Lol…they can disagree but the math doesn’t lie.
A quick check on a mortgage affordability calculator shows someone making $75k a year with good credit and a $50k down payment could afford a $322,000 home with a 30 year fixed rate mortgage. Personally I’d go with a 15 year mortgage and move up to a better home later when I could easily afford to.
Personally I like the old trick of taking out a 30-year loan and paying extra principal to essentially turn it into a 15-year loan.
Definitely depends on the interest rate difference, but a useful risk management tool nonetheless.
Either way, agree 15 years is a much wiser mortgage timeline than thirty.
That’s why I do 30 year. It gives me more wiggle room.
Yep, one extra payment a year knocks 7 years off a 30 year mortgage. As you make more income you can pay more and pay it off much faster, but a lot of people don’t have that will power.
Degrees does not equal a higher salary. At times it can even be an inverse
I actually make the $74,000 salary mentioned. That said, you can either think you make $74,000, make $55,000, or $100,000 and your financial circumstances will match how your lifestyle matches your income
But, with Bidenomics so many people can not afford homes these days. At least somebody has said that in other threads. 
Seriously, there are so many variables out there that one can not make a blanket statement like that. As one example, somebody living in rural Mississippi could afford a whole lot more on $75,000 per year than somebody living in San Francisco or New York City.
Smart people never think theyre rich or or even middle class. I made 250k in 2023 yet id just say im middle class, stats would suggest im Upper middle class.
Does Your Income Make You Upper Class, Middle Class, or Lower Class?.
Fool stinks im ‘upper class’ whatever that means. I agree with wmj, class status is not only income but equally locality.
That has me as upper-middle class. I would disagree with that. Based on where I live, which is a higher cost of living area, I would say I am in the middle class. I would like nothing more than to say I am in the upper class, but I am realistic. I not in the poor house by any means.
You make a whole lot more than I do and also live in a lower cost-of-living area, so at least from my vantage point you definitely in the upper middle-class at least. 
I dont agree with these cutoff points. The author has simply chosen to use 20% bands and that is not accurate. I would be in their upper class band for the last 20 years, which is simply not the case…
Look at the income distribution curve and it’s not linear…it’s almost exponential
Formerly made more than you, i throttled up and worked every OT shift i could in 2023. As of December 15, this guy is out of work!
Even if im upper class, i dont realize it or act it. My daily driver is a 2007 BMW.
Because your public pension is based on your last year of work ?
Financing $275k at 7.5% is $1923. Then add about $500 for taxes and insurance. Thats a hefty portion on their income. Someone could afford this but they better like pb&j. After income and payroll taxes, and mortgage they are going to have a thin bank account for everything else. I wouldnt want to push my budget that thin. This math gets harder with family or with student loans.
Nope, based on average of high-3 years working but only base. I worked 300 hours overtime this year but has no effect on my pension. I just wanted to pad the accounts and pay for a bathroom renovation.
Bears has a habit of not understanding mortgages for other people
All done controlling, Beemer? What are you up to these days?
Someone making $75,000 a year would take home $4,732 a month after taxes, I used a payroll calculator for Illinois. Using your numbers the mortgage would cost them $2,433 a month leaving them $2,299 a month for everything else. Unless they have a huge car payment and/or other debt they should be fine.
The numbers are the numbers, if someone has a $1,000 a month car payment, spends $1,000 a month on dining out and gets an Amazon delivery every other day they probably won’t be able to afford a home.
Single sure no problem. Married and kids, that would be terrifying today. A few years ago it would also be manageable. Inflation destroyed the basic cost of living.
Paying > half your income for a mortgage is rarely a good idea.
