Moving out West

[TA34]

I'll put in my .02. I've lived in the Midwest and the West. I grew up in MO and lived there for 34 years, then NE for 4 years, then moved to UT and have lived here for the last 2. So far my biggest regret is that we didn't do it sooner. I love the Midwest, and have enjoyed whitetail hunting since I was 10, and the people are great, but there's simply better opportunities in the outdoors for me in the West. I will say, and this will probably make some people butthurt, but the people in the Midwest are overall friendlier and more enjoyable to be around.

Fortunately for me, I have a good job that allows me to work in several different states: Idaho, Washington, Oregon, California, Utah, Nevada, Wyoming, and of those my favorite is Wyoming followed by Idaho.

I've read other posts about cost of living, etc... Since you don't have kids you don't have to factor in school systems like I did. There are areas out here with lower cost of living, you just have to find them.

So FOR ME, the choice is easy. I'll stay in the West where I can get in multiple trips to hunt elk and mule deer, and go back to MO to hunt whitetail for a week in early November. I can go out every Saturday or Sunday in the winter and snowboard with my kids rather than freeze my butt off in the bitter Midwest cold. I can go out mountain biking early mornings and late evenings during the week or weekend, whichever I prefer from April to October.

Either way, the choice is yours and nobody else's.

 

[dog]

I have lived in WA state most of my life. The fishing and hunting here used to be fantastic but over the years things (everything, not just hunting and fishing) have been mismanaged to the point that I don’t know why anyone would want to move here. There is still some opportunities here and there and it’s still a beautiful place to visit but things have gone down hill bad and that will continue

 

[zion zig zag]

Your mortgage payment on a $150,000 is going to run you close to $1500.00. More likely $1800.00. At a salary of $75,000, your weekly take hone pay is going to be $1200 or a touch better. Depending on your witholdings. It’s going to take a pay check and a half to make the mortgage. It’s going to take the other half of that second weeks earnings to pay the insurance and taxes on that house.

Just glanced over the rest of your budget, but damn man, you need a new mortgage broker. Payments on a 150k loan should be about $600 a month including taxes. Especially if you are putting down 20% and don't have PMI. The better question is where to find anything for 150k.

 

[hunterjmj]

Just glanced over the rest of your budget, but damn man, you need a new mortgage broker. Payments on a 150k loan should be about $600 a month including taxes. Especially if you are putting down 20% and don't have PMI. The better question is where to find anything for 150k.

I didn't notice that either. We pay extra on $230,000 loan and it's not $1500/month. I feel like our taxes are high too.

 

[WV Mountaineer]

I don’t need a new mortgage broker. I also understand that few adults starting out are going to garnish the best rates and loan terms. All borrowers require the 20% deposit. Not all buyers are going to get 2.3%. At $150,000 on a 15 year fixed, is going to be $1000 a month. Add in taxes and the hone insurance and you are knocking on $1500 a month.

 

[CorbLand]

How long is your mortgage?

Even a 150,000 with 3% down on a 15 year loan is less than 1500 a month with PMI.

 

[WV Mountaineer]

Maybe reading isn’t sone people’s strong suit.


I stand corrected. I maybe due need a new mortgage broker. Because no one I know, including myself has ever been able to get a mortgage without the 20% down. 3% down on a 150,000 loan is not something any lender here does. Period. Never has either.

 

[bsnedeker]

Maybe reading isn’t sone people’s strong suit.


I stand corrected. I maybe due need a new mortgage broker. Because no one I know, including myself has ever been able to get a mortgage without the 20% down. 3% down on a 150,000 loan is not something any lender here does. Period. Never has either.

Yeah, you need a new broker if you've never heard of an FHA loan.

 

[hunterjmj]

We got in to our house years ago with 5% down. We had to pay pmi until we refinanced into a conventional loan. Not saying it's the wisest thing to do but tons of people get FHA loans with 3% down. Very glad we got in to a house when we did because a $250,000 home is non-existent around here now.

 

[CorbLand]

Maybe reading isn’t sone people’s strong suit.


