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I know there are SO many variables, but I've never once really thought about owning a home or actually mortgaging a home or how any of it works.
So lets say you are ~5 years out of residency and both the PCP and Psychiatrist are making average salaries (220 and 270) - that's a combined income pre-tax of ~490. So, what's like the general rule of thumb of how expensive your home should be? Obviously it's up to how much debt the couple wants to go into, but is a 1.5 million dollar home possible, or even 2? Or should you only do doubleish the income and do more like 940k? Forget size and what not, only looking at pure cost.
Also for the sake of reducing variables, let's assume this is NOT in an incredibly populated area like outside of NYC, LA, or any state with a tremendous property tax, and cost of living. Think more of a rural area outside of a city of 80,000 people.
So lets say you are ~5 years out of residency and both the PCP and Psychiatrist are making average salaries (220 and 270) - that's a combined income pre-tax of ~490. So, what's like the general rule of thumb of how expensive your home should be? Obviously it's up to how much debt the couple wants to go into, but is a 1.5 million dollar home possible, or even 2? Or should you only do doubleish the income and do more like 940k? Forget size and what not, only looking at pure cost.
Also for the sake of reducing variables, let's assume this is NOT in an incredibly populated area like outside of NYC, LA, or any state with a tremendous property tax, and cost of living. Think more of a rural area outside of a city of 80,000 people.