How Much House Can You REALLY Afford With a $50k a Year Salary

[@MzKey90]

I bought my townhouse for $110,000. I make $70k a year. My Mortgage is only $730/month. Down payment was only $4000. My interest rate is locked at 2.67%. It really depends on where you live. Louisiana has one of the cheapest housing markets. So my income goes far here. I recently just got married.

[@Iamchristaelaine]

Omg. You’re winning. Good stuff

[@Flourish_today]

What year did you buy your home?

[@lefromthecity]

What area of the country is that? In the area a townhouse (older ) starts at $320k!

[@bgurley1998]

I'm jealous! *cries in DMV*

[@MzKey90]

@@Flourish_today Aug 2021

[@SuperNewMom1]

I few years ago before the pandemic I was working my way up to 50k to meet affordability, I get there and then it’s not enough. I get to 70k and it’s now too much for assistance programs but yet not enough to the same homes that I’m shopping. I give up smh. Between the moving target and student loans, it seems like a truly un-attainable goal. I’m not gonna live in the hood with shots firing daily, even there I can barely afford!

[@Shortballa11]

Agreed bt there is hope. I’m literally in the same situation. Bt right before 50k i was at 29k and i decided to stay living like i was broke. Now at 72k i just bought a house, ofcourse with a roommate (girlfriend) helping with the mortgage. Bt for 2 years i saved 20k a year and still enjoyed life. I cooked and took on a roommate with no car payment. I just got in car crash yesterday. I’m stunned bt the Money i saved will take car of it. The emergency fund is necessary

[@jasonphilips4731]

Then buy a coop like he said.

[@Heretoslayyy]

Coops are in the hood basically tho and terribly crowded

[@jasonphilips4731]

@@Heretoslayyy Soon majority of ppl will not be able to afford to purchase a home in the hood.

[@Shortballa11]

@@Heretoslayyy whats a coop?

[@Amandy36]

I bought my house outside of the city limits. I was making 35k and my house was $170k with $0 in debt. I was aiming for $150k. I bought it before the market got crazy. I do have an hour commute to work. If I got something in the city it would've been super small and in a bad area. You gotta pick and choose with what you're willing to live with.

[@Heretoslayyy]

Extremely extremely true

[@velvetice100]

You made a great choice❤

[@modifiedjaymill]

The biggest thing that get some people that is streching there budgets is that usually your paying a arm and leg for repairs. I just replaced a AC unit in my rental and that cost 7k. A new water heater will need to be replaced in a year or two and that another 5k. Also property taxes increased since my rental went from being worth 132k to 205k. With 0 debt as in no car payment, creditcards, loans etc- it is doable, still pushing it. But going in with debt, its gonna be extremely tough. My primary home is newly constructed and even then its a trade off. My house being new came with a new home warranty so everything is pretty much call and they come fix, but everything i wanted additionally had to be added. Paint adds up, the fence cost about 12k, and the patio area extended and screened was 23k, Driveway extension about 3k. Used home will likely have came with all these things done by the previous owner but with alack luster home warranty. Being a homeowner is wonderful but the maintenance is anything but lol Also pay attention big time to mortgage cost, with some mortgages you will end up buying that house 3 times over by the time you finally pay it off.

[@Amandy36]

@@modifiedjaymill I 100% agree that home repairs are expensive and ppl don't take that into account. My AC broke in July. It was over 100°F in my house and cost 5k to replace. The moment I bought my house I opened a savings account solely for home repairs, and I have money direct deposited from every check into that account. That way when I need to fix something I have the funds already without having to touch my regular savings.

[@Ch3lbell]

Thank you, reading this gives me hope that I too can purchase a house. Congratulations on your home!

[@jellygurl27]

Basically means that you have make $100,000 to qualify for a $362,000 house. Not many people can afford a house on a single income. In the most expensive cities especially.

[@jer1776]

Hardly anyone can, and virtually no young people who should be settling down and starting families can. The system is beyond broken.

[@xKingUVHearts]

That $600 car payment is what’s killing it

[@Sis-Is-Serious]

Most people car note is $500 and above, not even driving a BMW. Car notes suck

[@TheSithLord]

My Tesla was like 900. So I get it.

[@tachyontee3877]

Cars are liabilities. All they do is depreciate in value and fall apart over time. Find the cheapest one you can that is the least likely to break down and fastidiously maintain it. Whatever money not spent on monthly recurring debt should first be saved up in an emergency fund; 6 to 8 months of what your cost of living is. Once you get that, money saved from then on should be for your big ticket items, i.e. a down payment on a house. BUYING EXPENSIVE CARS IS STUPID EVEN IF YOU'RE DOING OKAY!

