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Drafts Man | Im 25 and make $30,000 a year and still cant afford a morgage. When will the prices be low enough to afford it |
i live in central florida getting ready to get married, and make decint money for my age. It seems as though ill never be able to afford a home. anyone have an insite on when the realestate will go back down? |
 |
 
Tom C
 |
And that is the dilemma of the United States. Incomes are not keeping up with the prices of homes.
I would say, try and save more, make sure you stay out of debt but keep building on your credit score, and eventually you may be able to catch a break either in the price of a home or a promotion or payraise or something.
Whatever happens, keep your chin up though. |
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expo99_ai
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I am in Michigan and I am in the process of purchasing a house that is a short-sale listing (meaning the sellers bank is allowing her to sell the house for less than what they, avoiding foreclosure) I am 24 years old and I'm single and make less than you do. I know Michigan is a different market but I was trying for houses that were in the higher price ranges. Once I took a look at the houses listed for lower, I was started to find things that I could change the carpet and it would be just as good as the $130,000 house. You can get one, just get serious with finding a house, get a realtor to show you around different places. |
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Real Estate Guy
|
Real estate prices are coming down, but not in the numbers that you would need.
I'm sorry, but 30,000 really isn't that great of an income if you want to buy a house, etc.
I suggest the following:
Purchase after you get married and use the wife's income.
Go FHA
Look at ways to increase your income, either with a 2nd job or more hours at your current job.
Go back to school. You are 25 and make 30k. Look at this seriously and answer this question. In the job I'm in now, will my income increase to the level I need it to be in order to buy a nice home AND rise a family? If not, you need to better yourself. I would spend the next several years doing this.
You are NOT to old. Many people that go back to school are worried that they are to old. Remember this, you will be older no matter what. However, when you are 30, do you want to be where you are now? Or better off? |
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JD
 |
start small. it's a step by step process. get yourself an apartment or a condo for now, then in a couple of years, sell that and move up; you need to build your credit history and real estate buying experience; eventually you will be able to afford a single family home - don't fret! also, consider where you are looking, you might have to move out a bit or try other areas than what you might have considered in the past. |
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Aleks
 |
I make 2 times more and I cannot afford to buy a condo. I guess the prices do not have to go lower since there are people willing to buy real estate and let us rent it. |
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Expert Realtor
 |
Sure you can...you just can't afford one in your area or the price of the homes you have been looking for.
Not everyone can afford to buy a home in every area that they live in.
Just ask people from New York City...they are VERY in touch with being renters forever. |
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naomi
 |
Depending on where you are. The economy is in a slump right now save and hold out about 1 year and you should be able to get anything |
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?
|
it want get better have wife to work also. |
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countryguyhfc
|
Save as much as you can for a down payment, the more you have for a down payment the more likely you are to get the loan. Also make sure to watch your credit report and make sure you do what it takes to keep it good. |
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onandonandonanon
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There isn't a better time than NOW to buy! If you can't afford a home on $30,000 a year, then you need to live a different life style or lower what you want in a house! You don't need to have everything you want in your first home! It's a buyer's market right now, nobody can unload the houses they have. There will never be a better time to buy than NOW!! |
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Ebonguard
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I am not familiar with Floridian real estate, but 30 thousand dollars may be a pretty low amount for that area you are trying to purchase a house in. Have you tried to procure a house by combining yours and your potential mate's income? You should also look up foreclosures, some of these homes need no work and the banks are attempting to sell these in an effort to get back the money they have spent on the original failed investment. |
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JJ
|
My crystal ball is a little foggy on this one. But if you find out there are a lot of bankers, and investors, who would pay for the information. Then you will have enough money to buy that house cash. |
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becca9892003
 |
look into moving elsewhere in the country...when i made around that i was able to buy a 3500 sf home in PA....you live in a very expensive state.. |
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Acee
|
probably not for a while, i recommend a second job or the wife working to |
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xpinkoutx
 |
There's no way to tell if real estate is going to go back down. I doubt it'll go down enough for you to afford a mortgage on your own. I'm not sure what the real estate is like in your area, but here in California it's gone down and the average house where I live is still over half a million dollars. |
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acermill
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You can afford a mortgage on what you make. I suspect that you've managed to get yourself mired in other debts and obligations which preclude you getting a mortgage.
However, you're not going to be able to lease that new car every three years, or wear a Movado watch.
