How Much House Can You REALLY Afford With a $50k a Year Salary
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- čas přidán 20. 04. 2023
- In this video, we're going to be discussing how much house you can really afford depending on your salary. By the end of the video, you'll know exactly how much house you can buy with a $50,000 a year salary.
If you're looking to buy a house, then be sure to watch this video! We'll discuss key factors like income, expenses, and debts, and help you find the right house that fits your budget. By the end of the video, you'll have everything you need to know to make an informed decision about your house purchase!
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Thanks for watching!!
I bought my townhouse for $110,000. I make $70k a year. My
Mortgage is only $730/month. Down payment was only $4000. My interest rate is locked at 2.67%. It really depends on where you live. Louisiana has one of the cheapest housing markets. So my income goes far here. I recently just got married.
Omg. You’re winning. Good stuff
What year did you buy your home?
What area of the country is that? In the area a townhouse (older ) starts at $320k!
I'm jealous! *cries in DMV*
@@Flourish_today Aug 2021
That $600 car payment is what’s killing it
Most people car note is $500 and above, not even driving a BMW. Car notes suck
My Tesla was like 900. So I get it.
Cars are liabilities. All they do is depreciate in value and fall apart over time. Find the cheapest one you can that is the least likely to break down and fastidiously maintain it. Whatever money not spent on monthly recurring debt should first be saved up in an emergency fund; 6 to 8 months of what your cost of living is. Once you get that, money saved from then on should be for your big ticket items, i.e. a down payment on a house. BUYING EXPENSIVE CARS IS STUPID EVEN IF YOU'RE DOING OKAY!
Why are people buying brand new cars?
@@nishashawn2021 the used car market in some places are more expensive than a new car.
Even 2000 Accords or Camrys are being sold for 8k (no financing)
I few years ago before the pandemic I was working my way up to 50k to meet affordability, I get there and then it’s not enough. I get to 70k and it’s now too much for assistance programs but yet not enough to the same homes that I’m shopping. I give up smh. Between the moving target and student loans, it seems like a truly un-attainable goal. I’m not gonna live in the hood with shots firing daily, even there I can barely afford!
Agreed bt there is hope. I’m literally in the same situation. Bt right before 50k i was at 29k and i decided to stay living like i was broke. Now at 72k i just bought a house, ofcourse with a roommate (girlfriend) helping with the mortgage. Bt for 2 years i saved 20k a year and still enjoyed life. I cooked and took on a roommate with no car payment. I just got in car crash yesterday. I’m stunned bt the Money i saved will take car of it. The emergency fund is necessary
Then buy a coop like he said.
Coops are in the hood basically tho and terribly crowded
@@Heretoslayyy Soon majority of ppl will not be able to afford to purchase a home in the hood.
@@Heretoslayyy whats a coop?
Basically means that you have make $100,000 to qualify for a $362,000 house. Not many people can afford a house on a single income. In the most expensive cities especially.
Hardly anyone can, and virtually no young people who should be settling down and starting families can. The system is beyond broken.
I started my own business this month and I am meeting with my first client today. I retired last yr at 55 with 3 houses paid off worth 4.5 million. I will have an income stream of $20,000 per yr through my business. I realized that the secret to making a million is making better investments.
Credits to ROCHELLE DUNGCA-SCHREIBER, she has always had my back all through the process of working and investing. You can glance her name up on the internet and verify her yourself. she has years of financial market experience.....
Congratulation, excellent job!!
The reviews are not good on her though. I do my own trading.
And this is why my generation is living in their cars. They’re basically telling us “own nothing and be happy about it.”
Yep that is liberalism -- live below your means, stay out of debt, yes you will probably have to work more than one job, but home ownership is still doable and like many people have said in this chat -- rent is costing more than mortgages. I am addicted to tiny homes and I would to purchase one out right if I could find the right one for me.
I bought my house outside of the city limits. I was making 35k and my house was $170k with $0 in debt. I was aiming for $150k. I bought it before the market got crazy. I do have an hour commute to work.
If I got something in the city it would've been super small and in a bad area. You gotta pick and choose with what you're willing to live with.
Extremely extremely true
You made a great choice❤
The biggest thing that get some people that is streching there budgets is that usually your paying a arm and leg for repairs. I just replaced a AC unit in my rental and that cost 7k. A new water heater will need to be replaced in a year or two and that another 5k. Also property taxes increased since my rental went from being worth 132k to 205k. With 0 debt as in no car payment, creditcards, loans etc- it is doable, still pushing it. But going in with debt, its gonna be extremely tough.