[@nishashawn2021]

Why are people buying brand new cars?

[@RickyBobby213]

​@@nishashawn2021 the used car market in some places are more expensive than a new car. Even 2000 Accords or Camrys are being sold for 8k (no financing)

[@andrew.alonzo]

Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

[@james.atkins88]

If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.

[@hunter-bourke21]

Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.

[@rebecca_burns14]

@@hunter-bourke21 Please tell me how can I connect to your advisor. My funds are being murdered by inflation, therefore I'm looking for a more profitable investing strategy to put them to work.

[@hunter-bourke21]

My advisor is “Camille Alicia Garcia”. She has since provide entry and exit points on the securities I focus on. You can look her up online if you care for supervision. I basically follow her trade pattern and haven’t regretted doing so

[@Believer292]

Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.

[@sjohnny8221]

Why the heck would you use New York as an example for someone who makes 60k? That’s close to the poverty line in New York

[@apriljones6230]

Hell it was 50k

[@ispeakmucho]

Probably because many people in NY make around that and still want to look at option to invest and own R.E. I for one didn't even think you could get that 180k figure of just 50k. I thought you wouldnt get squat. Looks like maybe 3 friends or family making 50k can really save some and buimd equity if they join forces. Esoecially on a property used for tenants with monthly residuals

[@TiggysTC]

Right! Super extreme example 🙄🙄

[@apriljones6230]

@@ispeakmucho well I'm in SC and I make around that, and I was approved for 220 but can I really afford that? The answer is no.....and live the way I want too...therefore I'm still renting

[@newtochrist6239]

That’s close to poverty in a lot of places lol

[@MortarMike]

MAN this video breaks it down so well. I've been struggling to learn this process in depth and this gives a great starting point on what I need to focus on. Thanks for making this vid, this is a GEM yall!

[@deidrawalker9489]

You would have to relocate.. 50k salary in Cleveland, Detroit can get you a decent home with 180k even a multi family.., I have three using a FHA

[@saraiday1646]

No disrespect but most people don’t want to live in Detroit.

[@randomvideoshere6540]

Yell me more. Am planing to move to Detroit and I want to live as close to Canada border as possible. I can consider ohio too

[@deidrawalker9489]

@@randomvideoshere6540 ohio, cleveland in particular is affordable and has many homes going for as low as 150k, some decent, some needs TLC but never the less, with a FHA, it’s possible. Of course interest rates, credit score, employment status and down payment are factors but it can happen

[@randomvideoshere6540]

@@deidrawalker9489 thanks

[@ladylivinglife]

Y’all this is suchhhh a good example. I’m looking at buying a car now so have been thinking about the assets I want to have. You used great numbers!!! I live in south Florida. Car insurance is like $200 /month. Great stuff.

[@vedamichele1295]

Great show. I like Benz vehicles and etc. However, cars depreciated the minute you drive off the lot. Stop the car notes. Once you pay that car off, don't get another. Same thing with leasing every few years. Can you imagine how much more money you would save? Sometimes it's tough out here in the streets because of people spending habits. If you're in NY, you better use mass transportation for a while. LOL!

[@alleycatparts]

Great job on sharing this for lots of people. Best advice I can share is before anyone moves into ownership. Eliminate all debt. No credit cards or car payments. Put down 20% when you can to avoid PMI. Take out a 15 year mortgage with a payment no more then 1/4 of you income. Please don’t buy the max you can afford. Buy the home off the total amount/ not the monthly payment amount. Doing the above will allow you to own your house and the house not own you. If you can’t , best to rent until your able to. I own my home in California- mortgage free by following the above. Good luck!

[@Sis-Is-Serious]

Good advice, thank you

[@Robert-yk3ey]

Gotta love Dave

[@tiaquannewebb8702]

That's good advice. It does no good to buy a home and not be able to afford to maintain or repair it.

[@FTYC2022]

I see someone watches Dave Ramsey 😂

[@alleycatparts]

@@FTYC2022 100% lol. Follow the plan !

[@bounceenergydrink]

Man, it would have been educationally beneficial if you two were prepared to share this information in a concise way. It would have been great if you would have had all the numbers together, the researched cost of the average price of a home ( national ) data, and all information to plug and discuss. My first time watching, and it was like watching grass grown in the middle of an NYC winter. Damn......