I stand corrected. I maybe due need a new mortgage broker. Because no one I know, including myself has ever been able to get a mortgage without the 20% down. 3% down on a 150,000 loan is not something any lender here does. Period. Never has either.

If that lender has been good to you, no need to change but most lenders will give a conventional loan at 5% down. In todays world, 20% down on houses is nearly impossible, especially with what has happened in the last year to prices.

150,000 dollar houses are pretty much gone. I haven't seen a house that low in ~ 5 years. Most homes in the area I live are 300,000 plus. Even townhomes are going for 280,000 at the low end.

I ran the numbers you gave with the loan terms I was preapproved for as a first time home buyer. 150,000 with 3% down at 3.125% for 15 years. I left taxes at 2000/year, which around this area is about 600 bucks too high. I didnt include insurance. 1250 per month is about where you should be.

Same thing with 20% down puts you right around 1000 per month.

Most people I know are paying more than 1000 per month in rent and I dont live in a big city, its considered rural.

 

[CorbLand]

We got in to our house years ago with 5% down. We had to pay pmi until we refinanced into a conventional loan. Not saying it's the wisest thing to do but tons of people get FHA loans with 3% down. Very glad we got in to a house when we did because a $250,000 home is non-existent around here now.

About a year and half ago my wife and I looked at doing an FHA with 3% down but opted to keep saving. That choice cost us about 100,000 dollars.

 

[WV Mountaineer]

Yeah, you need a new broker if you've never heard of an FHA loan.

Always one in every crowd.

I’ve bought one house in my life. So, having a mortgage banker on call isn’t a necessity. Nor is knowing about an FHA loan. I’m happy for those that get them.

If that lender has been good to you, no need to change but most lenders will give a conventional loan at 5% down. In todays world, 20% down on houses is nearly impossible, especially with what has happened in the last year to prices.

150,000 dollar houses are pretty much gone. I haven't seen a house that low in ~ 5 years. Most homes in the area I live are 300,000 plus. Even townhomes are going for 280,000 at the low end.

I ran the numbers you gave with the loan terms I was preapproved for as a first time home buyer. 150,000 with 3% down at 3.125% for 15 years. I left taxes at 2000/year, which around this area is about 600 bucks too high. I didnt include insurance. 1250 per month is about where you should be.

Same thing with 20% down puts you right around 1000 per month.

Most people I know are paying more than 1000 per month in rent and I dont live in a big city, its considered rural.

I’ve got news for you. Include insurance for a $150,000 house, plus another $150,000 of valuables inside that house, and you will be KNOCKING on $1500/month.

 

[manitou1]

You have hit the timing very well for your career choice if you intend to move to a developing area in the west. Pay rates are higher in Montana and Wyoming for computer tech heavy jobs then they’ve ever been. Sone of the nations highest on average according to google. It’s what happens to developing areas.

So, you got that in your favor. What you don’t have in your favor is that your starting salary is going to be too low to keep up with a demand driven housing market.

if you were to start a job somewhere for $75,000, you can forget about buying a house over $150,000. Because you gotta eat, drive, pay utilities, etc…. You are also going to need 20% of your mortgage amount to even set down in person to talk about a mortgage loan. That’s tough outta school for sure.

Your mortgage payment on a $150,000 is going to run you close to $1500.00. More likely $1800.00. At a salary of $75,000, your weekly take hone pay is going to be $1200 or a touch better. Depending on your witholdings. It’s going to take a pay check and a half to make the mortgage. It’s going to take the other half of that second weeks earnings to pay the insurance and taxes on that house.

So, you’ve got about $2400 left to buy a truck you can depend on. that’s going to be 3/4 of your third weeks earnings. By the time you fuel it for the month, that’s the rest of your third weeks pay. That leaves one paycheck to maintain your hone, your vehicle, it’s insurance requirements, buy food, pay utilities, save for recreation, etc…

My point in all this is to say you can make it. And, if you intend to make it out west, you are starting at a good time. Just like everyone, you will acquire financial freedom over the long haul no matter where you start out at. But, if you think you are going to roll into a lifestyle of hunting and fishing, it’s probably going to be a few years. No matter where you decide to live.

