Originally Posted by
Wallythacker
But the rule of thumb for a mortgage has always been 2.5-3x annual income. That metric has long been abandoned in this era of free money. The traditional financial rules are being ignored in all areas.
Yea, that 2.5-3x rule sounds about right. Mortgage payment should be around 20% of your monthly income, or less ideally. I got into the real estate game pretty young, and on top of that I went on the cheap fixer/upper end (big yard though).
It's funny that the "rich" have impressive homes, that are mortgaged to the hilt. No thanks.
I'd rather retire early than impress strangers with gilded garbage-new home builds.
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