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My husband and I bought a small 3 bed 1 bathroom home in 2019 for 550k
We have two small kids, and would love to have 1-2 more and foster in the future.
This means we would need a bigger house. We don’t want a huge one, but 4 bed 2 bath would be perfect.
We both are uni qualified professionals and earn ~240k combined annually before tax (~180k post tax)
From my maths, we would need to earn around 200k pre tax each to ever be able to upgrade.
We would need our mortgage repayments to stay below 25% of our income to survive. So our repayments would be $5000 a month, if we got the ~$800k loan we would need to upsize.
Does this mean that we are never going to be able to buy a new house? I don’t see our incomes moving up that high anytime soon
You plan on having 4 kids, you'll need a bigger house and bigger incomes
Kids will need a lot of assistance to avoid facing a life of housing insecurity, AI job insecurity etc. Too many people plan to have kids for a Max of 16-18 years. In this day and age plan to be assisting them till they are 25 to 30. Or win the lotto I guess.
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That's actually awesome news and something we need more of in this world. Kids really deserve more than most of them are getting in terms of planned parenting and future proofing their lives.