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makes-more-sense OP t1_iy86nu8 wrote

Reply to comment by pancak3d in Started working two years ago — how much savings/income should I strive for to afford an expensive house within the next five years without being "house poor"? by makes-more-sense

This would be a primary residence.

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Rave-Unicorn-Votive t1_iy8aqi0 wrote

Then you're not buying your dad a house, you're buying yourself a house and letting dad live there for free.

If you truly enjoy the digital nomad lifestyle you need to reconsider locking yourself into a house you don't want that will consume a significant portion of your salary.

If you want to give him a house, free and clear in a VHCOL area, and continue to live your life, you're probably going to need $500k salary to support two HCOL households simultaneously. If you're good "settling down" then a 5x income house isn't really outlandish for a VHCOL area. And saving $10k a month for the next 5 years will be a solid downpayment.

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pancak3d t1_iy8dnpc wrote

Meaning, you will get a joint mortgage with dad, both live there, and you pay 100% of the mortgage?

Very important detail for the post!

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