Does affording a home require dual income in the Triangle?
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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I'm sure some do, but say you don't have the 60K to put down, even financing 95% and paying PMI is still in the reach of many. It all depends on what you make.
To answer the original question, No. Of course it doesn't require dual incomes. It just requires enough household income from however many earners there are in the household to cover the mortgage. One high earner can earn as much as two low earners in another household. And that 300K home? With 20% down and current interest rates, the P&I is only ~$1150/month. I know single people paying in that ballpark in rent.
You are understating the housing expenses. Property Taxes/Insurance/HOA fees (if any) adds up to another 500 or more.
Yes, there's other expenses. But there are also tax deductions and building equity. At any rate, none of it requires 2 incomes if a single income can handle it.
Yes, there's other expenses. But there are also tax deductions and building equity. At any rate, none of it requires 2 incomes if a single income can handle it.
I had a 1200 a month mortgage years ago when I bought my first place solo and I wasn't making 150k a year. Or even 100k, for that matter.
It can be done. Depends upon one's priorities.
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We bought a 250K townhome on a single income (we have 2 incomes but live like we only have 1). It's been quite all right.
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