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Old 01-03-2011, 01:54 AM
 
151 posts, read 279,880 times
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Hey guys I was wondering could I afford a house around the 200k to 250k range if I'm a register nurse? I'm in nursing school right now and will graduate in 2 years. I plan on going to school further to be a nurse practitioner after 2 years working as a nurse. Average salary for a nurse is 50-55k a year after taxes. That's not including working overtime.
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Old 01-03-2011, 07:42 AM
 
2,262 posts, read 5,653,641 times
Reputation: 1712
I guess it's possible. I personally wouldn't though. $200-250 would make you pretty house poor. A lot depends on other factors:
Are you buying a house on your own?
How's your credit?
How much can you put down?
What's the tax rate of where you want to live?
How long is the commute to account for gas prices?

If it were me, I would look more at the $150-175k range, especially if this is your first house.

Last edited by lhafer; 01-03-2011 at 07:52 AM..
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Old 01-03-2011, 07:46 AM
 
Location: Visitation between Wal-Mart & Home Depot
8,309 posts, read 33,322,966 times
Reputation: 7038
Quote:
Originally Posted by supaflyz View Post
Hey guys I was wondering could I afford a house around the 200k to 250k range if I'm a register nurse? I'm in nursing school right now and will graduate in 2 years. I plan on going to school further to be a nurse practitioner after 2 years working as a nurse. Average salary for a nurse is 50-55k a year after taxes. That's not including working overtime.
This is a pretty good mortgage calculator that would give you a good idea.
Karl's Mortgage Calculator

$200K+ is pretty seriously house poor on a starting nursing salary. You're probably going to be a lot happier renting for a while.
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Old 01-03-2011, 07:55 AM
 
2,262 posts, read 5,653,641 times
Reputation: 1712
Quote:
Originally Posted by jimboburnsy View Post
This is a pretty good mortgage calculator that would give you a good idea.
Karl's Mortgage Calculator

$200K+ is pretty seriously house poor on a starting nursing salary. You're probably going to be a lot happier renting for a while.
While that's a good calculator, it still does NOT take into account property taxes, homeowner's insurance, etc. So while you think, $1,300 for a montly note isn't bad that's not taking everything into account.
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Old 01-03-2011, 08:30 AM
 
Location: The Greater Houston Metro Area
8,950 posts, read 14,083,351 times
Reputation: 14762
You can buy, but Ihafer gave you very good advice - don't go over $150K, even if a lender tells you that you are qualified for more. I think the debt ratios are too lenient, and wind up strapping the home owner.
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Old 01-03-2011, 10:58 AM
 
Location: Visitation between Wal-Mart & Home Depot
8,309 posts, read 33,322,966 times
Reputation: 7038
Quote:
Originally Posted by lhafer View Post
While that's a good calculator, it still does NOT take into account property taxes, homeowner's insurance, etc. So while you think, $1,300 for a montly note isn't bad that's not taking everything into account.
That calculator actually does account for taxes and insurance, but they must be manually entered. I agree though, that it's extremely easy for a $50K new grad to get overspendy and into trouble. I still haven't found a mortgage calculator that accounts for termites, electrical bills in an old house, tree-roots in sewage plumbing, moving slabs, mold remediation, refrigerator failure, A/C replacement, burglary, leaking roofs, water damage around windows, old galvanized supply plumbing, etc. etc.

Rent for a while to better understand your buying capacity and let someone else shoulder the burden of the joys of homeownership.

Last edited by jimboburnsy; 01-03-2011 at 11:52 AM..
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Old 01-03-2011, 01:42 PM
 
151 posts, read 279,880 times
Reputation: 87
Yeah I guess I will buy a less expensive house starting around the 150 to 175k range you guys suggested. I don't want to spend the majority of my salary on my house leaving me nothing to spend on myself.
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Old 01-03-2011, 02:09 PM
 
Location: Katy, TX
85 posts, read 163,329 times
Reputation: 31
You could rent for a while, saving money for a down payment big enough that you COULD afford a 200k house. I've been an RN for 13 years, easily making 65-75k a year full time if I wanted to, and still wouldn't take on a mortgage that big on my own.
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Old 01-03-2011, 05:01 PM
 
Location: The Greater Houston Metro Area
8,950 posts, read 14,083,351 times
Reputation: 14762
Another alternative is buy a less expensive house for what your rent would be, and let the house go up in value while you continue to save for the "dream house".

One of the positive things about the past few years, the neighborhoods have a history of performance during a downturn. Pick a neighborhood that did well.
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