I'm 32 M, and looking to buy a house. Still browsing and waiting for the right one. Currently I live with my mom and work s semi stable job in the IT field.
Pretax yearly income: $57,000 plus around $2000 a year from investments and interest.
After tax yearly income: around $43,000, monthly :$3500.
Expenses each month is around $650
My only debt is school: $43,000 to which I have the cash for it in savings now earning 3.75% while loan status is 0% and on hold.
Apart from that I contribute 6% of income to my company's 401k and get 100% match for that 6%. And also Max out my IRA each year.
Total cash in the bank is around $80,000. And I own a car and truck valued around $25,000 combined.
I have around $1300 left over after expenses and contributions to my retirement accounts, and putting some cash away for savings to emergency fund, housing down payment, fun money, and car fund.
I'm thinking I'm good to go but wanted more opinions. Do I need to save more? Currently I saved $15,000 for a down payment and continue to save more each month. Houses around here cost anywhere around $130,000 to $180,000 to keep the same standard of living I currently have, and 3-4x my income is around that range. I'm thinking I might need to save around $20k more to put down the down payment without dipping into my other savings funds.
Opinions?
Submitted May 07, 2023 at 09:51PM by novamatrix https://ift.tt/J1wrHdI
