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Is there any way possible?

Do you think that it is at all possible for me and my fiance to be able to afford a place of our own? Rent at the place that we want is $700 a month. That is not including utilities. We have about $5,500 in our savings. And he makes $9 an hour working 40-46 hours a week. Does that even sound possible? Because everyone is telling us we need to try to make it on our own. Oh and we have one child who I plan on homeschooling.

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Anonymous

Asked by Anonymous at 12:55 PM on Feb. 1, 2010 in Just for Fun

Answers (6)
  • Well if we can do it you sure can.
    Anonymous

    Answer by Anonymous at 12:59 PM on Feb. 1, 2010

  • I don't think you can afford $700/month on one income of $9/hr honestly. You would have to add food, gas for car, utilities, phone, plus extras like dr. visits. His income with no over time would be $1440 minus taxes could be only $1000/month. YOu dont want most of your income going to rent and you dont want to have to live off of savings. If you could find a way to work part time then you you could make it..or if you could find something smaller with cheaper rent.
    ria7

    Answer by ria7 at 1:03 PM on Feb. 1, 2010

  • possibly, depends on where you live- but if you are talking about buying a house, make sure that you have someone look over paperwork for you. Like a lawyer of somekind, because if I had a dollar for every person I knew that got stung by changing interest rates when they thought their payment would stay nice and low, I'd be sitting in a mansion!
    be careful of the terms that are offered! Read EVERYTHING before you sign it!
    ItsMe89

    Answer by ItsMe89 at 1:05 PM on Feb. 1, 2010

  • Well my opions for working are very limited at the moment. Until I can afford surgery on my spine my doctor has ordered that if I do work, I can only be standing for no longer than 20 minutes with a 10 minute rest in between. So that rules out any retail jobs. I could get a VERY part time (10 hours a week) job, but I would only be bringing in an extra $75 a week.
    Anonymous

    Answer by Anonymous at 1:07 PM on Feb. 1, 2010

  • You should only be spending 1/3 of your income on housing. That would be closer to $500 a month and needs to include utilities. You have a good down payment together. Look into buying a foreclosure. Renting is flushing money down the toilet. There will never be a better time to buy in your lifetime.  Here is hoping that you can find something that works for you.

    Anonymous

    Answer by Anonymous at 1:31 PM on Feb. 1, 2010

  • I disagree with p.p. homeownership is not for everybody. It seems to me like you homeownership is not for you right now because your Husband is making so little and you cannot work, not to mention need a major surgery. I think you all should find a cheaper place to rent than $700 a month. When renting you don't have to worry about having a roof put on, or what happens if your water heater goes out. Homeownership is expensive and when you don't have extra money in your budget renting is best. I disagree with people saying that rent in throwing money away, if you look at it that way then you are throwing money away when you eat because you don't keep what you eat for forever. You NEED a roof over your head, paying to have a roof over your head whether your rent or own is never throwing money away.
    kc932

    Answer by kc932 at 2:01 PM on Feb. 1, 2010

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