How much money (monthly) should I spend to own a home?

Do you have kids or are you planning on having kids in the house? Are your incomes stable?

If yes to both, then I don't think $2000-$2500 is unreasonable. If no to either, I would look for cheapest option you're both comfortable with and maximize savings instead.

I would buy as small as possible but in a good area to try to save up more money to get something bigger once you have kids. Hopefully by the time you have your second house, you would have enough saved to not have to pay PMI.

I would rent for 6 months to a year first. You are starting your first "real" job. What happens if you buy, and they offer you a 30% raise after six months to move to another city? What happens if you hate your job or your boss? Without kids and just starting out, I would rent and save.

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Looking for a home in Metairie. The housing market appears to be slowing down in the area, but prices still seem very high.

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You will probably be spending 250k for anything decent . There's a house nearby me for sale that's pretty nice listed at 275

With that income and no car payments you can handle it. 20% down is overrated. You have steady income can make the payments no problem then so what if you pay a little extra pmi. I'd put 5% down ask seller to help with closing and enjoy life with money left in your savings

I would rent. There are a lot of rentals coming in the market in the next couple of years in Nola. You should be able to get good value in a rental while stockpiling cash to buy the house you really want when you have a down payment together.

I personally would hesitate to buy with less than 20% down.

In New Orleans you could still be paying $1,500 a month in interest, taxes, and insurance ten years into your loan if you buy a house with a $325,000 loan.

You could probably rent a pretty nice place for $1,500 a month, and you don't have to pay for maintenance.

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I would rent for 6 months to a year first. You are starting your first "real" job. What happens if you buy, and they offer you a 30% raise after six months to move to another city? What happens if you hate your job or your boss? Without kids and just starting out, I would rent and save.

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First real job, fiancé and I'm guessing the OP s in his early 20's... for all of those reasons, I'd suggest renting as well. Steinbeck's famous line offers good advice to someone just starting out. Why not see how the job works out, how the fiancé works out and whether or not a Plan B has to be looked at before jumping into a mortgage right now?

But if he's determined to do it, then no, $2000 PITI shouldn't be a problem financially, if that's all he wants to know.

Given your situation you need to rent. Rent as small and cheap as you can and still live in a good neighborhood. As others have said you do not know how stable your job situation may be or if you will get a better offer elsewhere. Put away the extra money for a down payment later once you have kids.

Also, you and your fiancée are not married yet. You are in your early to mid 20s. Not to be a downer but things happen. I am in my 40s. I could tell stories from my life and my friends' lives but you don't want to hear them. There is no need to get so deeply entangled quite yet. Get a prenup as well.

Finally, renting will also give you a better idea of what you want out of a house. Is it a fixer uppper with projects? A new house with no projects? How much work around the house do you want to do? How will this impact the recreational activities you like? Work for a year, see how it impacts what you do away from work, then consider a house.

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