to buy a home

is it neccessary to have to make over 80,000

I use these lil calculator things and it is telling me i have to make over 80K to get a house

there has to be other ways

ugh i need to go see a broker i think...

i have NO clue about this stuff!

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Posted by Mrs. Powell

That is so not true. I know people who are not making over $80,000 and they own a home. I have friends that are single and not making that and own beautiful homes.

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I know! I dont get it! ALl these mortgage calcaltors are telling me it is impossible to buy a home for us!

Quite annoying..yet again I need to go to a mortgage broker

sorry just venting

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Posted by dbleplay17

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Posted by Mrs. Powell

That is so not true. I know people who are not making over $80,000 and they own a home. I have friends that are single and not making that and own beautiful homes.

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I know! I dont get it! ALl these mortgage calcaltors are telling me it is impossible to buy a home for us!

Quite annoying..yet again I need to go to a mortgage broker

sorry just venting

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Yes, you should go and see a mortgage broker and I am sure you will be quite happy after.

Well... forget the calculators. A 400k house putting 20% down will get you an approximate $1900 a month mortgage payment. If you can't put down 20%... then your payment will be much higher.

Then add on 6k a year of taxes and thats an additional $500 extra a month.

Then add homeowners insurance and your total housing payment will run you about $2500 a month.

Do you make enough money a month to cover this kind of expense? If you do... then go for it!

on top of what pill said, take other cost into consideration, elertic, oil, telecomminciations (phone, internet, etc..) car insurance, and see what kind of money you have left...

no sense in affording a house if you can't keep the lights on etc..

Yeah... for a relatively small house (1200sqft)... your electric bill on average monthly billing will run around 150-170 buks.

Expect to burn anywhere from 700-850 gallons of oil (right now at around 2.50 a gallon). At 850 gallons a year... your monthly oil bill will be approximately $180.

Then tack on stuff like cable, and security (alarm)... your monthly bill comes close to $3000 a month.

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Posted by DjPiLL

Yeah... for a relatively small house (1200sqft)... your electric bill on average monthly billing will run around 150-170 buks.

Expect to burn anywhere from 700-850 gallons of oil (right now at around 2.50 a gallon). At 850 gallons a year... your monthly oil bill will be approximately $180.

Then tack on stuff like cable, and security (alarm)... your monthly bill comes close to $3000 a month.

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I agree, but careful with the oil bill. If you are spending 2000K a year on oil you would have to be on a budget plan to have that $180/mo. I don't budget, I pay about $400/mo for the winter months. I like it that way, I get it over with.

Yeah... my house is too small to bother with the budget plan. My previous owner only burned 650 gallons of oil all year.

I just got a $475 oil bill. I'll probably get one more around March... then i'll be good for most of the summer. Then the final bill come Oct/Nov.

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Posted by DjPiLL

Yeah... my house is too small to bother with the budget plan. My previous owner only burned 650 gallons of oil all year.

I just got a $475 oil bill. I'll probably get one more around March... then i'll be good for most of the summer. Then the final bill come Oct/Nov.

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I burn about 1000 gallons/year give or take. Not this year so far being that it was so warm. Just did the windows and now onto insulation which should be done in Feb. That should help a bit but the price is just outrageous no matter what.

Sorry to highjack, but this is the reality of home ownership.

maybe start with a co-op? something closer to $250K or less

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Posted by Mrs. Powell

That is so not true. I know people who are not making over $80,000 and they own a home. I have friends that are single and not making that and own beautiful homes.

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really? in New York? I really don't see how- I make close to that on my own and I don't see how I could pay my rent- yet alone a house
with my car, cable, phone, and eat??

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Posted by Beth1210

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Posted by Mrs. Powell

That is so not true. I know people who are not making over $80,000 and they own a home. I have friends that are single and not making that and own beautiful homes.

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really? in New York? I really don't see how- I make close to that on my own and I don't see how I could pay my rent- yet alone a house
with my car, cable, phone, and eat??

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Beth I agree. It is also about locations. Some people may choose not to but their first house in affluent neighborhoods but rather a modest area. So this is why some people that I know who are making $80,000 or a little bit more can find a decent home. Sometimes it is also about how you can scale back on certain things and be able to live comfortably.

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Beth I agree. It is also about locations. Some people may choose not to but their first house in affluent neighborhoods but rather a modest area. So this is why some people that I know who are making $80,000 or a little bit more can find a decent home. Sometimes is also about how you can scale back on certain things and be able to live comfortably.

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your right- I live on the beach and drive an expensive car- I could live in a studio and drive a less expensive car- I could do it- I could proably buy a co-op on my own- and was planning to before I met Jake- and it that case I would have gotten a honda or something that did not require a $120 oil change.

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Posted by Mrs. Powell

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Posted by Beth1210

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Posted by Mrs. Powell

That is so not true. I know people who are not making over $80,000 and they own a home. I have friends that are single and not making that and own beautiful homes.

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really? in New York? I really don't see how- I make close to that on my own and I don't see how I could pay my rent- yet alone a house
with my car, cable, phone, and eat??

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Beth I agree. It is also about locations. Some people may choose not to but their first house in affluent neighborhoods but rather a modest area. So this is why some people that I know who are making $80,000 or a little bit more can find a decent home. Sometimes is also about how you can scale back on certain things and be able to live comfortably.

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I would have to say that it would be very tight. 80K gross is 50K net-about $4100/mo net and substract a $2500 mortgage with taxes, plus all the household expenses and other financial committments, you would be pretty house poor. Not saying it can't be done, people find all kinds of ways of making it work, parents helping with the downpayment, interest only loans, no income check...etc..

I would have to say that it would be very tight. 80K gross is 50K net-about $4100/mo net and substract a $2500 mortgage with taxes, plus all the household expenses and other financial committments, you would be pretty house poor. Not saying it can't be done, people find all kinds of ways of making it work, parents helping with the downpayment, interest only loans, no income check...etc..

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for the mortgage are you figuring 20% down- b/c that's $80K- a large chuck to put down for anyone

they could possible have to take out a second mortgage to cover that

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Posted by Beth1210



I would have to say that it would be very tight. 80K gross is 50K net-about $4100/mo net and substract a $2500 mortgage with taxes, plus all the household expenses and other financial committments, you would be pretty house poor. Not saying it can't be done, people find all kinds of ways of making it work, parents helping with the downpayment, interest only loans, no income check...etc..

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for the mortgage are you figuring 20% down- b/c that's $80K- a large chuck to put down for anyone

they could possible have to take out a second mortgage to cover that

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I'm not even figuring a down payment...just the monthly nut of everything...very tight..