How Much House Can You Actually Afford? (By Salary)

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[eliminatorxxxx]

Just bought my home 3 bed 2 baths as a single person. Starter brand new single family home for 236k making 50k+ . The only reason I was able to afford it was because I made a 20% down payment and made sure I had a decent emergency fund. To do that I had to save up a lot. No credit card debt, no dti, no car loans, no school loans, ect. Also had to live with my parents for 30 years. I am blessed to have such patient parents and thank God who allowed me to have this opportunity.

[Susanhartman.]

Keep in mind that during the 80’s people were encouraged to save due to the interest rates. Right now there’s very little incentive to save because those who are saving are watching those who are reckless taking it in. I’ve been trying to save for a home and it’s been discouraging to watch prices continue to not budge because there’s people willing to get into a mortgage where they’re paying 40% of their income. It’s insane.

[madisonnelson]

Thank you for doing normal, reasonable annual income examples!! Tired of seeing 250k 300k 350k as the example incomes 🙄

[drwayne_carter]

Basically, if you are living in a city and making less than 100k salary, you shouldn't even be thinking about buying a house without atleast a 20% down payment.

[sakidickerson]

If you're earning 30k and you're listening to the "25% of your income for morgatge" rule then you have to find something with a morgatge of $625
Good freaking luck!

[Aggielife]

What’s even worse for people making only 30k or 50k is that they can’t even afford a one bedroom apartment anymore! Especially in any desirable city or metro!

[jonathananglin]

It was refreshing how realistic this was. Sad lol, but refreshing. Thanks!

[ChivoXL]

I bought my house back in 2015, at the time I was working 2 part time jobs making 10.50/hr with 620 credit score and my wife had just started working making 11/hr. The lender approved us for 250k and said if needed we could bump it up for more, we found the smallest home in one of the best neighborhoods of our city for 137k. The original interest rate was 4.5 but we always pay an extra 100 on the principle. We refinanced during covid and cut the rate down to 2.65% and are on track to pay off the loan 9 years early. Now the house is worth 289k and if we had to buy it now with current interest rates it would be impossible to afford since the mortgage would be almost 3x. Especially with property taxes and home insurance having doubled since we first purchased our home and now signs of slowing down.

[cpKL]

125k, was approved for 759k house. They wanted me dead lol

[cvzphotography]

One thing I've noticed in my friend group is that we have all bought homes that are way nicer (hence waaay more expensive) than the homes we grew up in. We all probably should have stayed in similar homes and not fallen trap to lifestyle creep and wanting bigger and better for our first homes.

[jfresh]

THOSE ARE THE CHEAPEST AND NICEST 100K HOUSES I HAVE EVER SEEN IN MY LIFE. I live in Ohio and a 2, 000sqft house is 350k minimum . I have a 800 credit score and interest rate is 7.6

[KevinEF]

Every house within a 1 hour radius of my work in Wisconsin costs $400k minimum... I luckily make 95k, but i wasn't looking to spend my max.

[regerbryan]

It’s depressing being almost 30 through the ups and down currently living paycheck to Pacheck and don’t have any money saved other than a small retirement fund, can barely afford to live and I’m pressured all around about doing more being more and getting a house, I don’t even have the mental energy anymore

[jonathansanchez]

Long story short we make 110k a year. We have our 3 month emergency+ 5% down on a 300k house. Only debt is a car payment. (490) our morgage payment are 2400+ that has been giving to us. Is insane easy 40%+. Its all the same here in illinois. Condo/single home. Hoa fees are killing this as well with the mortgage rates. Our 33% mortgage is cap at 2k. And its in horrible places/fixer uppers. Gg we counted our self out for now. Of the house market. Realtor was like yall qualify! Go in!. Ya no we ganna be house poor and streesed out. We good

[danielponder]

Fun fact: mortgage from the French Engagement de Mort - death contract. I am finally a home owner, got my credit score as high as possible, paid down some debts, went with smaller and closer to work and UNDER what I qualified for and I put an extra bit mroe cash towards the place. My mortgage is around 1/4 of my take-home and I'm putting a bit extra to the principal, in an amortization schedule I made in excel, I knocked off 3 years so far in the mortgage.

[ykdavid]

When was it a good idea to wait? It just seems to get more expensive every year.

[winniethepoohandeeyore]

My mortgage is a 1/4 of our income, Overpay the principal ever since our first payment was due, each COLA we add another $10 to the prinicpal. Already knocked over 6 years off the life of the mortgage buying in spring of 21

[ralphym]

im 22 and i can confidently say, this economy has me fxcked up

[xOscarIGZx]

Back in 2020 when i was buying a house this channel helped me with purchasing a house within my budget. Thank you for keeping the numbers realistic. Now living in my house comfortably for the last 4 years

[Alexs-Gym]

4 bed 2 full bath 1, 400 sq foot, 2 car extended garage on half an acre in the middle of Des Moines for 139, 000 making 50 k as a single adult, $0 down, actually got cash back at closing, plus in an NFC finance area where I am eligible for a $10, 000 grant to do any renovations that is totally forgiven after 5 years of ownership. Plus got a first time homebuyers grant for closing costs