What house can I afford with my salary?
I make around 40-50k a year, but not sure what would be in my price range.
- 10 years agoFavorite Answer
Hey, I am not sure exactly what your income is or what your bills (other than what a house payment would be are but this is just my assumptions.
If you are making say, 50K based on a state such as (texas because I don't know where you live) you get to keep your state taxes, I would assume your bring home pay is around 3200 a month. What I would suggest for you (assuming also that you are single and do not have any kids) to draw up what goes out of your check every month then you can begin to focus on what you need.
A house around a 175K with a fixed interest rate of around 5.0 (with a VA 2.125 funding fee) will be around 1125.00 a month. Depending on how good your credit is will depend on if you can get a lower rate than that. You can find really good deals. I would suggest looking into new constructions if you plan on being in that home a while. You can put your own upgrades and pick things out that you want and get a really good deal on one if you choose the right area etc.
If you are in a new home with new plumbing pipes heating etc your billing (varying with the usage you will actually use when it comes to lights, water, washing dishes etc) will be around 120.00 for cable and internet, 120.00-180.00 for lights, 30.00 dollars for sewage etc. Put that into account along with city taxes, and your interest rate that you can get (I suggest USAA home loans because they are just a great bank in general) and you will be able to see how much a house will be on your salary.
If I were you, I would probably look into a house around 150K but you can look at mortgage calculators to see otherwise. Definitely scope out the area and ask for crime rates or a way to find out so that you can see if the land you are buying will be of value later.
I am merely giving you my opinion because I love houses, always have, and my husband and I are in the process of looking at houses :o)
- kukwaLv 43 years ago
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- LibertarianLv 410 years ago
Depends if you have other obligations (credit card debt), if your income is fairly stable, and if you have to feed & clothe spouse/kids. But in general, I advise that you buy a house with a "in-law appartment" with separate entrance that you can rent out, to help with paying the mortgage.
- ?Lv 710 years ago
3 times your income 150k
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- Ryan MLv 710 years ago
About $125k to $150k
- 10 years ago
for info ; open the second & fifth link in: www.real-estate-4u.co.cc