[@lionfromjam7282]

Painful to watch, after 5mins I was out!

[@allsmiles2991]

And laughing. It was upsetting to watch.

[@Elizabeth-so8od]

I put them on mute and started reading the messages.. I'm not here to play😂

[@mart2023]

​@@lionfromjam7282same

[@jay_martinez19]

I’m real estate agent/ investor in NYC, people are moving to upstate NY or out of NY because single family in NY fully renovated in the Bronx NY is about 650k.

[@DriversOfLife]

Where upstate?

[@yolandacoleman7021]

I'm from NY as well, Westchester. Its the taxes that are crazy. He is going by $2000 taxes. We pay 20K plus taxes in New Rochelle.

[@jay_martinez19]

@@DriversOfLife Orange County

[@mzsbrown2844]

They are moving to Florida and messing our housing market up.

[@reese85]

@@yolandacoleman7021New Rochelle is out of control with all that construction that’s why

[@V2Gmultimedia]

It only works, at that income, with trusted co-borrowers to give more buying power. This is a dose of reality for a lot of people. It's not easy, but it can be done! Dope content!

[@TheQuintessentialBM]

Averaged 70k (I make 60k base now) with OT per year working in Oklahoma... Bought a 2BD/2BA /w garage condo in Dallas for 145k in 2020 during COVID. Took advantage of Texas first time buyers grant (100% forgivable after 5 years of ownership). Paid a total of like $6000 to get into the home. Only thing is I don't have any college debt.

[@marquitajackson-rk7nk]

Minnesota allowed me to purchase 12/23/22 a triplex $350K and I paid a very low payment for my mortgage.

[@jessicabrown3430]

Which housing assistance program/s did you use?

[@Wavyysav]

think to add in ur salary at the time?

[@marquitajackson-rk7nk]

@@Wavyysav the lender will ALWAYS add a duplex, triplex, or multi units into your mortgage payments

[@marquitajackson-rk7nk]

@@jessicabrown3430 Build Wealth 🏡

[@solo.life.travels7215]

I have a renovated duplex in north Carolina, $171k, mortgage is $1238. Purchased last year

[@butgod333]

The thing that sucks is rent is more than mortgage yet they say you can't afford a mortgage when you're holding down your rent every month 😩🤦🏾‍♀️

[@multifariousgemini]

I know right?! It's ridiculous! But the solution to the problem is to make more money.

[@palehorse4447]

Is it cheaper when the heat and air goes out? Or the roof need to be replaced? It’s not just about the payment but the year over year output. In most cases, not all renting is actually cheaper.

[@butgod333]

@PALE HORSE I can argue that about a lot of things. There's things that can go wrong with plenty of things in our lives. If you're disciplined enough, you learn to save for those things that come up throughout life. So yes, I still think it is cheaper. Maybe you have a different experience. I have owned a home and rented. So I'm speaking based off of my personal experience.

[@Ripside2]

@@palehorse4447 Exactly this is weird. There are costs absorbed in that rent as well. Its cheaper on paper.

[@jer1776]

@multifariousgemini In a world that made sense, even fast food workers/janitors would be able to afford small homes.

[@KevinChinn88]

Very good video. Nice breakdown. The gap to home ownership seems to be expanding by the day.

[@kycannn]

And this is why my generation is living in their cars. They’re basically telling us “own nothing and be happy about it.”

[@ToOpen6seven]

Yep that is liberalism -- live below your means, stay out of debt, yes you will probably have to work more than one job, but home ownership is still doable and like many people have said in this chat -- rent is costing more than mortgages. I am addicted to tiny homes and I would to purchase one out right if I could find the right one for me.

[@JeffersonRah]

Did you notice that in ca they want to put more rules and regulations on RV and van homes? They want us in poverty as they live rich and above us.

[@all_things_beautiful6905]

Gotta love THE GREAT RESET.

[@saulw6270]

The world economic forum has a phrase that you will own nothing and be happy

[@Terryshowedup]

In 2021 I was making 50k, I bought one for 185k in Atlanta but I didn't have a car payment so that definitely helped

[@OGtheQueen]

Car payments most definitely suck

[@itsme_mrsdoe]

Thanks for sharing. The frustrating part is that nowadays, renters are paying more than the monthly estimated costs of a mortgage in some places. My 3/2 Apt outside of ATL at market rate is more than the calculated monthly cost of the mortgage in this example. So we’re basically getting served beer and getting charged for champagne 😕.

