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Started By
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re: How much rent can a young person afford on 60k income?
Posted on 5/3/17 at 4:13 pm to fightin tigers
Posted on 5/3/17 at 4:13 pm to fightin tigers
quote:
You are losing money paying a mortgage.
I have a mortgage...everyone does. Doesn't mean it is right.
How is this possible right now
0
Posted on 5/3/17 at 4:13 pm to Slippy
Just gtfo of Nola. Best thing I ever did was move south. Cost of living much cheaper.
Posted on 5/3/17 at 4:13 pm to RocketPower13
Who said they were starting a family?
They are two kids looking to live in a city. Not everyone wants to live the suburban life and think a "trip to town" is something saved for Saturdays.
They are two kids looking to live in a city. Not everyone wants to live the suburban life and think a "trip to town" is something saved for Saturdays.
This post was edited on 5/3/17 at 4:14 pm
Posted on 5/3/17 at 4:15 pm to GreatLakesTiger24
quote:
seems a bit high IYAM
With no other excessive debt or multiple debts accumulating to a large debt payment, then 30% is about right for a max. I personally would gravitate to around 20% + or -, but that's me. It's a pretty good cap, maybe I could have gotten that across better, max of 30% if other debts are nominal.
Posted on 5/3/17 at 4:15 pm to RocketPower13
quote:
Infastructure, education, crime, building racial tension, economic incentives that exist to appease tourist industries; why am I getting downvotes for saying two teachers starting a family would be better off not doing so in n.o and using a legit example as evidence?
Probably because Colorado isn't all that cheap and saying NO isn't the place to raise kids definitively is fricking stupid. Just a guess though.
Posted on 5/3/17 at 4:16 pm to fightin tigers
I said IF.
Regardless honestly they're wasting their money by paying overpriced rent when they could be paying a mortgage or putting that money towards some form of equity.
Regardless honestly they're wasting their money by paying overpriced rent when they could be paying a mortgage or putting that money towards some form of equity.
This post was edited on 5/3/17 at 4:18 pm
Posted on 5/3/17 at 4:17 pm to LNCHBOX
So wasting money on overpriced rent is a better utilization of their income?
Got it.
Got it.
Posted on 5/3/17 at 4:17 pm to RocketPower13
Assuming they have enough for 20% down and maintenance. Your looking at 350k mortgage and roughly 50k down to get in an area that is about 1300 to rent.
For that mortgage you could return with probably some rental area in the house though.
Apples for Apples, 250k condo or half a shotgun.
For that mortgage you could return with probably some rental area in the house though.
Apples for Apples, 250k condo or half a shotgun.
This post was edited on 5/3/17 at 4:19 pm
Posted on 5/3/17 at 4:18 pm to RocketPower13
My post had nothing to do with rent versus buying.
Posted on 5/3/17 at 4:18 pm to Slippy
quote:
They found a nice shotgun double in Old Gretna for about a grand. 850 sf. Toying with pulling the trigger. It's right by coffee shops and restaurants. Looks and feels like NO, but (best part) is it's in Jefferson Parish and pretty safe. I think they are gonna go for it.
If it's between Huey Long Ave and Lafayette Street fairly close to the Old Post Office, that's a nice area
Posted on 5/3/17 at 4:20 pm to LNCHBOX
The OP had nothing to do with standard of living either, so we're both expressing personal opinions. I based mine off of interactions with someone close to me.
Posted on 5/3/17 at 4:21 pm to Slippy
Start at $1600 and subtract any debit. Ex 1600- car payment - student loan - CC, etc.
Posted on 5/3/17 at 4:22 pm to Slippy
Id say 1300 if no debt
Posted on 5/3/17 at 4:22 pm to Slippy
The internet's says the starting salary for teachers with a BA in NOLA is $39k. You sure you have salary numbers correct?
Posted on 5/3/17 at 4:23 pm to Slippy
quote:
I'm thinking anything decent will be at least $900 and up.
A good formula is 1 week take home salary...and at $60,000...that would be right at $900.
Posted on 5/3/17 at 4:23 pm to fightin tigers
quote:
Fwiw, 60k should easily be able to do 1200 a month.
There is no reasonable way to come to this conclusion.
60k with no car note, no student loans? Sure.
That's highly unlikely to be the case, and they probably would also like to save for retirement. The amount of the other expenses would determine what they can afford to rent.
Posted on 5/3/17 at 4:23 pm to Slippy
Posted on 5/3/17 at 4:24 pm to LNCHBOX
quote:
and saying NO isn't the place to raise kids definitively is fricking stupid.
I'd definitely want someone like you to babysit my kids in n.o
Posted on 5/3/17 at 4:25 pm to SlowFlowPro
quote:
flexibility
lowering your risk assumption
I've been asked to move once for a company and my new company has already put it out there that they want people in my position to move around.
It is sort of hard to buy when you cucked to jobs and the job market kinda blows.
This post was edited on 5/3/17 at 4:26 pm
Posted on 5/3/17 at 4:29 pm to Slippy
I'm 22, about to get married myself. I bought a lot of land and a house and had a decent enough down payment. I only make 50k by myself and my monthly payment is 1200 so it's doable. Just cut out the garbage you don't need. My friend who's the same age is paying 900ish a month and has a little more to work with. Once I get married, her income will definitely help.
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