So me and my fiance are both 25 years old, and we've been looking for houses in Michigan for the past 4 months. I make $13 and hour and average about 48 hours a week. My overtime is pretty much always there for the taking. My fiance makes $15 an hour and averages 36-40 hours a week. Currently our monthly combined income is about $3550. We do not currently pay for health insurance because of the below 26 age cap that is still in place, but we are planning on paying for it next year. We both still live with our respective parents.
We both have student loans, I pay $400 a month, he pays $100 a month on them. Despite this, I've been saving my extra money for several years now and together we have about $26k in cash savings.
Pretty much, I'm getting very aggressively harassed by my parents to move out already. I don't know how much longer I have before they force me out, so together we've been looking at houses. We've been pre-approved for 150k, and because of the location of our jobs, the markets we have to look at for houses is 130-150k. (Mind you I absolutely do not want to have to be at the very top of our price point, this makes me uncomfortable. The majority of houses we've looked at are 140) This is making our estimated mortgage payments about $900.
I've been building budget after simulated budget. Including things like car insurance, a shared phone bill, internet, etc, and including $300 for groceries a month, it seems like it's feasible to do. The way my budget looks right now that's leaving us with $204 in savings each month, which doesn't seem like a lot. I'm very concerned that we're in over our head and my Dad keeps telling me there's no way we can afford a $900 mortgage.
The issue is, apartments in the area near our jobs and pretty much nonexistent. The ones that are there are still $700-$1100 so it just seems to make no sense to me for us to just rent rather than buy.
There's an extreme lack of inventory in my area that I'm looking and houses are selling within 24 hours of being on the market, and going for like 5k over the asking price. So there isn't much wiggle room on the price. And it's not even like I'm looking in the very best area. The neighborhoods I'm looking at are still a minimum 30 minute commute for both of us, just because my job is in a very wealthy area.
So I don't really know, I have an anxiety disorder so I've been overthinking this to death and maybe I just need an outside source to look over things and see if this is just too much?
Submitted June 09, 2017 at 08:14AM by robitthrowaway http://ift.tt/2s40Bqb
