Gross anatomy: Home price vs salary

[Rambler]

First house was about 1.5x, which we bought to rent out, expecting to live in it some day (age 25)...never actually lived in it. There were a couple more rentals bought, but our next one to live in was 3.8x or so(age 31), paid it off after a few years by selling rentals that were headaches, and we still have that one. The next one was built, not bought, over a 4 year period, and we paid for the work as it was done, no mortgage. I know not everyone can do that, but we have been very fortunate (bought the land and started the process at 40).

I'm pretty sure this is the last one until we can no longer care for it...a long way off yet. No more mortgages for me though...I hate debt....with a passion.

R

[Rambler]

Originally Posted by ziggy29

...I decided years ago to let the Joneses win.

Fine, as long as your spouse's name is not Jones...

Fortunately DW's is not.

R

[SteveR]

First house was 1976. It was 0.5 of our combined income.
House 2--Different state..1X our combined income.
House 3--Different state..1.5 of our combined income.
House 4--Different state..1.5 of our combined income
House 5--Same city.........0.8 of my income (post divorce)
House 6--Different state..2X our combined income(new partner)
House 7--Different state..2X our combined incomes


This does not count second home which was 1.5X dual income and was sold last year for twice what I paid for it in 2002.

We plan on selling house #7 (current home) this year and moving to one that is smaller.

I only had PMI once...first house. The other homes except for #3 I made some money on. #3 was a large loss so we started over again on equity in house #4. The other homes were purchased with at least 25% down. House #8 will be cash.