My primary home is newly constructed and even then its a trade off. My house being new came with a new home warranty so everything is pretty much call and they come fix, but everything i wanted additionally had to be added. Paint adds up, the fence cost about 12k, and the patio area extended and screened was 23k, Driveway extension about 3k. Used home will likely have came with all these things done by the previous owner but with alack luster home warranty. Being a homeowner is wonderful but the maintenance is anything but lol Also pay attention big time to mortgage cost, with some mortgages you will end up buying that house 3 times over by the time you finally pay it off.
@@modifiedjaymill I 100% agree that home repairs are expensive and ppl don't take that into account. My AC broke in July. It was over 100°F in my house and cost 5k to replace. The moment I bought my house I opened a savings account solely for home repairs, and I have money direct deposited from every check into that account. That way when I need to fix something I have the funds already without having to touch my regular savings.
Thank you, reading this gives me hope that I too can purchase a house. Congratulations on your home!
To stay safe I won’t spend more than 1 weeks income on mortgage. I live in a newly renovated 3br, 2 bth home in the city- 180k. 2.99% interest. $927 mortgage. 800 credit score. I’m single with 1 grown son. I make just over 50k but have a side hustle…or two. I moved from a 2br 1 bath apartment in the suburbs where I was paying $1,263/month. Living below your means is a major key to HAPPINESS and stress free/semi debt free living. If you can afford to rent, you can afford to buy. Don’t buy more house than you can EASILY afford. 🙏🏾🙏🏾🙏🏾
so true
that's a great rule of thumb!
That's the ticket -- get a beautifully renovated older home!!
Why the heck would you use New York as an example for someone who makes 60k? That’s close to the poverty line in New York
Hell it was 50k
Probably because many people in NY make around that and still want to look at option to invest and own R.E.
I for one didn't even think you could get that 180k figure of just 50k. I thought you wouldnt get squat.
Looks like maybe 3 friends or family making 50k can really save some and buimd equity if they join forces. Esoecially on a property used for tenants with monthly residuals
Right! Super extreme example 🙄🙄
@@ispeakmucho well I'm in SC and I make around that, and I was approved for 220 but can I really afford that? The answer is no.....and live the way I want too...therefore I'm still renting
That’s close to poverty in a lot of places lol
The thing that sucks is rent is more than mortgage yet they say you can't afford a mortgage when you're holding down your rent every month 😩🤦🏾♀️
I know right?! It's ridiculous! But the solution to the problem is to make more money.
Is it cheaper when the heat and air goes out? Or the roof need to be replaced? It’s not just about the payment but the year over year output. In most cases, not all renting is actually cheaper.
@PALE HORSE I can argue that about a lot of things. There's things that can go wrong with plenty of things in our lives. If you're disciplined enough, you learn to save for those things that come up throughout life. So yes, I still think it is cheaper. Maybe you have a different experience. I have owned a home and rented. So I'm speaking based off of my personal experience.
@@palehorse4447 Exactly this is weird. There are costs absorbed in that rent as well. Its cheaper on paper.
@multifariousgemini In a world that made sense, even fast food workers/janitors would be able to afford small homes.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
@@hunter-bourke21 Please tell me how can I connect to your advisor. My funds are being murdered by inflation, therefore I'm looking for a more profitable investing strategy to put them to work.
My advisor is “Camille Alicia Garcia”. She has since provide entry and exit points on the securities I focus on. You can look her up online if you care for supervision. I basically follow her trade pattern and haven’t regretted doing so
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
MAN this video breaks it down so well. I've been struggling to learn this process in depth and this gives a great starting point on what I need to focus on. Thanks for making this vid, this is a GEM yall!
Y’all this is suchhhh a good example. I’m looking at buying a car now so have been thinking about the assets I want to have. You used great numbers!!! I live in south Florida. Car insurance is like $200 /month. Great stuff.
Thank you so MUCH! for explaining this and repeating it for me to Understand... More please..
Man, it would have been educationally beneficial if you two were prepared to share this information in a concise way. It would have been great if you would have had all the numbers together, the researched cost of the average price of a home ( national ) data, and all information to plug and discuss. My first time watching, and it was like watching grass grown in the middle of an NYC winter. Damn......
