I am 31 years old, and I am looking to buy a house in the near future. It is important to note that I am buying on a single income, which makes my financing very limited due to DTI and monthly payment restrictions.
I have an $84,000 annual income. I don’t expect my income to get much higher relative to the cost of living in my area, so I want to be conservative in my assumptions on future income. $66,000 in 401K $98,000 in savings account I have no debt. I drive a 2015 Toyota Corolla. I’ll drive that thing for another year or two before I consider something newer.
I live in a medium COL area in a large US metro. Nice homes are expensive ($300,000+) and average homes in modest neighborhoods are in the 200-300k range. If I want to live in an area with plenty of job opportunities in my field and low commute, then I would have to spend over $300k, which I cannot afford. An hour commute would be quite taxing on my mental and physical health, but maybe I could get over it.
The absolute max house price I can afford is $270k ($54k down payment, reasonable monthly payment). I feel very uncomfortable putting so much of my savings into a down payment and closing costs. It just seems too much, and I don’t want to be house poor.
I am growing tired of living in an apartment. I currently live right next to a loud highway, I get giant roaches, my neighbors once boned outside on the steps, my downstairs neighbor screams whiles playing video games at 1am. I just want my own place.
Submitted February 20, 2021 at 02:18AM by adadglgmut5577 https://ift.tt/3qDk9Nj
