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Hammond Tiger Fan
Vanderbilt Fan
Hammond
Member since Oct 2007
15064 posts

How do people my age (31) can afford a $300k house??
My wife and I are educated...I hold a B.S. in Electrial Engineering and a MBA and my wife hold a Bachelor's and Master's in Music and a I'm dumbfounded to how some people we know who are around our age or younger can afford to live in a $300K house. We make decent money, but I just don't see how these people we know who we think are on the same level as us are able to do it

We want to move to Mandeville in a few years so our children to attend school there, but we don't see how we can do it with a decent house there starting at $225K and up.

Are we doing something wrong here??


ksayetiger
Wisconsin Fan
Centenary Gents
Member since Jul 2007
53564 posts

re: How do people my age (31) can afford a $300k house??
quote:

Are we doing something wrong here??



Contact Fanny Mae. They'll help


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Chicken
USA Fan
Jackassistan
Member since Aug 2003
15324 posts

re: How do people my age (31) can afford a $300k house??
quote:

How do people my age (31) can afford a $300k house??
Depending on the interest rate and your down payment, you could easily afford it. You just need to make sure your total monthly house payments (mortgage, taxes, insurance) don't exceed 25% of your gross income. Some people like to go over 30% (see current economic crisis). You just need to make a budget and see if you can do that.


This post was edited on 10/27 at 1:57 pm


barry
Cincinnati Fan
Location, Location, Location
Member since Aug 2006
47278 posts

re: How do people my age (31) can afford a $300k house??
quote:


How do people my age (31) can afford a $300k house??


With no kids i could see it, me and my wife afford a 175K house and im 25 and its only about ~25% of our take home monthly income, and thats with ridiculous Texas property tax. With no kids i could see how its possible, especially if they consider this more valuable than new cars. Now if they have a new escalade, 5 series and two kids, then i start to wodner.


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Towelie
LSU Fan
America's Wang
Member since Aug 2007
18934 posts

re: How do people my age (31) can afford a $300k house??
I paid 300k for my house, I'm 26.

eta. my roommates pay the bulk of the mortgage
This post was edited on 10/27 at 1:57 pm


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Hammond Tiger Fan
Vanderbilt Fan
Hammond
Member since Oct 2007
15064 posts

re: How do people my age (31) can afford a $300k house??
quote:

Depending on the interest rate and your down payment, you could easily afford it.


Even if you put down 20%, I still down see how that's possible.


Martini
North Carolina Fan
Near Athens
Member since Mar 2005
45527 posts

re: How do people my age (31) can afford a $300k house??
quote:

How do people my age (31) can afford a $300k house??


They're called "liar loans" and you and I are getting ready to own several million of them.


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TigahRag
Texas A&M Fan
Sorting Out OT BS Since 2005
Member since May 2005
132775 posts

re: How do people my age (31) can afford a $300k house??
you're looking at about a $2200 a month house note, escrow included ...


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Golfer
LSU Fan
Member since Nov 2005
73310 posts

re: How do people my age (31) can afford a $300k house??
Unless you know their entire financial situation then there really isn't much more than speculating...

They could have been saving for 10+ years to make a sizeable downpayment (30%+), have some family inheritance, etc.


biggs
LSU Fan
Crescent City
Member since Dec 2007
2237 posts

re: How do people my age (31) can afford a $300k house??
What monthly notes/exspenses do you have now?
How much can you put down?


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Melleaux Tiger
LSU Fan
Pearland, TX
Member since Dec 2003
603 posts

re: How do people my age (31) can afford a $300k house??
I am your age and live in Houston. I have a bachelor's in MIS from LSU. I am a Senior Manager for a software company. My wife has a bachelor's from LSU and masters from U of Houston in Speech Pathology. She works 2 10-hour days a week so she can spend most days home with our 2.5 year old (and one on the way). We could easily afford a $300K house if we didn't save as much for retirement as we do (Together, we make about $160K per year). We live in a $160K house and the payment is a very small percentage of our income each month.