Painful to watch, after 5mins I was out!
And laughing. It was upsetting to watch.
I put them on mute and started reading the messages.. I'm not here to play😂
That is one of the best breakdowns I’ve seen.
Great show. I like Benz vehicles and etc. However, cars depreciated the minute you drive off the lot. Stop the car notes. Once you pay that car off, don't get another. Same thing with leasing every few years. Can you imagine how much more money you would save? Sometimes it's tough out here in the streets because of people spending habits. If you're in NY, you better use mass transportation for a while. LOL!
Single Otr truck driver living in my semi. I Net 54k yr, 15k in savings, $0 debts, monthly living cost is $820, living in kcmo.
It’s him STILL talking about a 600k house at the end 😩. “Stick to the Budweisers you’re used to”
You would have to relocate.. 50k salary in Cleveland, Detroit can get you a decent home with 180k even a multi family.., I have three using a FHA
No disrespect but most people don’t want to live in Detroit.
Yell me more. Am planing to move to Detroit and I want to live as close to Canada border as possible. I can consider ohio too
@@randomvideoshere6540 ohio, cleveland in particular is affordable and has many homes going for as low as 150k, some decent, some needs TLC but never the less, with a FHA, it’s possible. Of course interest rates, credit score, employment status and down payment are factors but it can happen
@@deidrawalker9489 thanks
Great job on sharing this for lots of people. Best advice I can share is before anyone moves into ownership. Eliminate all debt. No credit cards or car payments. Put down 20% when you can to avoid PMI. Take out a 15 year mortgage with a payment no more then 1/4 of you income. Please don’t buy the max you can afford. Buy the home off the total amount/ not the monthly payment amount.
Doing the above will allow you to own your house and the house not own you. If you can’t , best to rent until your able to.
I own my home in California- mortgage free by following the above. Good luck!
Good advice, thank you
Gotta love Dave
That's good advice. It does no good to buy a home and not be able to afford to maintain or repair it.
I see someone watches Dave Ramsey 😂
@@MT-yx5cu 100% lol. Follow the plan !
I really enjoyed the straight forward ness.
Great work fellas
Very good video. Nice breakdown. The gap to home ownership seems to be expanding by the day.
It only works, at that income, with trusted co-borrowers to give more buying power. This is a dose of reality for a lot of people. It's not easy, but it can be done! Dope content!
An income of $50K for Long Island, NY was fine, 25 years ago! That is when I bought my L.I. house.
👏🏾👏🏾👏🏾👏🏾👏🏾 Thank y’all so much for running this down. 50k a year is nothing!! 100k for a house it’s nothing!!! More hustle is required!!!’
Or move😊
In 2021 I was making 50k, I bought one for 185k in Atlanta but I didn't have a car payment so that definitely helped
Car payments most definitely suck
If the average American makes less than 50k, how is 300k for a home to low? Majority of homes in America are under 350k…
Because it’s easier to say you can’t afford that in NYE, than somewhere where you could actually afford it. You can find a home for less than 350 thousand. New York is vastly different, and it wouldn’t make a lil of sense to use that as an example for a housing affordability video
Averaged 70k (I make 60k base now) with OT per year working in Oklahoma... Bought a 2BD/2BA /w garage condo in Dallas for 145k in 2020 during COVID. Took advantage of Texas first time buyers grant (100% forgivable after 5 years of ownership). Paid a total of like $6000 to get into the home.
Only thing is I don't have any college debt.
I would like to thank you fir such valuable information. Thus has been a huge blessing for me.
Thanks for sharing. The frustrating part is that nowadays, renters are paying more than the monthly estimated costs of a mortgage in some places. My 3/2 Apt outside of ATL at market rate is more than the calculated monthly cost of the mortgage in this example. So we’re basically getting served beer and getting charged for champagne 😕.
"You can't have champagne taste with beer money" Love it!!! 😂😍👍🍾🥂
Thanks for so much value!!!
Always buy a duplex not a single home. So the real estate produces some income. If you a guy do what Keven Samuels said and work the weekends. Working the weekends at $25 per hr adds 21k now your earning $71,000 per year and the duplex should add another $12,000.
The MC drove me nuts. He literally just explained it. I can’t 🤦🏿♀️🤦🏿♀️
People don’t realize that if you are an average income earner it requires two good full time incomes to purchase a home. A single person purchasing a home is at high risk of foreclosure if the lose their job or income is cut. Another contributing factor to many struggling to qualify for a mortgage loan, including couples is excessive debt, financial irresponsibility, lack of financial discipline and abuse of credit which results in lower FICO scores which results in higher interest rates.
