As I mentioned after we bought a new(er) car a while back, we’re now fully engrained back in the domesticated life where concerns aren’t where you’ll rest your head for the night, but instead how bad traffic will be on the way to work. Now the real test, could we stay within the 2X income for buying a house?
The 2x income rule basically says when you buy a house, your total loan shouldn’t be more than two times your gross annual salary. It’s not necessarily based on the price of the house because you can subtract the down payment.
That being said, we managed to stay within the 2x income rule!
We were at a high risk of going over it as we we’re finalizing which city we’d move to. After we got back from traveling and I started working, I got a promotion and part of the deal was I had to move to either Houston, Dallas, or Austin. We quickly ruled out Houston as we don’t have many friends there and it’s farther from our families in Oklahoma. That left Austin and Dallas. Continue Reading…