We make $54K a year together. Is that enough to buy a house?
2006-11-29 00:23:14 · 15 answers · asked by inlovewow 4 in Family & Relationships ➔ Singles & Dating
In most areas, I'd say yes, most definitely. Though It really depends on where you live. In what area of the country/world are you looking to purchase a home. What's the usual price range?
PS The usual "rule" about whether or not you can afford to buy a home is; your monthly mortgage payment should be approx. between 1/4 and 1/3 of your monthly income. No more than 1/3. Anyway, I hope you can afford it. Have fun looking for a house to buy. It's pretty cool. Exciting too.
2006-11-29 00:31:20 · answer #1 · answered by GreyGHost29 3 · 0⤊ 0⤋
Depends on where you live. I don't mean to be so vague but its true.
I lived in California for most of my life and finally at age 33, I had to move to another state if I ever hoped to buy a home. We made almost 100k a year. We were able to buy a home outright with our savings when it wasn't even enough for a decent down payment in CA.
I would suggest looking at some online realty companies and look at prices in your area and then see what the estimated mortgage is on homes you would be interested in and then decide if that is enough.
2006-11-29 08:28:52 · answer #2 · answered by April L 3 · 1⤊ 0⤋
as long as it's a decent smaller house, you have a good down payment and the housepayment, including taxes, doesn't take more than 30% of your income. Upkeep on your own home can be a pain in the rump sometimes.
2006-11-29 08:26:12 · answer #3 · answered by Jennifer L 6 · 1⤊ 0⤋
yes, I brought a house on my own in Pembroke Pines and I make 55,000. Also, don't forget you credit scores counts when it come to buying a house so make sure that you credit is in good standings
2006-11-29 08:26:08 · answer #4 · answered by Cowgirl Joe 2 · 1⤊ 0⤋
depends where you live and the price of houses...should be able to buy something...maybe a condo to get started....talk to a bank to see what you qualify for then find a good realtor to help you find a place...good luck
2006-11-29 08:25:30 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Well it all depends on what your other expenses are.. car, insurance, etc. I bought my house when I was only making $33K and single. And it depends on what kind of house you want to buy.
2006-11-29 08:27:03 · answer #6 · answered by notfreeinnh 3 · 1⤊ 0⤋
Depends upon your debt-income ratio.
2006-11-29 08:26:15 · answer #7 · answered by Anonymous · 2⤊ 0⤋
when buying a home you usually qualify for a certain % of your free income...via conventional loans, they % is less for FHA.
2006-11-29 08:25:47 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Depends where you live and the cost of living there.
2006-11-29 08:25:09 · answer #9 · answered by Jon O 4 · 1⤊ 0⤋
yeah it is..if you apply for a mortgage and stuff. hope you have a happy life together.
2006-11-29 08:36:56 · answer #10 · answered by ☮Luwayla☮ 6 · 0⤊ 0⤋