How much should I mortgage/afford?

Hi All,

Looking for some advice on housing in this wild market. My wife and I just had our first child about a month ago and we are ready to start seriously looking for a house in the Philly suburbs. We have been living with my wife’s parents since the fall so we have been able to save some money for this next part of life but wanted to make sure we were approaching this in the right way. We are pre-approved for 600-700k but I don’t want to spend more than 525k at the most. We do have the ability to wait to purchase but I am trying to balance price vs the continuing rise in interest rates. Here is our financial background below, and any advice would be greatly appreciated.

Salary- 147K (Gross)

Husband- 65k

Wife- 82k

Downpayment- 90k

Debt- $0

Current Expenses:

Daycare (Starting in July)- $1,500

Phone- $95

Gas- $150 (I work from home and we only have one car, might have to purchase a beater so I can pick kid up from daycare 2x a week)

Groceries- $500

If you need any more insight let me know and I can update.

submitted by /u/GJM87
[link] [comments]

Hi All, Looking for some advice on housing in this wild market. My wife and I just had our first child about a month ago and we are ready to start seriously looking for a house in the Philly suburbs. We have been living with my wife’s parents since the fall so we have been able to save some money for this next part of life but wanted to make sure we were approaching this in the right way. We are pre-approved for 600-700k but I don’t want to spend more than 525k at the most. We do have the ability to wait to purchase but I am trying to balance price vs the continuing rise in interest rates. Here is our financial background below, and any advice would be greatly appreciated. Salary- 147K (Gross) Husband- 65k Wife- 82k Downpayment- 90k Debt- $0 Current Expenses: Daycare (Starting in July)- $1,500 Phone- $95 Gas- $150 (I work from home and we only have one car, might have to purchase a beater so I can pick kid up from daycare 2x a week) Groceries- $500 If you need any more insight let me know and I can update. submitted by /u/GJM87 [link] [comments]

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