So, take the plunge. Do it. It’s called life. There are no magic spots that’s going to see you living in a nice hone, driving a nice truck, and hunting and fishing four weeks out of the year. Time off for new hires don’t work that way. Nor will the money be there to do it for a while.

At recent rates, a $370K mortgage will run you $1818.00 monthly, including tax and insurance.

 

[zion zig zag]

Always one in every crowd.

I’ve bought one house in my life. So, having a mortgage banker on call isn’t a necessity. Nor is knowing about an FHA loan. I’m happy for those that get them.


I’ve got news for you. Include insurance for a $150,000 house, plus another $150,000 of valuables inside that house, and you will be KNOCKING on $1500/month.

If you are paying nearly 6000 a year for 150k of coverage (including personal belongings), well then now you need a new insurance broker.

It's ok to just admit that you were wrong.

 

[CorbLand]

Always one in every crowd.

I’ve bought one house in my life. So, having a mortgage banker on call isn’t a necessity. Nor is knowing about an FHA loan. I’m happy for those that get them.


I’ve got news for you. Include insurance for a $150,000 house, plus another $150,000 of valuables inside that house, and you will be KNOCKING on $1500/month.

That is weird because when I got a quote for home owners insurance for a 365,000 dollar house it was less than 100 bucks a month.

Dude you are extremely defensive about this for some reason but the bottom line is that in todays world, a 150,000 dollar home would not cost you 1500 a month. You can keep tacking things on to this to try and get the numbers to work for you to be right but your numbers are wrong given todays rates. Period.

In order to have a 150,000 dollar house with 3% down cost you 1500 a month, you would have to be paying 270 dollars a month in home owners insurance and that is with PMI. Take PMI off and it would be pushing, if not over, 300 a month just for home owners insurance.

Every number I have ran is with a 15 year mortgage as well. If you do a 30 year, which is common, damn bro... I have also ran everything with property taxes being 2000 a year which is about 200 bucks higher than the property taxes on 375000 dollar house in my area.

I really dont care how you spend your money but if you have a 150,000 dollar house that is costing you 1500 bucks a month, you really need to look into refinancing or something because you are bleeding some serious money.

Now, my real question for you...where the **** are you finding homes for 150,000?

 

[bsnedeker]

Always one in every crowd.

I’ve bought one house in my life. So, having a mortgage banker on call isn’t a necessity. Nor is knowing about an FHA loan. I’m happy for those that get them.

Lol...you mean one guy who corrects your clearly wrong information? Does that bother you? This was YOUR quote "3% down on a 150,000 loan is not something any lender here does. Period. Never has either."

Being wrong is OK bud...you'll be ok!

 

[hardincobucks]

Can we get an Update and what you decided?

I’m in a similar boat. From the Midwest went to school in Washington and graduated a couple years ago. I wasn’t a fan of Washington but fell in love with Idaho. Will be moving to the Boise area next week.

 

[Myshootinstinks]

You will probably get a higher paying job in CO. or UT. But, way too many people in both states.
Purely from an outdoorsman’s standpoint, stick with ID, MT, or WY. Not necessarily in that order.

 

[Amos Keeto]

You will probably get a higher paying job in CO. or UT. But, way too many people in both states.
Purely from an outdoorsman’s standpoint, stick with ID, MT, or WY. Not necessarily in that order.

Be cautious of Colorado.
My eldest was working in Denver. The homeless downtown was a REAL problem.
Every morning, when she headed home from work, the same dude, wearing nothing but hiking boots, a small back pack and a cap was "watering" the shrubs outside her office building!
Cops ignored them and/or any complaints ... unless violence was involved!

 

[CorbLand]

Can we get an Update and what you decided?

I’m in a similar boat. From the Midwest went to school in Washington and graduated a couple years ago. I wasn’t a fan of Washington but fell in love with Idaho. Will be moving to the Boise area next week.

Boise area is a little rough right now as far as housing goes. It boomed and building didn’t keep up. My brother lives there and his house has tripled in less than 10 years.

The only advice I can give is that if you want to come to the West do it while you are young. It does not get easier as you get older and more settled. My wife and I him hawed on heading south when we got married but never did. 5 years later I wish we would have just done it.