I see reasonable houses listed for sale in the Orlando area for the $120K range. Getting a 100% LTV mortgage is going to cost you about $760 a month, which is barely more than rent. |
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Trilby
|
Real estate has been going down a lot lately. Not in your area? If you really think you make enough to handle mortgage payments, here is an idea: take the money you would pay on a monthly mortgage and put it into a savings account and let it accumulate. Build up enough for a good downpayment on real estate. This may take some time, a year or more. But the more you can put as a down payment the less you have to borrow in a mortgage, the less you borrow, the smaller your mortgage payments will be. A lender may be willing to lend to you if the payments are small in relation to your income. |
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golden rider
|
Wait until you are married to buy. That way you will have two incomes and can afford a higher morgage payment. Either that or buy a less expencive home, take care of it, wait for the equity to build up, sell it and step up to a more expencive home and repeat the process. Face the facts, the rates are not going to go lower than they are right now. If you have good credit, there is no reason why you and your new spouse can't afford a nice home. You might also try lowering your standards just a bit and not try buying quite as expencive a home to begin with. Good luck. |
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ARTmom
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Try So Cal where they are losing homes left and right-we came into the market as newlyweds and scammed our way into our first home.Its hard-look into foreclosures and such-a real estate broker would be happy to work with you and I think you'll be surprised at what you'll find. There is one down the street-3,100 sq ft. 6 yrs old, excellent condition-new rugs thruout-I bet Florida is similar as our area in Southern Ca is outrageous. We bought in 2000 at 204,000. Now, even at market bust-our home would sell for 480,000. Disgusting. Check rent to own and fixer-uppers too-alittle work-esp cosmetic, can save you bundles on a morgage. |
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tongueincheek
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sorry prices never go down you have to jump on the property ladder while you can and watch your investment rise |
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allure45connie
|
30k a year ( before taxes ?) is not very much . About $600 per week pre tax , about $400 week after tax ?
Go to a real estate site like Century 21 . They will have a box telling you how much mortgage you can afford .
You might try buying a fixer-upper at an auction sale . If you find one for about 30k you will need a cash down payment / fees of app. $5,000 plus money to put the place in good enough shape to get a Certificate of occupancy . Remember homes always require a fall back bank acount for repairs like hot water heaters , painting , etc.
The real estate market is at it's lowest point since WWII . It will start to stabilize (???????) by next sept. and will start to go up (????????????) by June of '09 . |
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Dr. Deth
|
hopefully it won't go down very much before it starts going up again. Won't your wife be working? - If not, why not - if you want a house, it pretty much requires 2 income nowadays. very few people at age 25 can afford to buy a house - just start saving |
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JB
|
welcome to life.. I'm 30 make $58K and cant' afford a house. |
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mary h
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prices are dropping now...and have been for the last few months. although florida is still a expensive place to live- just hold off because the next year or 2 will be when prices are at their lowest. also.....
-did you ever consider a fixer upper- if your handy its definately the way to go. even if you stay only a couple years - its a good way to make money for your hard work- then you can get a bigger and nicer place.
- look for tax auctions- google search it- tax auction for whatever county you live in, you can usually find some deals.
- did you ever consider relocating?? - there are alot of areas where that income would get you a nice house- but then again can you make that income in those areas...just a thought. |
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GUARD DOG
|
Never has real estate prices taken a drastic plunge...it is one of the most stable investments a person can make---If you are hoping to purchase a $100,000 home, I wouldn't hold my breath........ |
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tickled blue
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should be going down very quickly pretty soon.....but you should be able to afford a home on that salary.....depends on the house you want. Search online for houses in your price range....it is pretty easy to find a house with a mortgage cheaper than rent!! I found a very nice one for pmts @ 488.00 per month. That isn't too much for you is it? |
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problemchild243
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I know 30k may seem like a lot of money but in reality its not maybe you've never earned more than that but what you need to do is try to increase your income to around 40 or 50k and i can guarantee you that you will be able to get financed. |
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keith f
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try countrywide cause i don't even make that much. they put me in a brand new house and i'm still here today been here for two and a half years. like the commercial goes "nobody can do what countrywide can...'NOBODY'" |
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Terry S
|
Double your income.
$30,000 will NEVER be enough to buy a nice house.
DO NOT SIT AND WAIT FOR THE MARKET TO COME TO YOU, FIND WAYS TO INCREASE YOUR INCOME.
WORK HARDER ON YOURSELF THAN YOU DO AT WORK.
That's a good place to start. |
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