I get what you are saying but, it’s still worth the try. Paying $1700 a month on rent and it keeps going up is insane. I’m single with two jobs.
Yes two heads are better than one… Many of these fancy car riding folks live in apartments because they have these kinds of priorities.
@Ibrahim Aisaadan I'm close to 60 and have worked in construction since 15 years old. I'm ready to retire. Every part of my body aches. Been getting up at 5 am since I was 15. It will be nice to get up when I want. No pension just savings to live on. Heard too much counsel about ROCHELLE DUNGCA-SCHREIBER. Hearing you mention her name again, this is the best time to work with her. Thanks
@jamesabdelkarimno, not true. Sounds like you need two if your spending is out of control. And from listening to consumer reports, sounds like a lot of people are living above their means and on credit cards/loans. My husband and I are a one income family and we bought our house two years ago at the height of housing market with an income of 40K. We saved like crazy. We saved out refunds over the years and the stimulus, shopped at the dollar store. Did not buy anything we couldn't afford to pay off entirely out of our account with one check. We budgeted. All our rent was less than 35% of our monthly income. Yes, we lived in a not so great area and apartment but once we got approved to buy our house, we still made sure that the house payments would stay under 28% of our monthly income. And this was fresh after my husband graduated. Now we are making over 90K+...so now we have more money to play around with after all our bills are paid. We got rid of the credit cards after we got the house and still budget. We are still a one income household. It can be done. We still don't make a lot of money but it works if you're smart about it.
Depend on the interest rate and if you can come up with the 20% down payment. Yes, there is FHA, but doesn't matter how you look at it, eventually you have to pay for how much the house cost.
Get rid of the car payments! A home is an appreciating asset and cars depreciate tremendously. No debt would be even better giving you more options. Not having a car note, and being debt free helps me out a lot in being able to afford my home.
Minnesota allowed me to purchase 12/23/22 a triplex $350K and I paid a very low payment for my mortgage.
Which housing assistance program/s did you use?
think to add in ur salary at the time?
@@Wavyysav the lender will ALWAYS add a duplex, triplex, or multi units into your mortgage payments
@@jessicabrown3430 Build Wealth 🏡
I have a renovated duplex in north Carolina, $171k, mortgage is $1238. Purchased last year
could answer this quick...you can afford a SHED from HOME DEPOT on a 50k/year salary
I bought my house in 2009 for $120,000... it's now worth $325,000. Crazy.. I paid it off early and am currently saving to buy my dream home, but that is going to cost me $475,000. My salary is $80k. And i currently have 100k saved up. I live in NM
Honestly, my husband and I are thinking that once we sell, we might just buy a cheaper property in full that way we have no mortgage. I don't think it's a smart idea to sell your house for a more expensive house and enter into another mortgage contract. To have a house paid off and no other debts is how wealth is gained. Like your entire paycheck is free...sounds like the life we want . But good luck with your goals.
It's a good analysis. We need to look in an affordable area.
I’m real estate agent/ investor in NYC, people are moving to upstate NY or out of NY because single family in NY fully renovated in the Bronx NY is about 650k.
Where upstate?
I'm from NY as well, Westchester. Its the taxes that are crazy. He is going by $2000 taxes. We pay 20K plus taxes in New Rochelle.
@@DriversOfLife Orange County
They are moving to Florida and messing our housing market up.
@@yolandacoleman7021New Rochelle is out of control with all that construction that’s why
When I was a real estate agent in New York in 2013 I got a deal done with someone with that income buying a multi family but the average multi family back then was running $300-$400k. It’s disgusting to think about the housing prices now 😩
Oh wow, are you still a real state agent ?
If u make average money you CANNOT afford an average home. Great system
This is a great video to show how the power structure is able to enslave naive people with debt and create dependency on government.
I don’t see the link to the calculator, but I found it when I typed it as I saw it in the description. Great content btw. 17.01 sounds like when Sean Paul said Yeah, Yeah yeah. 🤣🤣
can you provide the link to the calculator
Or.. hear me out. You can get married. Blk ppl are the LEAST married which is also one of the reasons we struggle the most to qualify for mortgages.
