im 25 and make $30,000 a year and still cant afford a morgage. When will the prices be low enough to afford it

Question

i live in central florida getting ready to get married, and make decint money for my age. It seems as though ill never be able to afford a home. anyone have an insite on when the realestate will go back down?

Answer 1

And that is the dilemma of the United States. Incomes are not keeping up with the prices of homes.

I would say, try and save more, make sure you stay out of debt but keep building on your credit score, and eventually you may be able to catch a break either in the price of a home or a promotion or payraise or something.

Whatever happens, keep your chin up though.

Answer 2

Real estate prices are coming down, but not in the numbers that you would need.

I'm sorry, but 30,000 really isn't that great of an income if you want to buy a house, etc.

I suggest the following:

Purchase after you get married and use the wife's income.

Go FHA

Look at ways to increase your income, either with a 2nd job or more hours at your current job.

Go back to school. You are 25 and make 30k. Look at this seriously and answer this question. In the job I'm in now, will my income increase to the level I need it to be in order to buy a nice home AND rise a family? If not, you need to better yourself. I would spend the next several years doing this.

You are NOT to old. Many people that go back to school are worried that they are to old. Remember this, you will be older no matter what. However, when you are 30, do you want to be where you are now? Or better off?

Answer 3

Wait until you are married to buy. That way you will have two incomes and can afford a higher morgage payment. Either that or buy a less expencive home, take care of it, wait for the equity to build up, sell it and step up to a more expencive home and repeat the process. Face the facts, the rates are not going to go lower than they are right now. If you have good credit, there is no reason why you and your new spouse can't afford a nice home. You might also try lowering your standards just a bit and not try buying quite as expencive a home to begin with. Good luck.

Answer 4

Real estate has been going down a lot lately. Not in your area? If you really think you make enough to handle mortgage payments, here is an idea: take the money you would pay on a monthly mortgage and put it into a savings account and let it accumulate. Build up enough for a good downpayment on real estate. This may take some time, a year or more. But the more you can put as a down payment the less you have to borrow in a mortgage, the less you borrow, the smaller your mortgage payments will be. A lender may be willing to lend to you if the payments are small in relation to your income.

Answer 5

prices are dropping now...and have been for the last few months. although florida is still a expensive place to live- just hold off because the next year or 2 will be when prices are at their lowest. also.....

-did you ever consider a fixer upper- if your handy its definately the way to go. even if you stay only a couple years - its a good way to make money for your hard work- then you can get a bigger and nicer place.
- look for tax auctions- google search it- tax auction for whatever county you live in, you can usually find some deals.
- did you ever consider relocating?? - there are alot of areas where that income would get you a nice house- but then again can you make that income in those areas...just a thought.

Answer 6

30k a year ( before taxes ?) is not very much . About $600 per week pre tax , about $400 week after tax ?
Go to a real estate site like Century 21 . They will have a box telling you how much mortgage you can afford .
You might try buying a fixer-upper at an auction sale . If you find one for about 30k you will need a cash down payment / fees of app. $5,000 plus money to put the place in good enough shape to get a Certificate of occupancy . Remember homes always require a fall back bank acount for repairs like hot water heaters , painting , etc.
The real estate market is at it's lowest point since WWII . It will start to stabilize (???????) by next sept. and will start to go up (????????????) by June of '09 .

Answer 7

I am not familiar with Floridian real estate, but 30 thousand dollars may be a pretty low amount for that area you are trying to purchase a house in. Have you tried to procure a house by combining yours and your potential mate's income? You should also look up foreclosures, some of these homes need no work and the banks are attempting to sell these in an effort to get back the money they have spent on the original failed investment.

Answer 8

I am in Michigan and I am in the process of purchasing a house that is a short-sale listing (meaning the sellers bank is allowing her to sell the house for less than what they, avoiding foreclosure) I am 24 years old and I'm single and make less than you do. I know Michigan is a different market but I was trying for houses that were in the higher price ranges. Once I took a look at the houses listed for lower, I was started to find things that I could change the carpet and it would be just as good as the $130,000 house. You can get one, just get serious with finding a house, get a realtor to show you around different places.

Answer 9

You can afford a mortgage on what you make. I suspect that you've managed to get yourself mired in other debts and obligations which preclude you getting a mortgage.

However, you're not going to be able to lease that new car every three years, or wear a Movado watch.

I see reasonable houses listed for sale in the Orlando area for the $120K range. Getting a 100% LTV mortgage is going to cost you about $760 a month, which is barely more than rent.

Answer 10

There's no way to tell if real estate is going to go back down. I doubt it'll go down enough for you to afford a mortgage on your own. I'm not sure what the real estate is like in your area, but here in California it's gone down and the average house where I live is still over half a million dollars.