Bremerton----can I afford it? (Seattle: real estate, apartment, for rent)

[OKSunny]

Hello,
After looking ALL over Washington state I think I finally have decided on Bremerton. My only concern is the cost of housing. I am worried because I am coming from Norman, OK and I guess my whole perception of how much a house should cost is messed up; when I compare the two the median household income for Norman in higher but the median price for a home in Bremerton is like three times that of Norman. I understand that Oklahoma is a cheap place to live, but I have lived here my whole life (32yrs) and I am SICK of it. I will be graduating in a year (Masters in Library Science) so I am not going to be destitute or anything but I would like to have a decent home in a beautiful and diverse place like WA. What am I missing, I don't understand how people can make less but live in homes that cost so much?
I have looked into the average salary of a librarian in the area and they make anywhere from 40-70K, I'm sure I will be on the lower end since I have very little experience.
I know it's a very personal question but could someone give me an example of how much they make and the cost of their mortgage?

Thank you so much

[allforcats]

We've talked about school districts, and other characteristics, elsewhere. Here let's talk about cost of living.

Washington is expensive. I've lived here for so long, I'm not sure why or how it became expensive, but I'll wager it's because of a few things:
-- the breakneck-speed growth of the high-tech industry, including bioscience and software, which we have here in abundance (is it the clean air caused by the ancient forests which keeps innovators' minds going?). All that brought populations from all over the country, the continent and the world, and salaries went up.
-- the sheer beauty of the place which keeps people coming here!
-- for a very long time, until the early 2000s, it did cost less to live here than in California, and many Californians sought relief here.
-- the real estate bubble spread like a flesh-eating disease across the nation and we had no immunity.
-- they're not making any more land, and there are only so many directions in which we can spread out and build more houses and condos, stores, office buildings and parking lots. At some point we will fall into the water, or butt up against the mountains, or spill over into Canada and Oregon!

Because there are so many differences in communities, resources, commutes, scenery, etc. here, we on this forum are frequently recommending that newcomers rent first. If you don't know a place, how can you choose where you want to live, and how can you decide if you're buying something that's worth buying? Can't. Rent.

[mthomson]

Bremerton has a lot of housing that is affordable relative to the rest of our area. If renting isn't what you want to do, you should most likely not have any issues buying on 40k a year, depending on what kind of debt you're bringing to the picture.
FHA can still get you in with 3.5% down, and rates are still ridiculously low. Home prices aren't going up anytime soon here, but rates most likely will be.

[OKSunny]

Thanks.
The only debt I have is student loans, which is quit a bit-80K (ouch, I know its horrible isnt it). I am a pretty frugal person and live beneath my means..I do not want a huge home or fancy car. I am looking for something that has 3bed, 2bath, simple, quaint, and well made. I just want the "American dream"--the old one. Own a home, take a vacation (no where too fancy), and be able to pay my bills without stressing. Be able to give my son a good life, not one that focuses on the material things but be able to afford to expose him to different cultures, experiences, people and ideas. I dont care about shopping or owning a bunch of "junk". I will definitely rent first and hope that home prices dont get too high until after I have made a purchase.

[allforcats]

Originally Posted by OKSunny

I just want ... to give my son a good life

This is a pretty darned good place to do that, I think. Among other important considerations, as a resident of the state he will be eligible for in-state tuition at an enormous variety of really excellent colleges and universities.

And at least as importantly you want to give yourself a good life. If you do, you will have much to offer to yourself, your son, and everyone else you encounter, eh?

Originally Posted by OKSunny

... hope that home prices dont get too high until after I have made a purchase.

Keep remembering that we create what we expect. Our expectations become what we live. That's because we draw to us everything to which we put our energy, our attention, our emotions. And we do not draw to us that which we ignore. So just keep your housing thoughts clear, optimistic and happy and you will draw to you the home you will both be nurtured in. True. Exactly the way you have drawn Washington to you, because Wasington vibrates on the same frequency as you do...

[allforcats]

Speaking of real estate prices, and renting, and such:
Here's a very useful post from a man who's lived here since childhood, knows more about Washington than I ever thought anyone could, and whose judgment I trust. "In Seattle" also means "near Seattle", in my experience.
http://www.city-data.com/forum/10070088-post13.html

[MKWife]

I currently live in Bremerton,we make around $30K a year and rent a 3bed 2.5 bath in a great neighborhood,we are able to make 2 car payments and pay all of the bills with money left over.
You shouldn't have any problem here,it's a great city and so far a great place to live.

[mthomson]

I wouldn't worry about home prices getting to high. I'd expect them to start rising again about this time next year, but they won't skyrocket like they did in the past. More likely they'll follow the traditional 3-4% yearly increase, if that, for a while.
Interest rates are more what you should watch. A 1% hike in rates is equivalent to a 10% raise is price in terms of monthly payments. I wouldn't be surprised to see rates over 8% again in a year or so, but who knows on that front.

[jm31828]

Originally Posted by MKWife

I currently live in Bremerton,we make around $30K a year and rent a 3bed 2.5 bath in a great neighborhood,we are able to make 2 car payments and pay all of the bills with money left over.
You shouldn't have any problem here,it's a great city and so far a great place to live.

That is really interesting- and uplifting to hear! I, too, have been interested in the area and have seen post after post saying we couldn't afford to live there if we don't bring in at least double that amount. If you don't mind my asking, how much is the rent on your apartment?

[Ira500]

On average, housing prices in Bremerton are 40% less than in Seattle. It shouldn't be too hard to find a pretty nice 3 bd, 2 ba home for rent in Bremerton for 1000 dollars per month, and there should be houses available for rent for less than that.
I'd suggest focusing on the Manette district. It's quite nice, and not that expensive.