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Mom Confessions Mom Confessions

Income/Home Cost

Posted by Anonymous   + Show Post

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.

Posted by Anonymous on May. 2, 2012 at 12:03 PM
Replies (71-79):
Anonymous
by Anonymous on May. 2, 2012 at 4:48 PM

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.








MamaK313
by on May. 2, 2012 at 4:51 PM

Our mortgage/homeowner's insurance/taxes combined are about $1100 a month, 2700 sq. ft. home. DH makes $95k a year.

Anonymous
by Anonymous on May. 2, 2012 at 5:01 PM
$180k house, but we put down a large down payment and pay $1500/mo. Taxes about $5500/yr.
Our income is about 80k/yr.
.ZombieGirl.
by on May. 2, 2012 at 5:18 PM
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.








Posted on CafeMom Mobile
Anonymous
by Anonymous on May. 2, 2012 at 5:21 PM
At the time hubby made 62k and our house was 182k.
Anonymous
by Anonymous on May. 2, 2012 at 5:22 PM
That is very true. I want to move to a smaller place, cheaper. But we need 3 bdrms. Since my mom lives with us, she doest help pay rent, ugh long horrible story. And we can't find any that are cheaper.


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.










wkukid
by Ocean Wave on May. 2, 2012 at 5:24 PM
Before taxes our income is around 275-285k with bonuses, our house is worth 400k.
MomOfTwins789
by Bronze Member on May. 2, 2012 at 5:26 PM

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.

Anonymous
by Anonymous - Original Poster on May. 2, 2012 at 5:40 PM

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.


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