I make $ 45,000 a year. I want to buy a home, but the more I research it, the more I think its impossible. The homes in my area if you don’t want to live in the Ghetto, or if you don’t want a 60 year old piece of crap will cost you about $ 150,000. With 20% down I would be looking at about a $ 900.00 per month payment. Being that I am single and don’t have any children or write-offs of any kind, I get doinked by the government. I really can’t understand how anyone affords a home at this income level, being that it cost me about $ 700.00 in bills just to open my eyes every month and I live at home (Car payment, Insurance, Internet, Satellite TV, Student Loan.) Not to mention $ 200 a month in Gas. In this situtation should I even be thinking about buying a house?
45000 a year single person single person making 45 thousand per year single man making 45 000Recent Comments
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It doesn’t sound like you have enough money right now. You should concentrate on saving up so that you can possibly swing a higher down payment and lower the monthly payments.
Pay off ALL debts before you get a house. The mortgage should be your only loan.
Kinda picky for someone who is only making $ 45,000 a year with a large amount of debt.
One thing you are overlooking is how much more money you will have available since you will not be paying so much out in taxes. If you are buying a house, around 90% of the payment is tax deductable. So if you are paying $ 1000 a month, about $ 900 goes to reducing your taxes. It is one of the reason most homeowners in your income level pay no tax, Instead of around $ 800 being withheld fromyour check each month, it will only be about $ 150, mostly for Social Security and Medicare.
There are also lots of ways to purchase a home with less than 20% down. FHA, first time home buyers programs, even the VA has a purchase program where you can buy a home for 0% down if you are buying it to live in, even if you are not a vet. The main catch is they have only a few of them, and when you get one, it will probably need a couple grand of work.
The final reason it works is home ownership is the best investment you can do if you are a normal person. The last home I bought and sold, I bought at $ 95,000 and it was a struggle. We sold it four years later for $ 185,000 and it made all the difference.
The first home you buy may not be a palace. if you want to live in a palace, then rent. But if you want to live in something, and have your money going to your future and not your landlord’s pocket, find out what you can afford, buy it and make it work for 3-4 years. Then you should be able to sell it for a nice profit. Then the next house you buy will be more what you want.