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I agree.... We have decided if we stay here in Boise, that the house payment with utilities should not be more then my SS is going to be in 6 years.. My wife is a lot younger so it will only be mine for a while..
Even if we can qualify for 25% more, we are just not comfortable with that amount..
My wife is from Europe and we need to make trips there for her to see her family and would hate to be continually paying off a trip when I'm on a fixed income..
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,347 posts, read 8,564,711 times
Reputation: 16689
Quote:
Originally Posted by CASD57
It's worse then that...
Avg. wages in Idaho (no matter what you read) is $9-15 an hour...Yes there better paying but a lot harder to get and very few of them considering the work force and out of Country Temp workers taking the big $$$ IT jobs...
let's take an avg. of both of a married couple
$12 hr. ea. = $24 hr x 40 x 52 =$49920 we will call it $50,000 a year..
using an "How Much can I buy Calculator" from Realtor.com
Ok bills both of you work...you need to get to work but to be fair only one car payment.. of $300 and you have some credit cards and a student loan so you could get $12hr in Boise
We'll call the bills $500 a month
So how much do you think a couple without Daycare so far can save ? $50000/12=4166 a month before taxes.. what is taxes 12% or more 4166-12%=3666.00-health care(650 my company charges $425 ea. for each family member)= $3016
So after taxes and Health ins. you have $3000
Car ins. on two cars...$75
2925 left
Utilities $125 avg. 12 months
$2800 left
Rent $1100
$1700 left
Food $500
$1200 left
Dining out or movies or something for a pay back for hard work...
Dining out $100
Movies with fast food.. $35-50
$1100 left
Gas for two cars commuting, filled twice a month 15gals per car= 30 gals x 2.45=$74 x twice a month $150
$950 left
So maybe on a good month you could actually save $800 a month
$800x12= 9600
x24=19200
x36=28800
x48=38400
x60=48000
Ok somehow you saved for 5years without going crazy and you've got $48000 in your pocket...
With being married and a slightly above avg. Idaho wage for each of you...$50,000 yr income total
$500 in bills that are counted against the mortgage from lenders
$48000 down payment
4% interest rate
at debt to Income ratios
44% you could get a $251,000 home and it would only cost you app.(depends on taxes and other variables) $1336.00 mo.
50% $290600 payment app$1584
Oh and don't forget..the HOA fee's are counted as a bill and reduces your buying ability by that monthly amount, but most are reasonable ..$25-50 a month but that could reduce your buying power by the same..
A decent home in Boise starts at the $210,000... I would consider $200,000 a starter home in Boise now... The same house a year ago would of cost you $150000 or less
My Son bought a used home for $119000 two years ago...it's worth $180000 today..
My point to all this is the TRUTH of what is going on here in the Boise area.. the Truth of wages Vs. Housing cost... What happens if you have children and need to pay a daycare...??? that is $350 part-time to $500+ full-time for each child... that kills any saving money, you'd be lucky to save the 3%
You might be able to slide that by the lenders because it's not reported to the Credit Companies but not your pocket book
Just a little honest input from someone who is going through this...A Reality Check...
I can see you have a lot of thought into these numbers.
My questions are if you are a married couple with this scenario, why would you choose to have kids knowing the cost of daycare? I have heard of couples saying they would wait to be in a better financial place before starting a family.
Why do you have to start with a 200k house in Boise? For a starter home can't you get a cheaper home in Caldwell or Nampa? Many people get a cheaper home outside of their desired place to live and commute in as their first place to live. I'm from the San Francisco Bay Area and many have done so for as long as I can remember.
How about instead of buying a house they buy a duplex or triplex that needs a little work. Same financing but they can rent out the other units and cover the bulk if not all the payments. Do that for a few years then buy a house.
I can see you have a lot of thought into these numbers.
My questions are if you are a married couple with this scenario, why would you choose to have kids knowing the cost of daycare? I have heard of couples saying they would wait to be in a better financial place before starting a family.
Why do you have to start with a 200k house in Boise? For a starter home can't you get a cheaper home in Caldwell or Nampa? Many people get a cheaper home outside of their desired place to live and commute in as their first place to live. I'm from the San Francisco Bay Area and many have done so for as long as I can remember.
How about instead of buying a house they buy a duplex or triplex that needs a little work. Same financing but they can rent out the other units and cover the bulk if not all the payments. Do that for a few years then buy a house.
All excellent points but from what I have seen in SoCal, many young people want to start out with what their parents took 20 or more years to get. New house, new furniture, new cars and all of the rest. Then they have children, declare bankruptcy and get it all for free.
Hopefully young adults in Idaho have a better mindset than that.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,347 posts, read 8,564,711 times
Reputation: 16689
Quote:
Originally Posted by Outta_Here
All excellent points but from what I have seen in SoCal, many young people want to start out with what their parents took 20 or more years to get. New house, new furniture, new cars and all of the rest. Then they have children, declare bankruptcy and get it all for free.
Hopefully young adults in Idaho have a better mindset than that.
I don't think it just these two areas, but many. I like to think that the life and expectations are much more down to earth in Idaho, but it could be generational to some degree and also the influx of many outsiders moving to Idaho.
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