Hey guys! I'm saving for a down payment to hopefully buy a house in a couple years, but from doing my research I've seen the general rule of thumb is don't buy anything that's over 3x your salary. I don't make a lot, bit under 50,000, but it's still more than the average person. I am also getting my bachlors (bba) in 2 years so I'm sure my salary will improve, but I'm definitely not going into any money making career like doctor or lawyer.
Anyways 50,000 ×3 is $150,000. Where I live that can maybe buy me a trailer two hour drive from the city, if even... I think the cheapest would be $300,000-350,000 for a decent tiny 600sqft apartment. Which means to afford a tiny apartment, not even a real house, I'd have to definitely make over 6 figures. Which I definitely hope to one day, but I'm in my early 20s and don't know how long it'll take. I come from a poor family, I couldn't even imagine I'd make over $40,000 so I'm definitely grateful for how much I'm making now.
Considering I make more than the average person (crazy) I don't see how anyone can afford their own place? Aside from having double income, but I'm not into gold digging haha. I just thought that people who make six figures could afford a house, not struggle to buy a tiny apartment?
I know my area is more overpriced that most, but I've never seen a nice house/apartment for $150,000. Can people making this low (50,000 annualy) just never afford to buy a house?
Submitted August 13, 2017 at 06:08AM by redditterred2 http://ift.tt/2vu2gGB
