Single income house holds

[maxx075]

Just mathing around with this

$4000/mo payment at 7% over 30 years is a $601,230 home.

Take home of $9,750/mo after taxes/insurance/401k(calculated at 40% of gross)

$5,750/mo or $69,000 annually, left over to live off of.

Generally average 2000 on CC for groceries and bills that is paid every month. 2000 in savings. So not a lot of room every month for a kid. I've heard those are expensive.

 

[svivian]

Generally average 2000 on CC for groceries and bills that is paid every month. 2000 in savings. So not a lot of room every month for a kid. I've heard those are expensive.

How long have you been putting $2000 away per month? Thats $24k a year, should get that mortgage payment down even more.

 

[maxx075]

How long have you been putting $2000 away per month? Thats $24k a year, should get that mortgage payment down even more.

Couple years. Had to dip in it a couple times to pay half on a new vehicle last year and paid off my student loans.

Just never enough for 20%

 

[svivian]

Couple years. Had to dip in it a couple times to pay half on a new vehicle last year and paid off my student loans.

Just never enough for 20%

luckily that 20% isnt required! First time home buyer programs are a thing ya know. You are only hurting yourself by waiting.... My unsolicited $0.02

 

[maxx075]

luckily that 20% isnt required! First time home buyer programs are a thing ya know. You are only hurting yourself by waiting.... My unsolicited $0.02

Way overqualified for any first time programs that FL offers. ****** ourselves over when we were looking to buy here originally.

The same houses we were looking at building for 380k are selling for 500k plus now.

 

[nphunter]

NVM

 

[Mojave]

Depends on where you live. Where I'm at, 195k isn't enough.

Yes this.

Draw a line through the CO/MO state line north and South, every 100 miles you go farther west increase the cost of living by $50,000 per year. Tampa and Orlando I hear are the same.

not exact science as there are some anomaly areas, that are much higher or much lower.

 

[TNHunter18]

We live in middle of nowhere TN and my wife became stay at home with our first child. I was making about 50k/year then and it was a struggle. We now have a second child and I make about 90k/year. We have a pretty low house payment, both drive 8 year old vehicles, eat a bunch of leftovers and don’t go out to eat much at all.