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Message
How much house can I afford?
Posted on 3/24/14 at 7:06 pm
Posted on 3/24/14 at 7:06 pm
I just received a job offer in Texas (The Woodlands area). I'd be making 55k/year base salary. I have no credit. I'm currently single, but looking to get married within 2 years and some change (SO is a year behind me in school). How much house can I afford? Would it be more economical to rent? What would be the mortgage vs rent cost threshold? I have zero debt at present.
11
Posted on 3/24/14 at 7:15 pm to BAMAisDIESEL09
quote::kige:
would personally wait to buy a house until your married.
Posted on 3/24/14 at 7:16 pm to kingbob
Have any savings? I would say rent, especially if you haven't lived there before. It'll give you some time to better research the good areas and be sure you want to stay there for the long haul. You can buy once you're engaged/married and have 2 incomes to help with the down payment and mortgage.
Posted on 3/24/14 at 7:16 pm to BAMAisDIESEL09
quote:
Depending on your down payment, probably a little over $200k.
You can't be serious.
ETA: OP, I would rent at 23. Don't be in a rush. That said, unless you want to be house poor, I'd stay south of 125k.
I make SIGNIFICANTLY more than that and I paid $65,000 for mine. I understand that may not be possible in Houston though.
Have you looked into maybe getting a quadplex?
This post was edited on 3/24/14 at 7:19 pm
Posted on 3/24/14 at 7:22 pm to I Love Bama
you mean a complex where I rent out the other 3 units?
Posted on 3/24/14 at 7:22 pm to I Love Bama
I am serious. I advised that the OP should wait until he gets married but there is nothing stopping him from buying a home for $200k if he so chooses. I dont advise it, however, the original question was "how much house can I afford?"
This post was edited on 3/24/14 at 7:24 pm
Posted on 3/24/14 at 7:26 pm to I Love Bama
quote:
I make SIGNIFICANTLY more than that and I paid $65,000 for mine. I understand that may not be possible in Houston though.
200k might be high for a single income of 55k, but you can't buy a decent house in any big city for much less. shite, I couldn't even buy a parking spot for 65k where I live.
Posted on 3/24/14 at 7:26 pm to BAMAisDIESEL09
I kinda figured renting would be more economical. In which case, what would be a reasonable rent in that area? At what point would you just say, "screw it! If rent is that damn high, I might as well just pay a mortgage!"
Posted on 3/24/14 at 7:27 pm to kingbob
Be sure to factor in property taxes and interest on the mortgage loan. I was in a similar situation last year and chose to rent. I looked at houses and the only one I kind of like had reported property taxes around 6k. That and 3.5% interest on a 250k loan (7k) added up quickly. 6k plus 7k is a little more than I'm paying in rent this year so I called it a wash. I also didn't find a place I really loved before moving so I didn't feel the need to buy. No regrets so far. Saving up money now and can always move easily when the lease ends. You get to live in the new city as well without really be tied down when you rent. That way you can find an area/house you really like.
Posted on 3/24/14 at 7:28 pm to BeaumontBengal
If I move to Houston when I graduate I'm renting for sure
Posted on 3/24/14 at 7:33 pm to BeaumontBengal
quote:
Be sure to factor in property taxes and interest on the mortgage loan. I was in a similar situation last year and chose to rent. I looked at houses and the only one I kind of like had reported property taxes around 6k. That and 3.5% interest on a 250k loan (7k) added up quickly. 6k plus 7k is a little more than I'm paying in rent this year so I called it a wash. I also didn't find a place I really loved before moving so I didn't feel the need to buy. No regrets so far. Saving up money now and can always move easily when the lease ends. You get to live in the new city as well without really be tied down when you rent. That way you can find an area/house you really like.
See, this is why I posted this on the moneyboard
Posted on 3/24/14 at 7:33 pm to kingbob
quote:
I kinda figured renting would be more economical.
Well, renting is your best option because it would allow you time to familiarize yourself with the area and decide if your new job is a good fit for you.
I live in the Washington DC area. Id say rent here averages about $1500 for a 1br/1bath downtown. My friends (27 years old) pay about $2200 for a 1 bed/1bath in the nice area of downtown. The best deal Ive heard of is one of my friends found a place in North West for $1150/mo with no utilities included.
This post was edited on 3/24/14 at 7:35 pm
Posted on 3/24/14 at 8:01 pm to kingbob
quote:
What would be the mortgage vs rent cost threshold?
Would you consider a 15 year loan?
Posted on 3/24/14 at 8:02 pm to I Love Bama
quote:
I make SIGNIFICANTLY more than that and I paid $65,000 for mine. I understand that may not be possible in Houston though.
Posted on 3/24/14 at 8:09 pm to pnut53088
quote:
$65,000
Made of straw?
Posted on 3/24/14 at 8:31 pm to LSUregit
I don't know. My first house was a triplex. I paid $68K. I live in a condo that I could sell for $80-$90K. What some real estate person says I can afford, what I can personally afford based on my goals, and what I should really spend on an owner occupied dwelling are likely three different dollar amounts.
If I get married, I'll present it to my wife this way. I have a place in Lake Geneva for the summer, and a winter place in Florida. I have a comfortable place to live the majority of the year where I run my business. I plan on retiring someplace warm in the winter, and cool in the summer. I have no plans on bagging groceries and living on social security. Now honey, we can buy a bigger and nicer places, but having said what I just said, exactly how MUCH bigger and nicer were you thinking?
Because guess what? I WILL be in Lake Geneva in the summers, and Pompano Beach in the winters. I'm not sure about you though (this part I'd likely not vocalize).
If I get married, I'll present it to my wife this way. I have a place in Lake Geneva for the summer, and a winter place in Florida. I have a comfortable place to live the majority of the year where I run my business. I plan on retiring someplace warm in the winter, and cool in the summer. I have no plans on bagging groceries and living on social security. Now honey, we can buy a bigger and nicer places, but having said what I just said, exactly how MUCH bigger and nicer were you thinking?
Because guess what? I WILL be in Lake Geneva in the summers, and Pompano Beach in the winters. I'm not sure about you though (this part I'd likely not vocalize).
Posted on 3/24/14 at 8:48 pm to pnut53088
quote:He think everyone lives in BFE, Alabama
I make SIGNIFICANTLY more than that and I paid $65,000 for mine. I understand that may not be possible in Houston though.
Posted on 3/24/14 at 10:27 pm to I Love Bama
quote:Jesus....I know I live in a nice area of Louisiana, but there literally is not a house under 100K in the city....or at least I don't know of any areas where there would be.
I make SIGNIFICANTLY more than that and I paid $65,000 for mine. I understand that may not be possible in Houston though.
Posted on 3/24/14 at 10:47 pm to TigerTatorTots
A single wide on a small lot in duson would be about 65k
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