60K annual salary enough to buy house? (El Paso, Miami: for sale, real estate)

[Michael Di Meo]

My boss has mentioned El Paso as a possible transfer to set up a very tiny office. I won't go into details - but it is a concrete possibility.

I am single with no kids, but I want to have a family and settle down eventually.

Is 60K enough to settle down in a simple middle class neighborhood, or am I going to need a second income?

I'm living in Miami right now, and I find it difficult to afford a home here.
I will probably make more than 60K down the line, but I don't want to base a relocation evaluation on what might happen in the future.

Any constructive advice would be appreciated. I visited the city many times since I was a child, so I know the city pretty well for someone who has never lived there.

[ZSP]

If you don't have a lot of "other" debt, I believe you can buy a house in a nice middle class neighborhood. There are lots of homes for sale right now so it's a buyer's market.

[Rogarven]

You should do just fine.

[Michael Di Meo]

Originally Posted by ZSP

If you don't have a lot of "other" debt....

I'm renting right now, my car and credit cards are all paid for, but I need to buy/lease another car. Mine is falling apart a little. That is it for debt.

[gentlearts]

I would be comfortable buying a very modest house with this income, especially with good deals and low interest rates now. What I am uncomfortable with is if you find that the new office doesn't work out, you may be stuck and not be able to sell it quickly. For this reason I would wait a bit until your sure the business is solid.

[Michael Di Meo]

Originally Posted by gentlearts

I would be comfortable buying a very modest house with this income, especially with good deals and low interest rates now. What I am uncomfortable with is if you find that the new office doesn't work out, you may be stuck and not be able to sell it quickly. For this reason I would wait a bit until your sure the business is solid.

I was planning on renting first, and taking my time to buy.
I was hoping to rent a house in the meantime.

[ITSPECELP]

You and I earn about the same. It is more than enough for you now especially if you're single.

You should easily be able afford a large, errr, "typical" home (2000-3000 sq ft) or a modest custom home (1700-2400 sq ft). There is a wide variety of builders to choose from, and locations as well. Upper Valley, Horizon, Eastside, Central...try HotPads - Map Search for Real Estate, Apartments & Houses for Rent, Foreclosures and Homes for Sale and you'll see what I'm talking about.

If you have questions as far as custom homes and what I consider "typical" homes, send me a pm..

[joqua]

Off the top of my head I'd guess that fully 3/4 of the people with jobs in El Paso would love to have a $60k salary! To say nothing of the people in the remainder of the state.

[LEFT]

Estimated median household income in 2009: $37,030 (it was $32,124 in 2000)
El Paso:$37,030Texas:$48,259
Estimated per capita income in 2009: $17,580

El Paso city income, earnings, and wages data

Estimated median house or condo value in 2009: $115,300 (it was $69,900 in 2000) El Paso:$115,300Texas:$125,800


Read more: http://www.city-data.com/city/El-Paso-Texas.html#ixzz18qx8i9dU[/LEFT]

[skilo]

60K on your own, will be you a house $150,000 and under if you have solid credit. Keep in that a $150,000 house in El Paso would be like a $600,000+ home in Miami.

[Michael Di Meo]

Originally Posted by skilo

60K on your own, will be you a house $150,000 and under if you have solid credit. Keep in that a $150,000 house in El Paso would be like a $600,000+ home in Miami.

I hope you are right. My credit is solid.