Need a Place to Live

[Altuve]

Originally Posted by curbur

You're right on the cutoff of affording one (roughly $280k+) given your salary range, but you better have an okay amount of money for a downpayment and good credit.

And don't forget property taxes. A $280k townhome will run you about $5k in property taxes per year. I'd continue to rent, especially if the OP is a single guy.

[tstone]

Don't townhomes have a pretty steep HOA fee every month?

On a $120k townhome w/ 20k down, here are the monthly bills:
100k loan = 500
HOA = 200
Insurances = 200
Tax = 200

That's $1100/mo for someone grossing $5000/mo. In other words, 22% ratio which is about on target if you use the 22-28% rule.

[chris_ut]

Why not just rent in Uptown? No way I would have gotten tied down with a mortgage that early in my career.

[SouthernBoy205]

Thanks y'all. Some of y'all can be a little harsh. I was just asking outta curiosity.

Mods please close thread.

[Oildog]

Good estimate for buying is 3x of your salary. Glad you found something, but you will need to suffer a commute for a while. Look around Belaire and Dairy Ashford, EC places to rent that aren't to far from work. Most important is to keep check coming in and health benefits.

[elnina]

Originally Posted by SouthernBoy205

Thanks y'all. Some of y'all can be a little harsh. I was just asking outta curiosity.

Mods please close thread.

No one is trying to be harsh, in the contrary - people are trying to prevent possible misery.
You just moved in here not long time ago, and finding a good job wasn't easy. Now you have a new job and want to buy a house right away. Why? Make sure the new job is steady and secure, you like it, and they like you.

Take the right steps: check your finances, your credit and credit score, consider a realistic debt to income ratio (25% would be preferred), have enough money in the bank for down payment, closing costs, taxes, insurance, escrow, deposits, furnishing etc., get pre-approval, research your mortgage options.
Prepare yourself, do some research, know what to expect:
My First Texas Home Frequently Asked Questions
First Time Home Buyers in Texas
http://michaelbluejay.com/house/

Drive around to check neighborhoods, feel the housing market, find out how much of a house you can afford (don't forget to include all those hidden expenses, fees etc. + future spending associated with home ownership), do a honest budget of all your expenses, needs and wants - THEN start to think about buying a house. There is no need to rush, or you will get stuck with a mortgage, when things are still uncertain.
Rent first, then take your time.

Originally Posted by chris_ut

Why not just rent in Uptown? No way I would have gotten tied down with a mortgage that early in my career.

^^^ This. Maybe not what you want to hear, but it's a wise advice.

[lipbalm]

This guy Sounds entitled and Looks like reality has hit him in the face, just like water you always find your level. It can only be a good thing for him so he appreciates what he has going forward.

[texas7]

Originally Posted by tstone

Don't townhomes have a pretty steep HOA fee every month?

On a $120k townhome w/ 20k down, here are the monthly bills:
100k loan = 500
HOA = 200
Insurances = 200
Tax = 200

That's $1100/mo for someone grossing $5000/mo. In other words, 22% ratio which is about on target if you use the 22-28% rule.

This seems reasonable and is less than current rent on nice area apartments. Good luck.

[Ghost Town]

Originally Posted by chris_ut

Why not just rent in Uptown? No way I would have gotten tied down with a mortgage that early in my career.

Well earlier you start paying your mortgage, earlier you get your house completely paid off.

But in Houston it is more complicated because of larger distances, diversity/neighborhood inhomogeneity, lot of traffic and high property taxes. However, I think there are still plenty of affordable housing options in Missouri City and Stafford. I would look at these areas more closely. Don't know about crime rates, but these suburbs seem OK to me. And OP should correct his commute expectations. If you want to own house but cannot afford property in Galleria area/Uptown/Memorial, you have to deal with longer commutes. Anyway, Missouri City to Uptown seems OK to me (maybe 45 min in rush hour, or maybe even less).