Here’s How Much You Can Afford for a House if You Make $27/Hour

[blueoval]

You can not afford a $226k house making $27 per hour.

Don’t do this, it’s a recipe for financial ruin.

[mikeshubinski]

I remember when anywhere around $25-30 an hour was great. Which i make. Yet now. It doesnt get you much. 😢

[Wildone]

I make more than that and can barely get by in a house that cost me $150k with a 3% interest rate. If you want to live paycheck to paycheck go for it… but there is no room for incidentals, which happen being a homeowner.

[baumar]

Lol 226k house?! That would be nice if there was any at that price range

[KurtKoster-st]

Lol, where you going to find a 226, 000 dollar house in most metropolitan areas

[RocMerc]

Shouldn’t this be based off your take home? 25% of the monthly if going to taxes and then 40%?

[andratoma]

Just because a bank WANTS to loan you any number… just DO NOT do it, go for half

[ramizlayaud]

Bad. I will NEVER purchase a $225k home if I only make $4, 700/ month. DO NOT FOLLOW THIS STUPID

[FULLtiltSENDER]

Actually. Most people take 1-2 weeks off and there are holidays when u lose wages for hourly employees. So a more accurate calculation is to do it times 50 weeks to account for vacation and holidays

[binwoods]

This is depressing because most of us will never get a house alone. You have to get married, not have children to afford a house. You also both have to make $25+ an hour

[robbdob]

It's crazy there's some new homes at 1400 st 225k I'm az new construction I'm a local and can affirm that this is the quick math lenders do for homebuyers

[Riley-OrianMiller]

Who only works 40? Everyone i know is 36 or less or 60. No in between with hours lol

[dct]

If you make $27 an hr. You can afford a $120k-$180k home with current interest rates.

[Lovebk]

Mobile or good trailer house is an option dont get in to debt with 27/hr income

[colewildenhus]

FHA can easily go to 50% DTI or more with compensating factors .

[xanderwusky]

Please think about more then the now, if you spend 40% of your pretax income on a house you will not have enough money to save, invest and have fun.

If you want to sacrifice fun that’s your choice. But please don’t compromise your pension or future.

Keep in mind the likelyhood of pensions being around when we are old is not very good. It will be completely unaffordable fairly soon for most western countries due to the decreases in working people and increase in retired people.

Only a couple countries have funds for this. Netherlands for example has nearly 50% of its GDP in debt but has a pension fund that’s worth 2x that debt. Even with this the future of pensions is uncertain.

The US has nothing but a 123% of GDP debt. This is increasing rapidly as well so please be prepared if pensions aren’t a thing by the time you need it.

[willywold]

Where you going to find a home that cheap in the Northwest?

[ZavHustles]

I know you can actually use some electric vehicles as a power source like a generator, I wonder how many hours or days of use you could get out of a vehicle that was on 100% charge

[carmeister_]

I remember shooting to make 25/hr was the goal growing up now that I make that it’s not enough dude. I went to a breakfast spot for an omelette, bacon, fruit cup. It was $40(including tip) dude huh

[TheLastESPADAx]

27hr and can't afford anything over 225 that's a fucking joke adv house in America is what 425k