[@armandoweckmann5699]

I bought my house in 2009 for $120,000... it's now worth $325,000. Crazy.. I paid it off early and am currently saving to buy my dream home, but that is going to cost me $475,000. My salary is $80k. And i currently have 100k saved up. I live in NM

[@LadyUpstart]

Honestly, my husband and I are thinking that once we sell, we might just buy a cheaper property in full that way we have no mortgage. I don't think it's a smart idea to sell your house for a more expensive house and enter into another mortgage contract. To have a house paid off and no other debts is how wealth is gained. Like your entire paycheck is free...sounds like the life we want . But good luck with your goals.

[@5strong]

That is one of the best breakdowns I’ve seen.

[@btw9241]

Depend on the interest rate and if you can come up with the 20% down payment. Yes, there is FHA, but doesn't matter how you look at it, eventually you have to pay for how much the house cost.

[@newtochrist6239]

When I was a real estate agent in New York in 2013 I got a deal done with someone with that income buying a multi family but the average multi family back then was running $300-$400k. It’s disgusting to think about the housing prices now 😩

[@rolandroland1485]

Oh wow, are you still a real state agent ?

[@gabrielmccandless2798]

👏🏾👏🏾👏🏾👏🏾👏🏾 Thank y’all so much for running this down. 50k a year is nothing!! 100k for a house it’s nothing!!! More hustle is required!!!’

[@FTYC2022]

Or move😊

[@LamarrBaxter]

People don’t realize that if you are an average income earner it requires two good full time incomes to purchase a home. A single person purchasing a home is at high risk of foreclosure if the lose their job or income is cut. Another contributing factor to many struggling to qualify for a mortgage loan, including couples is excessive debt, financial irresponsibility, lack of financial discipline and abuse of credit which results in lower FICO scores which results in higher interest rates.

[@empresszaire2305]

I get what you are saying but, it’s still worth the try. Paying $1700 a month on rent and it keeps going up is insane. I’m single with two jobs.

[@ROYALP100]

Yes two heads are better than one… Many of these fancy car riding folks live in apartments because they have these kinds of priorities.

[@florianmadison]

@@ibrahimaisaadan I'm close to 60 and have worked in construction since 15 years old. I'm ready to retire. Every part of my body aches. Been getting up at 5 am since I was 15. It will be nice to get up when I want. No pension just savings to live on. Heard too much counsel about ROCHELLE DUNGCA-SCHREIBER. Hearing you mention her name again, this is the best time to work with her. Thanks

[@georgestone0123]

Heard many good recommendations about Rochelle Dungca-Schreiber by some YT channels, Seminars and other platforms. Never knew she could be of help in that manner

[@LadyUpstart]

​@@georgestone0123no, not true. Sounds like you need two if your spending is out of control. And from listening to consumer reports, sounds like a lot of people are living above their means and on credit cards/loans. My husband and I are a one income family and we bought our house two years ago at the height of housing market with an income of 40K. We saved like crazy. We saved out refunds over the years and the stimulus, shopped at the dollar store. Did not buy anything we couldn't afford to pay off entirely out of our account with one check. We budgeted. All our rent was less than 35% of our monthly income. Yes, we lived in a not so great area and apartment but once we got approved to buy our house, we still made sure that the house payments would stay under 28% of our monthly income. And this was fresh after my husband graduated. Now we are making over 90K+...so now we have more money to play around with after all our bills are paid. We got rid of the credit cards after we got the house and still budget. We are still a one income household. It can be done. We still don't make a lot of money but it works if you're smart about it.

[@smoorer9136]

Single Otr truck driver living in my semi. I Net 54k yr, 15k in savings, $0 debts, monthly living cost is $820, living in kcmo.

[@MsLanny9]

Thank you so MUCH! for explaining this and repeating it for me to Understand... More please..

[@KaiSupremeVoice]

I really enjoyed the straight forward ness. Great work fellas

[@nikineal69]

An income of $50K for Long Island, NY was fine, 25 years ago! That is when I bought my L.I. house.

[@tahirisaid2693]

I started my own business this month and I am meeting with my first client today. I retired last yr at 55 with 3 houses paid off worth 4.5 million. I will have an income stream of $20,000 per yr through my business. I realized that the secret to making a million is making better investments.

