2k includes property taxes, PMI, insurance, HOA fees in a urban part of major city. This cost would rep 25% of gross income. The HOA (condo maintenance fee) is about 1.2% of value, which I think is fine since if I were to have a house I would put aside that 1%-2% anyway.
The 2k came from zillow calculator with 5% down (see below for down pay details) and I pulled the tax rate straight from city records.
95k income, single in early 30s. and would still be able to hit 20% of gross to savings, and total bills including housing are estimated at ~ 33%.
General life and fun money is about 20% and includes every thing else including but not limited to fun money, groceries, gas, auto maintenance (details below), xmas gifts, and ~3500/yr vacation spending.
The auto maintenance includes everything for my current car, plus enough to allow me to put down 50% in 4-5 years when my car is about 13 yrs old. The target car payment would be 200 per month.
These budgeting values are all based on my actual budget for the last few years, not a "hope to" budget. Now the why:
1-. I need to stay centrally located due to the nature of my career, or risk 1hr+ commutes if/when something changes if I were to look in suburbs.
This leaves me with 3 options in the area: a) 250k condos/townhomes ~1000 sq ft b) 350k 3br/2bath houses in gentrifying areas or c) 500k houses in "affluent" neighborhoods.
Option C is obviously out. I could wait for 20% down payment on 350k house, but I absolutely DONT want a place bigger than what I need.
2-. I originally planned to wait another 2 years to hit 20% downpayment on 250k, but I'm afraid that if I wait that long, the bar will be raised meaning those 250k places will then be 270 or more.
When I look at the appraisal values for last 3 years of this place, it goes: 172k, 240k, 240k