SouthEndzoneTiger
LSU Fan
Louisiana
Member since Mar 2008
5606 posts

re: How do people my age (31) can afford a $300k house??
So many variables. It all depends on how much debt you have. If you have 5 credit cards between the two of you with thousands of dollars on them, 2 or 3 car notes, paying back loans, a boat, etc., then you probably can't afford a 300K house.


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Jones
New Orleans Saints Fan
Member since Oct 2005
79919 posts

re: How do people my age (31) can afford a $300k house??
parents


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yellowfin
Chicago Cubs Fan
Coastal Bar
Member since May 2006
92810 posts

re: How do people my age (31) can afford a $300k house??
quote:

How do people my age (31) can afford a $300k house??

I'm 29 and that's the price range I'm looking in, but my first home was a lot less than that and I'm sure salaries are a lot higher in Houston than Hammond.


Chicken
USA Fan
Jackassistan
Member since Aug 2003
15324 posts

re: How do people my age (31) can afford a $300k house??
quote:

Even if you put down 20%, I still down see how that's possible.
I should not have said "easily" but rates were very low four years ago, and it made house notes very cheap.

See my edited post above...the key is keeping your payment at or below 25% of your gross monthly income.

If you live in an area with low property taxes, it could work out for you...


Jabberwocky
tumtum tree
Member since Sep 2007
6923 posts

re: How do people my age (31) can afford a $300k house??
quote:

I'm dumbfounded to how some people we know who are around our age or younger can afford to live in a $300K house.


they cant. hence all the bad mortgages. or maybe if they have small kids, they can afford it now, but big kids = more $. i would NEVER want a mortgage i was budgeting in the red for. we live below our means so we can have extras and enjoy things. you should get a mortgage that can be paid by one of you, in case something happens to the other one.


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tylercsbn9
USA Fan
Cypress, TX
Member since Feb 2004
62948 posts

re: How do people my age (31) can afford a $300k house??
quote:

but I just don't see how these people we know who we think are on the same level as us are able to do it


Most people can't and that is why we are in the situation we are right now.

My wife and I decided to buy a house that was likely under our tax bracket, rather than spend 400K on a house in Houston.

It's our first house so we didn't want anything too pricey. We found a nice 3200 sq ft place in Tomball which has great prices.


T Ba Doe Tiger
LA-Lafayette Fan
ROWMCO
Member since Aug 2007
11103 posts

re: How do people my age (31) can afford a $300k house??
I contracted my house myself built for $170 finc $145 and appraised for $275 before Katrita. You will be able to get deals soon, IMO. trying to convince wife to sell ours now and rent for 12-18 months.


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JPLIII
New Orleans Saints Fan
Broussard - terd supporter
Member since Jan 2008
22616 posts

re: How do people my age (31) can afford a $300k house??
quote:

I am your age and live in Houston. I have a bachelor's in MIS from LSU. I am a Senior Manager for a software company. My wife has a bachelor's from LSU and masters from U of Houston in Speech Pathology. She works 2 10-hour days a week so she can spend most days home with our 2.5 year old (and one on the way). We could easily afford a $300K house if we didn't save as much for retirement as we do (Together, we make about $160K per year). We live in a $160K house and the payment is a very small percentage of our income each month.


whats your ss#?


Martavius
New Orleans Saints Fan
Member since Nov 2005
16019 posts

re: How do people my age (31) can afford a $300k house??
quote:

Even if you put down 20%, I still down see how that's possible.

You're talking about $1,500 a month principal and interest ball park based on current rates with 20% down. Add escrow payment on top of that.

Now I have no idea bout you other debt obligations but based on the education credentials you threw out there, you sound under employed if that's out of reach for you.

That being said, I'd recommend renting for now.
This post was edited on 10/27 at 2:03 pm


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