Quote:
Originally Posted by Freealex
I am thinking of moving down to southern Utah soon after I graduate from college. My starting salary would be about 50k. My boyfriend would also contribute about 15-20k a year. I want to get an apartment at first and try to save as much money as possible for a few years for a down payment on a house.
If I saved like 50k for a down payment do you think I could afford a home in the 200,000 range? I have no debt and I don't plan on having kids ever. I've seen some 200k homes that are really nice.
The average income in St George (southern Utah) is about 48k
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Oh My..You must be younger...In order to afford to live with any income..It only means to spend less than you make monthly...geesh..It's not rocket science..??
First use rules of thumb..overhead should never exceed 25% of monthly income..then next use credit cards with agenda to pay it off monthly..Make up a list of bills's coming in monthly ( inclusive of rent/mortgage..insurance, car payments, credit card payments, utility costs aka heat hydro) then always try to put away something..whether it's 10 to 20 bucks or NOT..Stay away from frivolous spending ...
It's pretty well a no brainer...Then of course @ 50 Grand a year..It's always tempting to spend away.....I worked for over 35 years full time and never reached that mark until I was in my mid-fifties....How Did I manage?..Simple..I budgeted! and socked away every cent I could..which I know am being supported by in my Retirement.....
Sit down a figure it out..Circumstances can change for the good..or for the Bad..Hedge your bets and always have a nest egg....Most of all make sure you have HC Insurance!!!!
ETA~~ Just noted that you are living with someone too..Don't count 100% on that relationship to last..It may or may not..DO NOT get tied to this person that puts you at risk..make sure that person is being just as responsible as yourself...Worst case scenario..They could leave you holding the bag..It's never expected..But happens more than you know...Always look at the Risk Factors and think possible Worse Case Scenario...to be self-protective....I do wish you luck tho..Sounds good on the surface..Time will tell..Proof in the pudding!!