Many of us also need to focus on getting skillsets & trades that pay like Booker T.Washington said 100 yrs ago.
How? I have learned what I need to learn obtained all my certifications and licenses and still make a few hairs above minimum wage. IN A SKILLED TRADE *HVAC*
@@Wavyysav can you switch to the top hvac company in your city? What about opening up your own hvac business & advertise with realtors, Angie’s list & real estate investors.
@@Wavyysav Start your own HVAC business. Sign up to a home warranty company and you will not have to pay for lead's. If you did seal systems on refrigerators you should at least make $800-$1,200 a job.
@@jasonphilips4731 I want to start a company now man I truly do. Im more ambitious and goal oriented than I ever have been. I still feel I lack the knowledge and experience to be as successful as I should be in business. I wont stay stuck in that mindset. I will hire someone with even more experience and knowledge than I have and I will buy the truck and get us all the work through advertising, word of mouth, or like you said get contracts with a state or county funded agency that will need continuous work. I will have some solid momentum going for me at that moment. I just have to get there, which is the hardest part. Just pushing through… waking up at 4 am everyday working 10-14 hours no break. not because I want to but because its going to eventually get me where I want in my life. In my own business.
@@learningearning8385 I can switch to a different company but not at this point in time. Im planning on relocating with my family in the near future. I cant switch companies. I can only apply to companies near the location that I have residence.
That’s why so many people keep moving out of NY. It’s impossible for some people to afford a home, let alone be eligible.
Just learned something thanks 💯 subscribed
Great information! I had two houses a few years ago. At the time I was teaching. My first home was about 32k. It was brick, 3bd, bath and half. I was probably making less than 15k as a teacher. Some years later my husband and I bought a,,150k house, about ,2000sq ft. Split level new house. Including taxes and insurance our payments were about 1100. We were married, but divorced so I was stuck with 2 houses. It was a strain to make the payments. Eventually, I became I'll and could not work. Today, I rent. I want to buy again because my rent is higher than what some folks pay for their mortgage. My credit tool a bad hit when someone stole all my money and got a credit card in my name. Trying to get that credit card off my credit report.
Great video. Thanks for sharing typical salary amount..
I am now a subscriber/ first video in😊
So real, I love it- Thank You
This is actually a good video, Thanks
Great practical information. Thank you
Average house in Illinois is around $200k and 50k a year is still a struggle for a single person and some married
I agree I make 50k in Chicago and graduated 2 years ago. Still haven’t saved enough to comfortably move out again. 50k is the new 30k it feels like
Now I think the average house is actually around 280/300k.....
Yeah, not near Chicago it isn't. You can do okay closer to $350k, which before interest rates went up would give you about a $2k monthly payment with 20% down and about $2.4k with 5%. Now thats almost $2.7k with 20% down and over $3k with 5%. But if you want something nice, then you are looking at well over $400k.
Depends where u buy. Bought a 5bed 2bath n 2018 for 110K SW side of Chicago. Approved for more but i didn’t want a high mortgage payment. And since we have the second highest property taxes. Definitely didn’t want that either.
@@tamikabell6531 I work/live ,in Bolingbrook. I’m definitely trying to stay as far away from Chicago as possible when I move next year but it’s looking like I may have to pick up a 2nd job to even afford anything decent
In NYC we can't even afford to rent an apartment let alone buy a house...realtors and landlords want min 65k
OMG! You're so correct. Moved out of the state of NY and bought a home in another state. I still work in NY. It was a darn shame to have a good job in NY and still couldn't afford to buy a home in NY.
@@vedamichele1295 Yup, I realize I have to move out of NYC while still working this low pay job, but I still want a house...MG the Mortgage, please do a show on where we CAN buy a house with 50k income
@@abetterdayabetterlife9069 In 2010 I was earning $50,000 per year. I read somewhere not to go over 3 times your annual salary. $150,000. The lender told me that I could afford $260,000. I told the lender "The Devil is a liar". My loan for my home was $152,812. You have to remember, don't go beyond your means. That's foreclosure waiting to happen. Get your credit together. Start budgeting and save your money. Honestly, I don't know how anyone could save money paying high rent in NY. The only regret I have is that I wish I had the patience to stick with the NACA Homebuying program. They can help out big time, but you have to stick with it.
