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How much home can I afford

I make $46.000 before taxes

$464 owe monthly for car, insurance, and credit cards.

Live in Washington state so cost of living little bit spendy

Can I afford a house?
Viper · M
Based on my valuations you would then make probably $38,647 after income taxes (which doesn't count sales taxes nor others taxes, or property tax).

Looked for a cost of living (which is usually lower than reality) and that was said to be $1,163 per month in Seattle, or $13,956 per year.... and let's assume it cost a bit more, because usually it does more than the coat of living. Let's say at least $15,000. And your total is down to about $23,500.


I assume any loan would cost you about 1,250 per month (pure random guessing). Which is $15,000... so you're down to $8,500.

You said you owe about $500 per month, which is about $6,000 per year, and your down to $2,500.


Plus, your probably going to have to pay for gas, utilities, unexpected problems, property taxes, like maybe a car part breaks down or something.

I mean, you probably need to check out loan options for yourself, also I might of double counted some.things, like if all your food/clothing is in the credit card bills, then it might of also been counted in the cost of living.


But unless you get a really low loan, that seems extremely tight, and I'm leaning towards no... but I've never been to WA state, and I don't know your area... or the market place there.

Could be some cheaper places you can grab on a nice loan, I don't know. But based on my assumption (which could be false), I think the budget might be uncomfortably tight right now.


Then again, I prefer having a good bit of wiggle room in my budget, for unexpected situations possibly popping up... which I know some don't try to plan for.
[@800884,Viper] Good info, but the cost of living should include housing already. You need the Δ between their idea of housing & his.
Viper · M
[@733785,SomeMichGuy] very good point, though I don't know how to break out housing from that number, unless all his needs are already accounted for in his credit card bill.


If so, that could add 15,000 back in... for a total dog 17,500.

But still that's not counting utilities, unexpected problems, property taxes, like maybe a car part breaks down or something, potential union dues, healthcare, wanting to spend a little money out on the town with someone, etc.
LovelyLadybug · 36-40, F
Hmm... I don't really know how much an average house costs in your area (Washington State). Check Zillow or Trulia . com. The answer would vary on how much the house would cost and if you plan to get a mortgage/loan for it. Don't forget you have to pay for Property Taxes twice a year and other expenses like if something broke, maintenance, utilities, association dues, etc. I'd check with the specific house as well. I think it would be a good idea to speak with a local realtor.

My bro bought a house just this past year in Orange County California. The house cost $840k (840,000) but that is because he's dual income no kids type of couple with his new bride. It also didn't hurt that she came from a rich family back in China. But I think on his own, he would have NEVER been able to get that beautiful house!

Good luck.
Try to bet pre approved for a set amount and then look for a house for that price.
PepsiColaP · 22-25, F
A wife too itd woylxnf reccomend tho
JS1992 · 26-30, M
[@1090951,PepsiColaP] ??
PepsiColaP · 22-25, F
[@404217,JS1992] same tbh
HootyTheNightOwl · 36-40
We aren't an estate agent... 🤷‍♀️
The 35% rule is your guide

Take 35% of your income

You narrowly qualify for a $155,000 to $175,000 loan on a home

 
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