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Old 04-09-2015, 08:43 AM
 
23 posts, read 23,212 times
Reputation: 15

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Hello everyone, I was wondering if you guys can guide me on where I can find an affordable home, I don't earn much a year around 40k, but I'm tired of renting and wondering if its a safe bet to buy a home in this market? When it comes to home buying, I'm not too familiar with all the costs and things involve in a purchase, I've looked at HAR.com and it looks like there is many homes in the millions in which is something I can't even imagine to afford,

I need a home that is not that expensive at least on a safe place and that it meets this requirements

-Close to the rail as we take the rail to go to school and work
-That its on a safe neighborhood, we are currently living next to the NRG Stadium in an apartment complex



Any help would be appreciated
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Old 04-09-2015, 08:50 AM
 
2,756 posts, read 3,808,575 times
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What is your budget? Is it just a single income of $40k or do you have a working spouse?
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Old 04-09-2015, 08:54 AM
 
23 posts, read 23,212 times
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its my single income as of right now, partner goes to school full time :/, I have my degree in Computer Information Systems, since we just moved here I guess its more like 8 months ago, trying to see if its worth buying a home or waiting to see if the market dips around 20% and we can maybe find a good value home in foreclosure, currently also looking for a job with more pay as we are living ok with my salary and is pretty tought though, but I do pay around $850 of rent a month so wondering if I can find a similar home for that price, I feel I'm throwing away money on rent
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Old 04-09-2015, 08:57 AM
 
Location: Foster, TX
1,179 posts, read 1,915,755 times
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Rule of thumb is 2 - 3 times your annual income is how much house you can afford, assuming you don't have huge sums of debt (significant other is in school, so probably student loan debt). $80-120k home on the rail in safe neighborhood?

¯\_(ツ)_/¯ idk maybe troll?
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Old 04-09-2015, 09:00 AM
 
23 posts, read 23,212 times
Reputation: 15
why troll? I'm asking if there is a home I can afford, its a question how is this trolling?

EDIT: We do have a debt but as of right now it doesn't affect our income directly
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Old 04-09-2015, 09:00 AM
 
Location: Houston, TX
64 posts, read 82,223 times
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Rent is usually cheaper. For the house in good neighborhood you should pay a lot for mortgage, taxes, fees, insurance...

Try this: Rent Vs. Buy Calculator
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Old 04-09-2015, 09:01 AM
 
2,756 posts, read 3,808,575 times
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I'm not a realtor but $850 per month you will have to find a house for under $85K I'm guessing. That means buying an old run down house in a not so great neighborhood. Not a good option. I'd rent until your partner is earning an income otherwise you'll be throwing money into a bottomless pit of a home.
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Old 04-09-2015, 09:04 AM
 
Location: Foster, TX
1,179 posts, read 1,915,755 times
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Quote:
Originally Posted by humberto8397 View Post
why troll? I'm asking if there is a home I can afford, its a question how is this trolling?

EDIT: We do have a debt but as of right now it doesn't affect our income directly
Some questions are trolling, especially from first time posters.

Maybe you're just naive, in which case

¯\_(ツ)_/¯ idk maybe not a troll, just ill-informed?
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Old 04-09-2015, 09:05 AM
 
23 posts, read 23,212 times
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ok so my next question is, how do you calculate the monthly payment of a home, I know there is insurance, taxes, fees like RMMM mentioned, how can I calculate an estimate on a home? for example let's say a home is around 300,000, what would be my monthly payment on something like this?
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Old 04-09-2015, 09:06 AM
 
23 posts, read 23,212 times
Reputation: 15
Quote:
Originally Posted by NTexas2010 View Post
Some questions are trolling, especially from first time posters.

Maybe you're just naive, in which case

¯\_(ツ)_/¯ idk maybe not a troll, just ill-informed?

I really didn't think people had signatures on a page like this lol
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