Depends on what State you live in. Credit to debt ratio and your spending habits
In 1996 my interest rate was 6.5 and they told me that you could afford about your annual salary in a house. That is over 3 times the annual salary. This is 2008 all over again if they handing out loans like this. Better get an apartment and a roommate lol
If you make $50,000 a year, you can afford a house between 50 to 120 thousand.
Good luck finding something good for that price unless you’re willing to work with a fixer upper nowadays
@@c0wboys4life nothing wrong with a fixer upper
@@kayabe856 That’s why I said if you’re willing
That’s cap 🧢 I make about that my home is worth $334,000 been in my house 9 years
@@jennifer742011 it’s now worth that 9 years later. But what was the price you bought it for?
Can you please add this particular mortgage calculator link in the description?
I like that “why not?!” 😂 There should be a system in place: if you work then you should be giving the opportunity to buy a home.
You can FHA
Great video! Getting a house on a $50K per year salary? It used to work back in 1985, probably! Fast forward to 2023, you may be able to double up in an apartment. With a few roommates! That's why we have a major homeless problem now - too many people have purchased homes they could not afford!
Not true. One income family. Made 40k annually. Saved our tax refunds over a few years and the stimulus payments. made sure our housing was less than 35% of our monthly so we ended up living in a not so nice area which was really great motivation to get the heck out. We bought ours two years ago when my husband was freshly graduated from college. Now at 90K+ annually we still don't make a lot of money but because we were smart and didn't purchase iPhone ,which are $1k plus taxes phones btw, and other ridiculous items we could were able to become homeowners
You can do anything with great focus I can't explain it but something with an unknown force will help you overcome anything I know this as a fact.
Manifestation 🙏🏾
You cannot qualify to rent an apartment based off of income requirements in New York without a co-signer on $50,000 a year. How in the hell are you going to buy a house?
If you are of modest means go to a place where that money can do more for you. Hit the suburbs. Go to a lower cost state in addition to doing what you got to do to earn more money.
Location is the biggest factor in determining real estate prices.
Go to a low-cost area, build up some equity and then make that move if that's what you want to do.
…$50k can’t buy you a $600,000.00 house? NO! Lol! Better take into account sky high inflation and debt. $50k can barely afford a nice apartment in NYC these days. You can get a room for rent though.
I was making 12 hr when I got my house 8 years ago here in Louisville ky for 75,000 I qualified for a free down payment assistance of 10,000 my payments are 564 was cheaper but insurance raised me up by 300 property taxes want more this year, the house did need finishing but little by little, now I have a roof leak but that will be fixed next week, I would still get this house seeing how much apartments cost now and I lost my 15/ hr job in November, still cheaper than renting! Oh I never had a car payment either always paid cash or auctions!
Three years ago I made 29k and had a downpayment of 40k for a house that was 178k ( because I sold my previous house and that is why the downpayment was 40k)
I needed this video. Real life situation but I'm in Philly. Feels the same tho. Smh
Health insurance, retirement, etc....
I’m great full for building my home when I was 25. My rent was $550 in the hood. At that time I was making 53k. The purchase was $174,500. Now all the houses in the neighborhood start at about $385k. That put me at $1200 a month.
I was able to get a 300k loan making 35k a year once on a conventional loan no additional debit
Where was this?
before 2009 probably.....
What does the payments look like? 😮
You were part of the problem in 08 😂
@@anniewilson6737 as a one income household and when we were making 40K two years ago, we got approved for a home loan with 2 percent interest. we bought our house in 2021 for 260K in a really nice area. we got approved for more but chose to stay in this price range. Our mortgage is $900 a month. we had the down payment because over the years we saved our tax refunds and throughout the year was very frugal
This scenario is what I’m looking at.
50k, single, 10k down payment using FHA loan. I believe my only option now is to make more money other than that is to rent?
I live in FL, I got no debt I own my car. I bring home close to 4.4k a month. My bills (rent,car/life insurance/food,cell etc) it's only 2.2k a month. I plan to save next year the Xtra 2k a month for a home.
I bought 2 homes since 2007 had my first home built only making $15 a hour back then bought a bigger home in 2014 making around $50,000 a year when my buddy makes $100,000 a year and rents do the math 😂
Thanks for your content. Do you give personal advice or any mentoring?
300k is reality in the south
I live in the south (SC) and $300-350K is what I'm seeing the average home run for right now.
Its horrible
I'm in Michigan I make 50,000 a year I'm looking for a home around 80,000 cost of living is not as bad in the small city I live in
It's still high as hell I am from NC but moved here to maryland. High as hell here also
That’s the lower end in Dallas.
