Post anonymously if you'd like. I am wondering what your income is or was at the time you bought your house and the cost of your house and property taxes.
We need to buy a house but our one income is only $36,XXX a year and we're looking at buying something that is $150K with a $180 car payment and no other debt.
Any advice is appreciated.
ETA: I cannot afford to buy a house that is only 25% of my income. I can't even rent a room out of someones house for that price let alone rent. We pay $900 a month for our apartment and I think we can make payments of $1,100 a month without drowning. The house I am looking at has big garages that we could rent out too to supplement our income. If I owned my own home like that I could also get the certifications and start a home daycare which would also supplement our income while keeping me home with the kids.
Surviving paycheck to paycheck IS BROKE. Emergencies happen all the time and you are not prepared. you are floating along but not planning and preparing for the future.
Quoting Anonymous:
Well, we have a little in savings. Just not able to add to it right. We pay bills, and are able to afford groceries and all the necessities.
Quoting Anonymous:If you can't put money aware YOU ARE broke.
Quoting Anonymous:
Is that same for renting? We pay 725 and that's about 200 over 1/4 our income. We can't really put away extra money. But we arent always broke.
Quoting .ZombieGirl.:You can't afford a 150K home with your income. That would not be a smart idea. You should save until your income goes up or you can put a good % down. Your mortgage should not be more than 1/4 of your monthly income.
Quoting Anonymous:That would mean that we would have to pay $450 a month for rent/mortgage and that is impossible.
Quoting .ZombieGirl.:Your mortgage should be no more than 1/4 of your monthly income.
That's the rule we live by.
Quoting Anonymous:
Well, we have a little in savings. Just not able to add to it right. We pay bills, and are able to afford groceries and all the necessities.
Quoting Anonymous:If you can't put money aware YOU ARE broke.
Quoting Anonymous:
Is that same for renting? We pay 725 and that's about 200 over 1/4 our income. We can't really put away extra money. But we arent always broke.
Quoting .ZombieGirl.:You can't afford a 150K home with your income. That would not be a smart idea. You should save until your income goes up or you can put a good % down. Your mortgage should not be more than 1/4 of your monthly income.
Quoting Anonymous:That would mean that we would have to pay $450 a month for rent/mortgage and that is impossible.
Quoting .ZombieGirl.:Your mortgage should be no more than 1/4 of your monthly income.
That's the rule we live by.
Quoting .ZombieGirl.:
But if something came up like you got in a wreck and needed to pay your deductible, it could cause you some troubles paying your bills and are affording your necessaries.
Quoting Anonymous:
Well, we have a little in savings. Just not able to add to it right. We pay bills, and are able to afford groceries and all the necessities.
Quoting Anonymous:If you can't put money aware YOU ARE broke.
Quoting Anonymous:
Is that same for renting? We pay 725 and that's about 200 over 1/4 our income. We can't really put away extra money. But we arent always broke.
Quoting .ZombieGirl.:You can't afford a 150K home with your income. That would not be a smart idea. You should save until your income goes up or you can put a good % down. Your mortgage should not be more than 1/4 of your monthly income.
Quoting Anonymous:That would mean that we would have to pay $450 a month for rent/mortgage and that is impossible.
Quoting .ZombieGirl.:Your mortgage should be no more than 1/4 of your monthly income.
That's the rule we live by.
We just closed on our house a few weeks ago. We ended up paying just under $170,000 for it, and my Hubby's income is around $68,000/year. I am a SAHM. Our total payment is around $1025/month with taxes, insurance, and interest added in.
All would be covered except unexpected repairs but we don't have that now.
Quoting Anonymous:
You have to look at the whole picture.
Morgage
Homeowners insurance
Unexpected repairs
Water
Sewage
Electric
Gas (if you have it)
Factor it all in before you make a final decision on how much to pay.
FYI Make sure it is a fixed rated loan.
are you ok with another woman calling your husband "hun" or "babe"