How Much House Can You AFFORD on $70k a Year?

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[shondathomas]

I make 68k, the only reason I'm doing pretty decent is because i bought my house in 2017 for 125k..i refinanced when interest rates were incredibly low, making my monthly payment under $1, 000. If i was trying to purchase my same house today, no way i could afford to buy a house these days.. I'm so thankful everyday for my affordable home. Praying for those who are really struggling. 🙏🏽

[LividImp]

The problem with the "just move to the midwest" theory is that you won't get paid the same in the midwest. A $70K job in California will get paid $35K-$50K for that same job in the midwest.

[kortyEdna]

Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.

[armandoweckmann]

I make $85, 000 salary as a single person in New Mexico USA. I bought my 3 bed 2 bath home in nicer than average neighborhood for $120, 000 back in 2009. Fast forward to 2023, it's worth over $350, 000. I have a smaller home compared to my neighbors. Average cost for a home where I live is around $500, 000. I paid it off back in 2020. My income is pretty average but factor in I have zero debt, not even a car note. I am doing pretty good... I can't imagine trying to buy something similar today with my current income yikes!!

[JTISOLA]

70k household income nowadays your broke

[DoubleOhSilver]

Did well in school, got a versatile degree without debt. I only make a little more than this number. This economy sucks.

[jleexxiv]

I love how you started this video with good intentions. And you quickly realized how damn near impossible it is to live even comfortably in America

[honestlynate]

I live in a $70, 000 household.
We have three children and my wife and I.
Our home cost $265, 000 we pay 2.75%.
Our monthly mortgage is around $1, 700. 3-bedroom 1-bath on an acre and a half.
I live in Massachusetts I pay almost $7, 700 per year in property taxes for that home.

We own a 3-bedroom 2-bath trailer on 7 acres in Mississippi. It cost us $64, 000 interest rate is 6%.
540 per month.


The problem isn't whether or not we can afford these homes the problem is that we keep allowing investment company and to purchase single-family homes and turn them into rentals for maximum profit.
My children will never be able to buy a house because they will be part of everyone's portfolios

[monster]

It amazes me that there is a monthly budget for clothes. I don't even spend that much on clothes for myself in a year. I only buy something if I NEED it and wear the same things for years until they get worn out and thrown away.

[Ricochet]

Thank you for validating all of the normal people’s worries… I always think I’m going crazy and doing something wrong.

[Hunters_Dawn]

Do not forget about reassessed taxes. This gets a lot of buyers when property values spike

[LAZERZ-OP]

Screwed if you make under 100k! By the time you save enough for a 20% downpayment, the house you were looking at has risen another 100k. Prices has risen exponentially in such a short time and interest rates are at a 23 year high. Of course it makes sense to move somewhere else when you can't live in or around a major city but thats not a solution for the long term. Cities will crumble if people can't afford to live in them

[DVWTheRealtor]

Great content Javier! Been following your channel for about 2 weeks now. As a new agent you give me a lot of information to use when talking to potential customers/clients. Thanks for making it as real as you can. Every state is different and everyone's pocket is too so adjust accordingly and stay on course folks.

[ALXSSA]

The goal would to have no debt, have a larger down payment, and no children in order to do this.

[J_WheelerDoll]

I enjoyed this video because we’re thinking very very hard on the things we’re willing to sacrifice versus mental health and savings. It’s just not in the cards for us this year. Rent is still cheaper. May have to ride it out and keep in saving. I just changed careers. I was(still) a medical technician(14 years) and just graduated dental school to be a hygienist a few weeks ago.

[JamesThomas-srcg]

We're around 160-170k income and trying to buy a house in Atlanta area. The price jumps plus high rates is very discouraging knowing what these prices and rates used to be smh

[vmaxxk]

Drop car payment for desired house.

Also, savings doesn't have to be 20%, especially if your needs are higher. More kids = bigger house and higher groceries.

I pay 1100 per month on groceries, but have an 800 mortgage (bought in 2014). My current save rate is 27% not including retirement accounts. When I bought my house, I had a 0% savings rate. I started making more $$ but kept the same lifestyle.

[PharticusMcbutt]

Amazing how 70k a year gets you a trailer home in 2023 lmao

[julioarellano]

Thanks for the video Javier! When I was doing my calcs I couldn’t believe that I still wasn’t going to be able to afford a house after the pandemic. Especially with a great job I landed, I thought I was going to be able to move into a house within the year especially with living with my parents and saving the amount of money that I have. Unfortunately, it seems like every time I work my way up to a good spot it’s never good enough. Now a days we have to work not only harder to afford the home, but also smarter like a side business. Can’t afford a home on a single income now a days. I’m going to have to find myself a sugar momma.

[eastendmafia]

Keep it up man I love the videos. It’s nice that so many people are really starting to make talking about finances, cool…