Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hi How is everyone today? I am 56 yr old female on a fixed income. I live in Maryland and have lived here most of my life. It's me, my 78 yr old mom and 2 kids in college. We have been renting a townhome for the last 15 years and thankfully our landlord has never raised the rent but we have replaced some expensive items including all new flooring recently. Let me say first off that I am and always have been a worrier. In the last few years I worry about what I will do if and when something happens to my mom. Right now she still works full time. lol She likes her money. Anyway, I could never afford to live here on my own and I am not against moving elsewhere. Have looked into North Carolina, Pa, Delaware and a few other states, mainly ones close enough to drive to in a day. I can get approved for a USDA loan between 70-85k and there would not be anything around here. Some people have told me to forget buying as I could never afford it (1550 a month) and I get what they are saying but if I go into fixed income (at least the ones I know of) are dangerous to live in. I don't want to be afraid to go out. Opinions anyone? Thx and please no judging.
Hi How is everyone today? I am 56 yr old female on a fixed income. I live in Maryland and have lived here most of my life. It's me, my 78 yr old mom and 2 kids in college. We have been renting a townhome for the last 15 years and thankfully our landlord has never raised the rent but we have replaced some expensive items including all new flooring recently. Let me say first off that I am and always have been a worrier. In the last few years I worry about what I will do if and when something happens to my mom. Right now she still works full time. lol She likes her money. Anyway, I could never afford to live here on my own and I am not against moving elsewhere. Have looked into North Carolina, Pa, Delaware and a few other states, mainly ones close enough to drive to in a day. I can get approved for a USDA loan between 70-85k and there would not be anything around here. Some people have told me to forget buying as I could never afford it (1550 a month) and I get what they are saying but if I go into fixed income (at least the ones I know of) are dangerous to live in. I don't want to be afraid to go out. Opinions anyone? Thx and please no judging.
Maybe I don't fully understand but I'm not seeing where you get 1550 a month on a 70-85k loan. Surely you have a good amount saved for a down payment, from the past 15 years?
At age 78, your mom is not going to be able to keep working full-time indefinitely. So what happens then? Home ownership always has surprise expenses popping up. $500-$1K here and there. So what about those unexpected surprises?
It sounds like things are tight. How much do you have for emergency savings?
You can't buy anything you'd want to live in in NC for that budget. And Like Backintheville, I can't understand your comment about "1550 a month". An $85,000, 30 year mortgage at 4% is about $400 a month.
Oh sorry for the confusion. Income is 1550 a month. I understand that things come up but I am renting now for 900 a month and no way could I afford it by myself and that is half of what the rental town homes in my area go for. I could try to get a decent room mate when I have to but I hate to depend on someone else. That's why I was wondering if it was feasible to find anything for 85k.
Oh sorry for the confusion. Income is 1550 a month. I understand that things come up but I am renting now for 900 a month and no way could I afford it by myself and that is half of what the rental town homes in my area go for. I could try to get a decent room mate when I have to but I hate to depend on someone else. That's why I was wondering if it was feasible to find anything for 85k.
85K is not going to get you much even in a rural area these days. And if you did get something for that price range, it would most likely require a substantial amount of work.
and there are even <$20k... if you don't mind the reasons why it is so cheap... Don't buy those but some of the ones near $80k are pretty good area, house might need work though
Hi How is everyone today? I am 56 yr old female on a fixed income. I live in Maryland and have lived here most of my life. It's me, my 78 yr old mom and 2 kids in college.
So, you make $1550/mo but don't work. Is that income solid once your kids are out of school? Unless that is going away, I don't understand why you are worried. Hang with your mom until she is too old to work and then figure it out. Save money if you can. Maybe the two of you can move someplace more affordable. Or are you itching to get away from her?
Cutting to the chase... if you can OWN a house by the time you're collecting SS
then you'll probably be able to afford to keep it and keep it up through your retirement.
But going into retirement with a mortgage and in particular the uncertain upkeep costs
will be very tough even if you keep working and/or have some other income.
Doing it on "modest" income?? No thanks.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
but some of the ones near $80k are pretty good area, house might need work though
