{"id":481,"date":"2011-11-16T05:46:56","date_gmt":"2011-11-16T11:46:56","guid":{"rendered":"http:\/\/gunscarstech.com\/?p=481"},"modified":"2011-11-16T05:46:56","modified_gmt":"2011-11-16T11:46:56","slug":"one-more-thing-on-houses","status":"publish","type":"post","link":"https:\/\/gunscarstech.com\/?p=481","title":{"rendered":"One more thing on houses"},"content":{"rendered":"<p>Dr. Thomas Stanley had a <a href=\"http:\/\/www.thomasjstanley.com\/blog-articles\/347\/Millionaire_Rule_1.49.html\">post<\/a> yesterday about the houses that millionaires live in, and his figures may shock you.<\/p>\n<p>It seems that a whole lot more millionaires live in houses that cost less than $300,000 than those who live in homes that cost more than $1 million.<\/p>\n<p>The median home price for the millionaires in his study was 1.49x yearly earnings. If you think about it, that&#8217;s kinda low for most people. Using this number, someone who makes $100,000 a year would live in a house that costs only $149,000. A quick look around the web shows people recommending 2x-3x annual income as the commonly accepted number.<\/p>\n<p>I don&#8217;t want the commonly accepted number, because the common man is <i>broke<\/i>. I&#8217;d rather use the exceptional number used by the millionaire!<\/p>\n<p>Let&#8217;s look at this ratio in the context of <a href=\"https:\/\/gunscarstech.com\/2011\/11\/07\/baby-step-3b-getting-a-house\/\">this post<\/a>. If you&#8217;re annual taxable income is $100,000, then according to <a href=\"http:\/\/www.PayCheckCity.com\">PayCheckCity.com<\/a> your take home pay will be about $6100\/month. A $149,000 with 20% down means a $119,200 mortgage. If you get a 15 year mortgage at today&#8217;s rate of 3.5%, that breaks down to $852\/month. Let&#8217;s say that adding taxes (lot&#8217;s of taxes in this case) and insurance puts you at $1100 per month. <\/p>\n<p>That&#8217;s about 18% of take home pay, which is less than the 25% maximum Dave Ramsey suggests. For the record, ours is about 14% of our take home pay.<\/p>\n<p>Just one more thing to think about when purchasing a home.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dr. Thomas Stanley had a post yesterday about the houses that millionaires live in, and his figures may shock you. It seems that a whole lot more millionaires live in houses that cost less than $300,000 than those who live in homes that cost more than $1 million. The median home price for the millionaires [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-481","post","type-post","status-publish","format-standard","hentry","category-debt-free-living"],"_links":{"self":[{"href":"https:\/\/gunscarstech.com\/index.php?rest_route=\/wp\/v2\/posts\/481","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gunscarstech.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gunscarstech.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gunscarstech.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/gunscarstech.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=481"}],"version-history":[{"count":0,"href":"https:\/\/gunscarstech.com\/index.php?rest_route=\/wp\/v2\/posts\/481\/revisions"}],"wp:attachment":[{"href":"https:\/\/gunscarstech.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gunscarstech.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gunscarstech.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}