$1300 a month - is it possible? (Houston, Stafford: real estate market, rent, condo)

[piyf]

I do not compute your no mortgage but would only get you 100k part. Can you actually give more info because this little info is pretty useless.

[CaroleF]

OK. Good answers folks. I wasn't including phone and Internet in my $1300, so I think I can afford this. For me schools are not an issue, but presumably would matter for resale. The no mortgage would be if I pay cash. If I don't I can put quite a lot down in down payment. But if I have a mortgage it is part of the $1300; hence my concerns.

[piyf]

More info. What are you going to pay to live in a safe area inside the loop??????? If it's 100k then good luck.

I'm by no means an expert but if I was looking for a place and planning on living on a small amount. I would pay "straight cash homey" on it. Thus leaving me 1300/month on expenses.

[AlexTx]

If the $1300 is just for the house expense and basic utilities and doesn't include a mortgage, then yes, I think it's possible to own a $100-150k home for that.

Tax: $500
HOI: $100
HOA: $50 (wild guess, they vary so much)
Trash: $25
Water: $50
Gas: $25
Electricity: $250 (less in winter)
Yard: $100 (half in winter)
Misc Maint: $200 (put in a maintenance fund)
------------
$1300

It might help to have a little money saved just for house maintenance so if the A/C stops working or a you get a leak in the roof, you are ready.

[CaroleF]

Originally Posted by danieloneil01

More info. What are you going to pay to live in a safe area inside the loop??????? If it's 100k then good luck.

I'm by no means an expert but if I was looking for a place and planning on living on a small amount. I would pay "straight cash homey" on it. Thus leaving me 1300/month on expenses.

I didn't say I wanted to live inside the loop. You seem to have have misread my original post. But I agree that cash would be best. I just have to find the place.

[cheryjohns]

Originally Posted by CaroleF

I didn't say I wanted to live inside the loop. You seem to have have misread my original post. But I agree that cash would be best. I just have to find the place.

I thought that is what you meant, too:


Or is this a dream like wanting a house in a safe area inside the loop with good schools etc. for under $100,000--that some people on this forum laugh at.

[Belkin910]

My monthly expenses on average, for my 2800 sqft home in Spring, are around $1,100 a month. Thats including Mortgage, insurance, taxes, all utilities, HOA, and trash pickup. I paid 115K (foreclosure), my APR is 5%, and I put 20% down. I didnt escrow so i get to earn interest off of my tax and insurance money over the year instead of giving it to the bank. Doing the yard yourself is pretty cheap in the long run. The most my water bill has ever been was $75 (which includes trash pick-up), the month I watered in my new sod. If you know what you're doing, and looking for, and play your cards right, you can end up spending less than 1300 a month for sure, with the items I just listed.

[CaroleF]

Originally Posted by cheryjohns

I thought that is what you meant, too:


Or is this a dream like wanting a house in a safe area inside the loop with good schools etc. for under $100,000--that some people on this forum laugh at.

Reworded
Or is my wanting to spend less than $1300 a month a dream similar to the one people post here when they say they want to live inside the loop etc.etc.

[cheryjohns]

Originally Posted by CaroleF

Reworded
Or is my wanting to spend less than $1300 a month a dream similar to the one people post here when they say they want to live inside the loop etc.etc.

Oh - got it - I read it wrong.

[GettaClue]

I helped a retiree friend relocate here a few moths ago. She bought a pretty, older home in the Bear Creek area for about $95,000, with 20% down.

Her payments are about $375, insurance is about $100, property taxes are about $175. Her HOA dues are $350/yr. (about $30/mo.).

Electricity bills/receipts from the seller indicate an annual average of $185 a month. (Sorry, I can't recall the natural gas bills.) We found her a a really good, reliable lawn service for $20/wk.

All of that comes to about $965/mo.

She is very close to a post office, 2 grocery stores, doctors' offices, her church, a major regional park, etc. A larger shopping area of big box stores and smaller shops is just 2 miles up the road. There is an elementary school at the center of the neighborhood where she plans to start volunteering.

In short, if you can be flexible as to areas, I think it's quite doable on $1300/mo. and that you can easily do it with a good quality of life.