i am 24 i make $3000?

Question

I make $3000 and I pay rent for $1000 each mount. My mom lives alone she makes about $3000 and she pays rent for 600. Do you think it is a good idea to move in and buy a condo? My payment is going to be $ 2500. Thank you for your support

Answer 1

It sounds like a bad idea given the monthly payment and your relatively low income. It looks like you'll just be scrapping by.

Does the $2500 include taxes and insurance? And is the $3,000 a month gross or net? When it comes down to it, you should have a debt-to-income ratio no greater than 45%.

In your example, your DTI would be about 83% for just the proposed mortgage alone. Not to mention other expenses you have, so technically you're not to own a home right now.

Plus consider the intangibles like the stress of owning a home. And job security. Not to mention more expensive bills and a declining housing market. I'd wait.

Answer 2

Personally, I'm also about your age and I would HATE to purchase a home iwth my mom. You could certainly afford it with your incomes combined, but I'd want to move out within 6 months.

If you're seriously considering it, why not move in with her (she has cheaper rent) for 6 months and save a down payment...and in the mean time figure out if you can handle living with her?

Answer 3

I think you need to be focusing on your own life right now, not your moms. If you move in with her it could set you back years. She'll be fine on her own, and you need to be focusing on saving money for the future and getting yourself positioned well in life. Also, chicks dig guys who DONT live with their moms, usually. So, the choice is really up to you, but I'd try to stick it out independently for a while.

Answer 4

you need to concider all your bills you have to pay ,make sure you have enough to live off once you pay your bills,food ,gas and clothes ect. its a good investment ,go for it

Answer 5

Depends on your gender