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re: How much rent can a young person afford on 60k income?
Posted on 5/3/17 at 7:58 pm to Slippy
Posted on 5/3/17 at 7:58 pm to Slippy
quote:
Failed to mention that they will both be teaching on the wank. So this looks like a perfect situation.
Old Algiers is pretty charming and probably not that expensive.
0
Posted on 5/3/17 at 7:58 pm to melovecookie
quote:
I seriously don't have a clue how anyone could survive even if a house was givin to them on $60,000/year.
Posted on 5/3/17 at 8:01 pm to noonan
quote:
quote: With the mortgage you at least have the possibility of getting what you put in back out. With renting, you have zero chance of getting any of that money back.
Not true.......
POOR PEOPLE HEAR THIS
if you mortgage a house you will pay virtually all interest in the front end of the loan!!!!! It's like rent except you are responsible for all your own upkeep/property taxes/ etc.......
If you can do like me and find a cheap apartment your first few years out of school... "mine was $425/month" It is a much better deal than buying a home for $1,2000 a month.
Posted on 5/3/17 at 8:21 pm to melovecookie
quote:
if you mortgage a house you will pay virtually all interest in the front end of the loan!!!!! It's like rent except you are responsible for all your own upkeep/property taxes/ etc.......
Well yeah, that's why you don't buy when you are only going to be there for a couple years.
quote:
If you can do like me and find a cheap apartment your first few years out of school... "mine was $425/month" It is a much better deal than buying a home for $1,2000 a month.
Difference is, my $1400 rent would be buying a much better house.
Posted on 5/3/17 at 8:22 pm to melovecookie
Even once you pay the house off, you'll still have taxes, upkeep, capital expenses, etc. You still have to "buy right" to be better off financially
Posted on 5/3/17 at 8:40 pm to jimbeam
My advice......
Rent for a few years until you make enough to buy a house you intend on staying in.
Rent for a few years until you make enough to buy a house you intend on staying in.
Posted on 5/3/17 at 8:44 pm to Slippy
Build a garage apartment for them and regale the OT with the sitcom antics of Poppa Slippy vs the young marrieds.
Posted on 5/3/17 at 8:46 pm to Jim Rockford
Better yet....... live in a cheap rental until you can afford 20% down on a house you want.
Posted on 5/3/17 at 10:35 pm to bmy
quote:
It's not like we share a bank account we just share groceries, bills, etc.
And herpes. Don't forget about the herpes.
Posted on 5/3/17 at 11:15 pm to Slippy
That answer is: What is ($60,000 x .25) / 12
This post was edited on 5/3/17 at 11:30 pm
Posted on 5/4/17 at 4:31 am to Slippy
quote:
They don't want some apt complex out in the burbs. Would be happier in a shotgun double. I'm thinking anything decent will be at least $900 and up.
You can't always get what you want. Not saying it isn't possible, but it isn't smart. When we got married, we made right at 100k combined and had a 900 dollar note. Yes, we could have gotten by with a nicer place. Had many friends that jumped into bigger houses. We built up a good savings which allowed us to have a kid, buy nicer cars, move when my job asked and buy a much bigger house, etc. All without having to bat an eye. Whereas the friends who bought big houses still make comments about not being able to afford random shite. Why kill yourself to live in NOLA on teachers pay when you can stay in Metairie? I know doctors who lived in river ridge or Metairie when starting out due to housing prices. And they had much bigger financial futures obviously.
Posted on 5/4/17 at 7:27 am to Slippy
There are financial calculators and advisors in the field for that shite. Google or go talk to someone.
Posted on 5/4/17 at 7:28 am to The Mick
quote:
How low/high are their other expenses?
this is the biggest question and the biggest factor.
They are roughly bringing home about 3500 to 4k a month after taxes? With no other debts, they would probably want to stay int he 1k range to be able to do what they want and still put money away to buy a house in a few years. If they are riddled with credit card debt and/or student loans then they would want to go around the same or lower and put the money towards paying down debt first.
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