per month or so in the bank if you rent at $3300/month instead of make a mortgage payment of $4300 per month.

The point is not “never buy a house.”
The point is rent, don’t buy, a depreciating asset.

[sdduuuude]

I think you are going to burn all your tax savings (from your wise financial choice of purchasing insted of renting a depreiciating asset) on PMI (which is a complete waste of money if you have a 20% down payment) and depreciation.

Assuming a purchase price of 800K and a loan of 720K at 6%, the payment is $4,316. Assuming ALL of that is interest and a 50% tax bracket, your tax savings is $2158 per month, or $25,900 per year. 25,9000 is 3.24% of the purchase price of 800K.

So, if the house depreciates by 3.25% or more, buying is not a wise financial decision. Add in the non-depreciable cost of PMI, adjust for the actual interest rate and tax bracket and you are barely there. Also, consider that you can put an extra $1K per month or so in the bank if you rent at $3300/month instead of make a mortgage payment of $4300 per month.

The point is not “never buy a house.”
The point is rent, don’t buy, a depreciating asset.

[sdduuuude]

[quote=sdnerd]… every single couple/family looking was Asian (~20 families/couples)[/quote]

Man. I have heard that alot lately.

[sdduuuude]

[quote=sdnerd]… every single couple/family looking was Asian (~20 families/couples)[/quote]

Man. I have heard that alot lately.

[sdduuuude]

[quote=sdnerd]… every single couple/family looking was Asian (~20 families/couples)[/quote]

Man. I have heard that alot lately.

[sdduuuude]

[quote=sdnerd]… every single couple/family looking was Asian (~20 families/couples)[/quote]

Man. I have heard that alot lately.

[sdduuuude]

[quote=sdnerd]… every single couple/family looking was Asian (~20 families/couples)[/quote]

Man. I have heard that alot lately.

[sdduuuude]

[quote=ncounty4]We can actually afford well over an $800k house from a monthly cash flow perspective, but still value things like savings and investing.[/quote]

Then rent an $800K house and put difference between your rent and your expected payment into the bank every month.

Build up your down payment and let this market settle. This is a terrible time to buy in that price range.

[sdduuuude]

[quote=ncounty4]We can actually afford well over an $800k house from a monthly cash flow perspective, but still value things like savings and investing.[/quote]

Then rent an $800K house and put difference between your rent and your expected payment into the bank every month.

Build up your down payment and let this market settle. This is a terrible time to buy in that price range.

[sdduuuude]

[quote=ncounty4]We can actually afford well over an $800k house from a monthly cash flow perspective, but still value things like savings and investing.[/quote]

Then rent an $800K house and put difference between your rent and your expected payment into the bank every month.

Build up your down payment and let this market settle. This is a terrible time to buy in that price range.

[sdduuuude]

[quote=ncounty4]We can actually afford well over an $800k house from a monthly cash flow perspective, but still value things like savings and investing.[/quote]

Then rent an $800K house and put difference between your rent and your expected payment into the bank every month.

Build up your down payment and let this market settle. This is a terrible time to buy in that price range.

[sdduuuude]

[quote=ncounty4]We can actually afford well over an $800k house from a monthly cash flow perspective, but still value things like savings and investing.[/quote]

Then rent an $800K house and put difference between your rent and your expected payment into the bank every month.

Build up your down payment and let this market settle. This is a terrible time to buy in that price range.

[sdduuuude]

You can’t get a loan because prices are too high and the banks know it.

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