My dad is a computer engineer, and his salary is $110, 000. Is that a lot of money? I don't really know what is a lot and what is a little because my parents never gave me an allowence (i'm not spoiled at all) But i'm just trying to learn.
Also do you think we can afford a house which is half a million dollars...or more even?
thank you!
2007-08-01 13:38:23 · 5 answers · asked by curious 3 in Business & Finance ➔ Personal Finance
a house is cupertino, CA
2007-08-01 13:38:51 · update #1
Well, making 110k/year would be roughly 9,166/month. A mortgage loan on a home that is half a million dollars would end up costing roughly $4,000 to $4,500 month (this including a ballpark figure for taxes and insurance, could be much higher depending on property taxes for home). This would in essence be half of your dad's monthly income. Making 9166/month after taxes would probably be a couple thousand dollars less for take home. When you add the utilities for a half million dollar home, food expenses, cell phone bills, car payments and everything else into your dad's monthly expenses this would make things extremely tight, if not unaffordable. Unless your dad has absolutely no other expenses or a nice amount of money put away for a down payment, I would suggest buying a cheaper home.
2007-08-01 13:47:34 · answer #1 · answered by dzwreck 4 · 0⤊ 0⤋
In an area like Cupertino, $110K annually is not a lot of money. You are in Silicon Valley, which is a very expensive area in which to live. Your parents could probably qualify to purchase a half million dollar house, but that doesn't get you a great deal of house in that area.
2007-08-01 22:11:28 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
$110K is a good salary, but living in CA can be quite espensive.
On that salary, if your dad bought a half million dollar house, there wouldn't be much left over for anything else.
2007-08-01 20:44:12 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
that amount of money in new york city is worth much less than in south carolina. In most places your dad would be comfortable but not rich by any means. they still have to budget and stuff and half million dollar houses are unlikely.
2007-08-01 20:43:57 · answer #4 · answered by Justme 4 · 0⤊ 0⤋
It is not a small amount, but does not determine if you should receive allowance; probably you can afford a hife million dollar house.
2007-08-01 20:45:48 · answer #5 · answered by lunk_funk 4 · 0⤊ 0⤋