Is it possible to get a duplex (with a 50k-60k salary) for around 300k-400k but then use tenant rental income to afford the home? Assuming owner lives at the home as well.
Basically one has to be debt free which is possible.
The only other way to get somewhat close to this 600k figure is to get a co-signer and by purchase a four-plex and live in one of the units. 😉
All the more reason to not finance a car while purchasing a home at this financial level.
I am so fortunate that I made productive decisions about my finances that changed my life forever. I am a single mum living in Melbourne Australia who bought my second home in September and is hoping to retire next year at 50 if things continue to go smoothly for me
Sorry for late reply sweetie, I used the FIRE movement to put my finances in order. Then lnvested in stocks, cryptocurencies and reaI estates though the assistance of an lnvestment Pro who helped me make it this big....
I will forever be indebted to you?? MRS EVELYN GERALD?😇 you’ve changed my whole life I’ll continue to preach about your name for the world to hear you’ve saved me from a huge financial debt with just little investment thanks so much
@EvelynGerald
I recommend EVELYN GERALD, she has an astounding track record. I’ve worked with her for some time, and there are a lot of people investing with her, she's the best of the best. I hope she doesn't stop taking new comers any time soon because of the high number of applicants
@@CG-uk1vz They’re bots. AI. Not real people pretending.
Any videos on how to get a FHA 3.5% loan? Thanks.
In today’s market to buy a house that cost $181,000 you gotta live in Alabama 😂 because where you finding a house for that price 🥴
What part of Alabama?Not in Huntsville Alabama. 181,000 will not get you a nice house.
NO WHERE. Thats the issue🤦🏽♂️
@@Wavyysav Buy in a low income neighborhood. Check for areas that's about to be gentrified.
Or Louisiana
MG... how did you do with the Bilt card?
This is good conversation
Basically make more money is what you gotta do 50k ain’t it…the hustle continues one job ain’t enough out here
1800sq ft 3 bed 2 bath in Alabama all day built last 10 yr
But will the $50,000 salary hold down there ?
The average salary there is probably even less.
“Laughs in Texas “
Nice podcasts
I gross 200k, condo 150k, and car paid off. Cant imagine buying a house that expensive that i would have to keep maintaining through 30 years. Cars are a liability not asset shouldnt have a 5 to 7 year car loan unless you have the money already in the bank
You make great money and you are smart with it too 🙂
Basically, if you make 50k a year, you really can't afford to buy a house.
Yeah this scenario is literally me rn and in PA, Im so fucked 😭
Fucked?🥺
Do a video on va loan assumptions please
Gracias my friend,goodviedo
What if you decide to just rent it out and have someone else pay your mortgage?
Someone could afford the house if they could purchase for it in cash. The issue is qualifying for the mortgage. Let's say a Millennial lived at home and SAVED all of their coins for a house for a number of years, they could do it, but most people have to qualify for a mortgage that is where the issue lies. Realistically most could save if they have 0 expenses.
not true. as a one income family and making 40k a year during the pandemic, we had been saving our tax refunds over the years and those stimulus payments. During the year before the pandemic and after he graduated college, we moved to cheap/decent area. It was not great but our rent was under 35% of our monthly take home pay. Once we were house shopping, we stuck to the budget. Lenders wont approve you for a house if its more that 45% of your monthly income. We picked a house somewhat to the close end of 'OUR' budget 278K in a very nice area with a 2% interest. We were approved for more but we wanted to make sure we had enough every month and because his income increases every year we were also thinking about that. we still do not make a lot of money currently at 90k+ but now our mortgage is less than 25% of our monthly and we have more money to invest. So it is possible. just budget and stop buying things you cant afford to yet. because even though we might be able to afford luxury items, we dont want to because they are literally designed to keep you poor.
I live in new york state you can absolutely buy a house making 50k a year not everyone lives in the city
It great being young with a great credit score, but in this economy how do we get in real estate?*without having this 100k salary* I have no way of coming up with this salary. What employer will pay this to young individuals? Rarely any. What loan will I get approved of making a few dollars above minimum wage?
Try online jobs that will train and if you are remote you can work more than one job. Don't ever give up, there are opportunities out here.
His spirit was broken when he mentioned groceries. That ish is 200$ a store visit.
facts
Faaaacts