[@georgestone0123]

You have done great for yourself. I understand the fact that tomorrow isn't promised to anyone, but investing today is a hard thing to do for me now because I have no idea of how and where to invest in. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.

[@tahirisaid2693]

Credits to ROCHELLE DUNGCA-SCHREIBER, she has always had my back all through the process of working and investing. You can glance her name up on the internet and verify her yourself. she has years of financial market experience.....

[@georgestone0123]

Heard many good recommendations about Rochelle Dungca-Schreiber by some YT channels, Seminars and other platforms.

[@ToOpen6seven]

Congratulation, excellent job!!

[@petronarowe5445]

The reviews are not good on her though. I do my own trading.

[@skokagp9796]

Average house in Illinois is around $200k and 50k a year is still a struggle for a single person and some married

[@eligreg99]

I agree I make 50k in Chicago and graduated 2 years ago. Still haven’t saved enough to comfortably move out again. 50k is the new 30k it feels like

[@tamarastone141]

Now I think the average house is actually around 280/300k.....

[@arthursummers7899]

Yeah, not near Chicago it isn't. You can do okay closer to $350k, which before interest rates went up would give you about a $2k monthly payment with 20% down and about $2.4k with 5%. Now thats almost $2.7k with 20% down and over $3k with 5%. But if you want something nice, then you are looking at well over $400k.

[@tamikabell6531]

Depends where u buy. Bought a 5bed 2bath n 2018 for 110K SW side of Chicago. Approved for more but i didn’t want a high mortgage payment. And since we have the second highest property taxes. Definitely didn’t want that either.

[@skokagp9796]

@@tamikabell6531 I work/live ,in Bolingbrook. I’m definitely trying to stay as far away from Chicago as possible when I move next year but it’s looking like I may have to pick up a 2nd job to even afford anything decent

[@learningearning8385]

Or.. hear me out. You can get married. Blk ppl are the LEAST married which is also one of the reasons we struggle the most to qualify for mortgages. Many of us also need to focus on getting skillsets & trades that pay like Booker T.Washington said 100 yrs ago.

[@Wavyysav]

How? I have learned what I need to learn obtained all my certifications and licenses and still make a few hairs above minimum wage. IN A SKILLED TRADE *HVAC*

[@learningearning8385]

@@Wavyysav can you switch to the top hvac company in your city? What about opening up your own hvac business & advertise with realtors, Angie’s list & real estate investors.

[@jasonphilips4731]

@@Wavyysav Start your own HVAC business. Sign up to a home warranty company and you will not have to pay for lead's. If you did seal systems on refrigerators you should at least make $800-$1,200 a job.

[@Wavyysav]

@@jasonphilips4731 I want to start a company now man I truly do. Im more ambitious and goal oriented than I ever have been. I still feel I lack the knowledge and experience to be as successful as I should be in business. I wont stay stuck in that mindset. I will hire someone with even more experience and knowledge than I have and I will buy the truck and get us all the work through advertising, word of mouth, or like you said get contracts with a state or county funded agency that will need continuous work. I will have some solid momentum going for me at that moment. I just have to get there, which is the hardest part. Just pushing through… waking up at 4 am everyday working 10-14 hours no break. not because I want to but because its going to eventually get me where I want in my life. In my own business.

[@Wavyysav]

@@learningearning8385 I can switch to a different company but not at this point in time. Im planning on relocating with my family in the near future. I cant switch companies. I can only apply to companies near the location that I have residence.

[@allenevans622]

If the average American makes less than 50k, how is 300k for a home to low? Majority of homes in America are under 350k…

[@sjohnny8221]

Because it’s easier to say you can’t afford that in NYE, than somewhere where you could actually afford it. You can find a home for less than 350 thousand. New York is vastly different, and it wouldn’t make a lil of sense to use that as an example for a housing affordability video

[@millyondadon]

You can do anything with great focus I can't explain it but something with an unknown force will help you overcome anything I know this as a fact.

[@abriseneau]

Manifestation 🙏🏾

[@Francesca-Starr]

That’s why so many people keep moving out of NY. It’s impossible for some people to afford a home, let alone be eligible.

[@Queenk0526]

Get rid of the car payments! A home is an appreciating asset and cars depreciate tremendously. No debt would be even better giving you more options. Not having a car note, and being debt free helps me out a lot in being able to afford my home.

[@learningearning8385]

It’s him STILL talking about a 600k house at the end 😩. “Stick to the Budweisers you’re used to”

[@THEHIPHOPCHANNEL1000]

I was able to get a 300k loan making 35k a year once on a conventional loan no additional debit

[@Wavyysav]

Where was this?

