I am trying to save for the future, and part of that is saving for a down payment for a home. I keep doing the numbers and I have absolutely zero clue how I can ever afford a home on my salary, yet it seems like a number of people my age that I know are able to get themselves into a home.
Do I not know something that others do that can help me afford a place one day?
I make $100,000 a year. My take home is roughly $4,890 a month (if I did not contribute to my 401K).
The median home price is $650,000 in this area. To get an average 3b 2b 1950s home in a very mediocre area, I am looking at a mortgage payment, tax, insurance of about $3,400 a month. This is assuming 130,000 for a down payment (which is a whole 5-10 years of saving in itself). This is 70% of my take home... without saving anything.
At the lowest end of the real estate market are studio and 1b 1ba condos in very mediocre areas and 1970s condo buildings. Those run around $400,000 minimum. Thats still over 50% of my take home factoring in the HOA fees.
Please help... are all of my friends getting help from their parents and I am SOL to own a home, or am I missing something?
Submitted January 16, 2017 at 07:01PM by upbote_2_left http://ift.tt/2jDmeXD
