Let me explain. I make 15 dollars an hour. I don't have a car so there will be no car bill. I calculated that I could save, after other expenses, about 900 a month. If I save this amount of money each month for for ten years I would have over 100,000 dollars in the bank. Could I get a house for that much even
Let me explain. I make 15 dollars an hour. I don't have a car so there will be no car bill. I calculated that I could save, after other expenses, about 900 a month. If I save this amount of money each month for for ten years I would have over 100,000 dollars in the bank. Could I get a house for that much even though I make 15 dollars an hour?
houses like everything else in life goes up who knows what the cost shall be in 10 years? back in 1985, interest rates were 13% when i tried to sell our house in florida, we ask for $58,000 which we paid for 3 years earlier… we got no offers… since we didn't have a mortgage, i told the agent if they could $20,000 down, i'd take back a mortgage for 30 years at 10%… it was sold the next for $55,000
no… house price rises shall outstrip your savings… get a mortgage as soon as you have saved enough for a deposit… make sure the loan agreement allows over payments so that you can pay it off early and save interest charges…
i would be thinking about how to move further along up the ladder, or get into a career where you can do that if you're not already… even with $100k in the bank, are you going to spend it all on a house?
what about a car? what about house maintenance? what about retirement? a nest egg or rainy day fund?
have enough for down payment and you need to be making enough to cover a mortgage…
worry about a better job than buying a house… you don't seem like an ambitious person at all, so there's a finite point you shall not go beyond…
sure you could
You wont have the same 15 dollar job for 10 years will you?
if you can find a house for only $100K sure
if you will require a mortgage, your $15/hr wage will not qualify you for any kind of mortgage loan if you plan to buy a house for more than that(altho that is a nice down payment)
How much you make and how much you have in savings are only parts of a large equation. To obtain a mortgage, they will look primarily at your debt-to-income ratio, which should be about 30%-45%. The amount of down payment and your credit score will also play factors.
depends on where you live.
It would depend on where you buy. In the NYC suburbs no. In some small town in the country maybe. You would have to not only pay monthly electric, water, phone etc but you would also have to pay yearly taxes an insurance. That isn't even counting repairs like a new heating unit or roof. Owning a home is very expensive and unless you earn more then that you would be in danger or biting off more then you can chew.
It depends where you live…