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How much money do I need to make to afford a $600,000 house in NYC?

March 26, 2008 · Print This Article

how much house can i afford
Carl G asked:


I’m trying to figure out what gross anual salary I need to buy a house.

I have no loans, no kids, I’m single. All I pay is car insurance for my 2000 Toyota Celica($10k car) a 2001 Suzuki sport bike($3000 bike) and for my 1994 dual sport motorcycle($1500 bike). I don’t have cable and my cell is $40/month. Cell could go from $70-$100 if anything at all beyond the monthy fee.

I can put down $10,000

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Written by william · Filed Under Afford 
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Comments

7 Responses to “How much money do I need to make to afford a $600,000 house in NYC?”

  1. slipstar_182 on March 27th, 2008 12:22 am

    Try this site it might help

  2. Job Lowe on March 30th, 2008 6:01 am

    To be comfortable, you’ll need around $150k per year.

  3. THX-1138 on April 1st, 2008 1:17 pm

    your down is going to have to be more like 5%, or 30k. You can figure about 600/mo on the 100,000k, or 3600 a month mortgage payment, for a 30 year fixed, plus taxes and insurance.

  4. butterfly234 on April 4th, 2008 8:26 pm

    you can go to bankrate.com they have calculators that may be helpful but you said before you have 10K saved up. I would not se all of my savings to put down on a house because if something happens you will not have the financial backing or cushion, it will be tied up in your house. I would continue to save as much as possible but do not touch the 10K. think of that as your emergency fund. don’t touch it unless it is truly an emergency like a car accident or loss of job or something. 600K sounds awfully steep for your income but you may also want to check your credit score because that will help determine what loan products you might qualify for.

  5. Kitty on April 6th, 2008 3:05 pm

    IF YOU want to be financially independent then NEVER buy a home worth more than 2 years of your income.

    So if you make 1,200,000.oo that home can be yours and you will have ample opportunity to become very wealthy.

  6. Frank Castle on April 9th, 2008 9:45 pm

    You cannot buy a $600,000.00 house with just $10,000.00

    I suggest you to save at least $60,000.00

  7. ILoveKeyLimePie on April 11th, 2008 2:18 am

    You can’t afford it.

    A 20% downpayment is 120,000. Lenders in NYC do not play as fast and loose as they do in other places.

    You have been working for 15 years and only managed to save 10k. That won’t even cover your closing costs. At that rate, you will have the downpayment in about 6 lifetimes from now.

    You make close to 8k a month and your bills are tiny. You should be saving at least 4k a month if that is all you have to pay.

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