How much house will a $65K income get in Houston (The Woodlands: foreclosure, mortgages)

[deckhanddavy]

I'm not sure how people here are saying that 'you can afford 160k-200k' homes, but maybe they aren't considering your net income vs your gross. Also you stated you had a car note as well as paying off credit cards. On top of that, you need to feed yourself, pay for utilities, home insurance, taxes, gas, etc etc. You truly cannot go over 140-150. Financially, I just don't think it's possible.

If I were you, OP, I would get an honest real estate agent or preferably a financial adviser through your bank to break down everything for you. While 65k is a good salary, I do not think it can afford you anything over 150k (even 140k is stretching it) without someone else helping out with the bills and other expenses. I only say this because I would hate for you to think that you have that much buying power and in the end, you end up financially suffering.

[jojobeans2]

Originally Posted by deckhanddavy

I'm not sure how people here are saying that 'you can afford 160k-200k' homes, but maybe they aren't considering your net income vs your gross. Also you stated you had a car note as well as paying off credit cards. On top of that, you need to feed yourself, pay for utilities, home insurance, taxes, gas, etc etc. You truly cannot go over 140-150. Financially, I just don't think it's possible.

If I were you, OP, I would get an honest real estate agent or preferably a financial adviser through your bank to break down everything for you. While 65k is a good salary, I do not think it can afford you anything over 150k (even 140k is stretching it) without someone else helping out with the bills and other expenses. I only say this because I would hate for you to think that you have that much buying power and in the end, you end up financially suffering.

I second this, there's so many other expenses. You do not want to become "house poor" just to buy your max. Also keep in mind that 150k can buy you a very good-sized home in a nice neighborhood in a Houston suburb. Much more than it would buy you in other cities.

[Cbink]

I live in Cypress and love it (actually I'm not quite in Cypress but within a few feet of a cypress address).
Cypress is fantastic if you can find a way to cope with 290. I manage by going in and coming home really early to miss the traffic.

Originally Posted by cheryjohns

Depends on where the job is located. Cypress and Champions are bargains.

Ssssshhh! Don't tell anyone!!

More seriously, do you think this will last? It seems to me that prices in Cypress are on the up fairly quickly (just from observation).

[migee]

There's areas just outside of Houston where you can get a nice house with your situation.

Though I would wait a while until this "Exxon-Fever" is over (everyone thinks they'll be selling their places for twice the values...on top of that you have the usual Real Estate industry blabber...). Though even now the prices are stabilizing...If you look around you'll find some good deals.

Don't be in a rush (you can rent for a while), and look around.....

[Htown2013]

Originally Posted by jojobeans2

I second this, there's so many other expenses. You do not want to become "house poor" just to buy your max. Also keep in mind that 150k can buy you a very good-sized home in a nice neighborhood in a Houston suburb. Much more than it would buy you in other cities.

Where can you find this in an area that isn't way out in BFE, or in an area that has gone or will go downhill in a few years?

If I were the OP, I would stay in D.C. work hard, pay off debt, save for the 20% down, and THEN move to Houston if and only if her relatives actually make the move.

[hendersj31]

Really? How about Clear Lake? There are plenty homes for 150k or less right now. At about 20 miles give or take from downtown I would hardly label it BFE. It also has some of the best schools in the Houston area. Nor is it in the decline.

Originally Posted by Htown2013

Where can you find this in an area that isn't way out in BFE, or in an area that has gone or will go downhill in a few years?

If I were the OP, I would stay in D.C. work hard, pay off debt, save for the 20% down, and THEN move to Houston if and only if her relatives actually make the move.

[cheryjohns]

Originally Posted by Cbink

I live in Cypress and love it (actually I'm not quite in Cypress but within a few feet of a cypress address).
Cypress is fantastic if you can find a way to cope with 290. I manage by going in and coming home really early to miss the traffic.



Ssssshhh! Don't tell anyone!!

More seriously, do you think this will last? It seems to me that prices in Cypress are on the up fairly quickly (just from observation).

They are steadily inching up in those areas. They are leaping up in lower Katy, The Woodlands and Sugar Land. Once that leg of 99 is completed, I think there will be a surge. Once 290 is expanded in a few years (making Downtown feasible), there will be a leap. They will no doubt have a few more "Fairfields" further out 290 - but that's a few years in the future for that. Bridgeland will go nuts.

[Cbink]

Originally Posted by cheryjohns

They are steadily inching up in those areas. They are leaping up in lower Katy, The Woodlands and Sugar Land. Once that leg of 99 is completed, I think there will be a surge. Once 290 is expanded in a few years (making Downtown feasible), there will be a leap. They will no doubt have a few more "Fairfields" further out 290 - but that's a few years in the future for that. Bridgeland will go nuts.

Bridgeland always appeared to have a reasonable amount of foreclosures to me, is that representative of the situation?

Towne Lake and Cypress Creek Lakes seem to have houses flying up at the moment. I'm looking forward to the Towne Lake development furthering (especially the waterfront/retail) as I'm a short bike ride from that and I think it will be nice.

[Oildog]

Pending your debt load I'd look at 160-180K. If you have debts then I'd move down to 140-160K.

[rashec]

Here is what I will do if my take home pay is 65k:

Yearly take home pay 65,000
Monthly take home pay 5416
1/3 of monthly take home pay 1805

Your monthly Mortgage, Taxes, Home Insurance, plus credit card bills, car payment should be around 1805.00.

You can also use this.
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