I'm a single person making 46k a year in apart of my state with fairly inexpensive houses (120k for a small 2 bedroom) but very high taxes, 3%-4% of the house value each year. I listen to Dave Ramsey a lot and he always says people can only afford houses at 25% of their take home pay on a 15 year mortgage. The problem with that is I only take home $2700 a monthy since I'm paid biweekly. According to him I can only afford to spend 675 a month on housing. If I just wanted to rent a room, this would be fine but if I ever want to own a home it's not. If I had a 30 year mortgage of 100k a 4.5% that alone would be 507 and a 15 year year mortgage would be 765, so just the mortgage is over my price range. But with taxes each payment is over $800 or $1000 respectively. I love the area that I'm in but I also want to buy a house, how am I supposed to in this situation. Even if I get roommate, you can't always depend on that. $800 a month for a 30 year by myself seem manageable, not great, but okay especially if I have a roommate. But a 15 year is just impossible to me if I don't want to have all my money tied up in a house. Plus he says all my extra money has to go to paying that off and not extra investing.
Even a two bedroom apartment in my area is easily $1200 a month that split with a roommate seems my only tenable solution according to Ramsey. It just seems ridiculous to me that he has these really lofty expectations that everyone makes 100k and lives in a LCOL area or is married. What are my options here?
Submitted February 28, 2019 at 11:33AM by dogcatthrowaway123 https://ift.tt/2NAfSaI
