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Old 05-06-2011, 12:19 PM
 
1 posts, read 1,190 times
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Hello,
I was living in an apartment up until now, I came to the US 10 years ago from Poland. I would like to purchase a home now. I do not have any kids so the quality of the school district does not matter, but price does however. I am also a single white female (in my early 40's with a PhD, but job in research so my salary isn't high (low 40's k/year), but I would like a neighborhood in which I could feel safe).
If outside the beltway homes up to 140's
If inside the beltway homes up to 190's
Thank you for you input.

Btw, considering my salary is 43k and my down payment is 66k, do you think I am looking at homes in the appropriate price range? Just wanted you personal opinion.
Thank you so much for your imput.

Last edited by elnina; 05-06-2011 at 02:52 PM..
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Old 05-06-2011, 02:34 PM
 
2,273 posts, read 3,625,971 times
Reputation: 1918
Quote:
Originally Posted by khnpv View Post
Hello,


Btw, considering my salary is 43k and my down payment is 66k, do you think I am looking at homes in the appropriate price range? Just wanted you personal opinion.
Thank you so much for your imput.
From everyone I've talked to, gross salary X 2.5 + down payment = total possible expense is what you should be pretty comfortable with. For you, that would mean 107k for salary, 66k for cash, for a total of 173k recommended maximum (depending on other debts). For inside the beltway, there are plenty of nice older townhomes/apts that meet this max expenditure (though I'd stash more cash away and just meet minimum bank requirements for down payment w/out penalties (PMI, etc).Probably a 2 bedroom, 2 bath. That may not be what you want. If you want an actual house, you're looking outer loop (inside beltway), maybe Westbury or Robindell, Idylwood. Those are the neighborhoods I've heard can be pretty good for starter homes as long as school district now doesn't matter.
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Old 05-06-2011, 11:40 PM
 
Location: The Greater Houston Metro Area
9,053 posts, read 15,888,533 times
Reputation: 15198
Where is your job location?

On house price, I do a different formula - but it still came out very close to what was in the previous post. You want to cap at $175K and aim for less.
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Old 05-07-2011, 03:38 PM
 
162 posts, read 516,200 times
Reputation: 181
get a house in the east end. you can get a house within a couple miles of downtown, just on the east side for 100-150k easily.
its no more unsafe than any other area of town (id steer clear of going too far northeast (5th ward), or southeast (3rd ward/sunnyside))

This side of town is growing and lots of people have been moving in. its so much cheaper than other parts of town too that are more "hip"
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Old 05-07-2011, 08:24 PM
 
2,611 posts, read 8,272,112 times
Reputation: 2008
Are you working at UH?
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