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Additional Details
clari331 does not belong here...so rude!... |
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 How Much do you Pay For Rent ? |
What state do you live in. Just tring to see the rent price's and how they differ.
I have a three bedroom house i pay 325.00 Per month. Ohio :)
Additional Details
Wow Its ... |
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Mark | Could I afford to buy a house (or a condo or some other dwelling) on a yearly gross income of about $38,000? |
I live in Silicon Valley and I currently rent. I am single and just curious if it would reasonably be possible. Also, I only have about say maybe $4000 or $5000 I could possible use as a downpayment. |
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BeachBABE
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In Silicon valley it would be hard to find a place for the money you have the 4000-5000 you have saved up may not even cover all of the closing costs. Also, you would have to consider maintenance on the property as well as the mortgage. You have to pay the mortgage, plus homeowners insurance, plus private mortgage insurance (if you put less than 20% down), and you are responsible for anything that breaks so if a flood comes or an earthquake or the pipes burst you would be the one who would have to pay so i would say no you cannot afford a house in silicon valley. Maybe in another part of the country like down south or alaska. |
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kearneyconsulting
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Probably not a house in your area. Sorry. |
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sean_mccully
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Use this to find how much a place costs
http://www.zillow.com/
Then use this to see if you can afford a loan
http://realestate.yahoo.com/calculators/payment.html
I highly doubt you could anything on 38k especially in the greate San Fran area which is one of the most expensive areas in the country. |
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R.E. Advice
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Yes it sounds like you could probably afford around $1,000/mo. mortgage payment assuming your credit was ok and debts fairly minimal. I'm not sure how nice of home that will buy you out there, but maybe a decent 1 bedroom or studio? |
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Enchanted
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Basically anywhere but there, yes. You'll never find an affordable and habitable place on your salary. Sorry. That's actually what I make, but homes here are $120k or so, not $400k+. |
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Yanswersmonitorsarenazis
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Your total debt payments shouldn't be more than $1400 or so, to avoid being house-poor. The $1400 would include car payments, credit cards, student loans, etc..
If you're otherwise debt-free, you could buy a place in the $150-180K range. Your $4-5K wouldn't be much use as a downpayment, better to keep it in the bank for a rainy day.
Is there anything worth buying in the valley for that price range? If so, maybe it's worthwhile. |
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Vocal Democrat
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I don't see how the economics of that can possibly work.
Most mortage companies won't lend more than 4 times your income. You are hard pressed to find any real estate in S.V. for 10 times that!
Basically, the only people who can afford to live there are the one's who owned real estate before the big boom. Those who missed the boom, either are really rich (w/ extremely high paying jobs), got their homes thru inheritance. |
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Lainie L
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You should talk to a mortgage specialist because it all depends on your debt to income. Housing where you are is higher than other parts of the country. You can do what a friend of mine did and buy a house with a friend you trust to use both incomes. Or, buy a home in another state where housing is cheaper. |
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thinking-guru
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Yes. Add up all of your minimum monthly debt payments -"D" (not utilities or cell phone or rent). Find out what the total house payment will be on the homes you are looking for "T"(principal + interest + escrow). Using your gross monthly earnings - "E", find out your debt ratio. Here is how it looks:
D + T/E = debt ratio
If the ratio is 50% or less you have a good chance of getting the home. |
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Alterfemego
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...only your loan officer knows for sure! |
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