[@02nupe]

before 2009 probably.....

[@anniewilson6737]

What does the payments look like? 😮

[@Robert-yk3ey]

You were part of the problem in 08 😂

[@LadyUpstart]

@@anniewilson6737 as a one income household and when we were making 40K two years ago, we got approved for a home loan with 2 percent interest. we bought our house in 2021 for 260K in a really nice area. we got approved for more but chose to stay in this price range. Our mortgage is $900 a month. we had the down payment because over the years we saved our tax refunds and throughout the year was very frugal

[@NoraTyler8969]

I am so fortunate that I made productive decisions about my finances that changed my life forever. I am a single mum living in Melbourne Australia who bought my second home in September and is hoping to retire next year at 50 if things continue to go smoothly for me

[@NoraTyler8969]

Sorry for late reply sweetie, I used the FIRE movement to put my finances in order. Then lnvested in stocks, cryptocurencies and reaI estates though the assistance of an lnvestment Pro who helped me make it this big....

[@NoraTyler8969]

I will forever be indebted to you?? MRS EVELYN GERALD?😇 you’ve changed my whole life I’ll continue to preach about your name for the world to hear you’ve saved me from a huge financial debt with just little investment thanks so much

[@NoraTyler8969]

@EvelynGerald

[@NoraTyler8969]

I recommend EVELYN GERALD, she has an astounding track record. I’ve worked with her for some time, and there are a lot of people investing with her, she's the best of the best. I hope she doesn't stop taking new comers any time soon because of the high number of applicants

[@DarkmanXSincere]

@@CG-uk1vz They’re bots. AI. Not real people pretending.

[@SamalYessetovaS5]

"You can't have champagne taste with beer money" Love it!!! 😂😍👍🍾🥂 Thanks for so much value!!!

[@sunandwind2983]

Always buy a duplex not a single home. So the real estate produces some income. If you a guy do what Keven Samuels said and work the weekends. Working the weekends at $25 per hr adds 21k now your earning $71,000 per year and the duplex should add another $12,000.

[@aletacotten8020]

I would like to thank you fir such valuable information. Thus has been a huge blessing for me.

[@prettythingshomedecor]

Great information! I had two houses a few years ago. At the time I was teaching. My first home was about 32k. It was brick, 3bd, bath and half. I was probably making less than 15k as a teacher. Some years later my husband and I bought a,,150k house, about ,2000sq ft. Split level new house. Including taxes and insurance our payments were about 1100. We were married, but divorced so I was stuck with 2 houses. It was a strain to make the payments. Eventually, I became I'll and could not work. Today, I rent. I want to buy again because my rent is higher than what some folks pay for their mortgage. My credit tool a bad hit when someone stole all my money and got a credit card in my name. Trying to get that credit card off my credit report.

[@EvelynnLandrum]

Great video! Getting a house on a $50K per year salary? It used to work back in 1985, probably! Fast forward to 2023, you may be able to double up in an apartment. With a few roommates! That's why we have a major homeless problem now - too many people have purchased homes they could not afford!

[@LadyUpstart]

Not true. One income family. Made 40k annually. Saved our tax refunds over a few years and the stimulus payments. made sure our housing was less than 35% of our monthly so we ended up living in a not so nice area which was really great motivation to get the heck out. We bought ours two years ago when my husband was freshly graduated from college. Now at 90K+ annually we still don't make a lot of money but because we were smart and didn't purchase iPhone ,which are $1k plus taxes phones btw, and other ridiculous items we could were able to become homeowners

[@sS-sf2zw]

I was making 12 hr when I got my house 8 years ago here in Louisville ky for 75,000 I qualified for a free down payment assistance of 10,000 my payments are 564 was cheaper but insurance raised me up by 300 property taxes want more this year, the house did need finishing but little by little, now I have a roof leak but that will be fixed next week, I would still get this house seeing how much apartments cost now and I lost my 15/ hr job in November, still cheaper than renting! Oh I never had a car payment either always paid cash or auctions!

[@GemB78]

Three years ago I made 29k and had a downpayment of 40k for a house that was 178k ( because I sold my previous house and that is why the downpayment was 40k)

[@Wavyysav]

It great being young with a great credit score, but in this economy how do we get in real estate?*without having this 100k salary* I have no way of coming up with this salary. What employer will pay this to young individuals? Rarely any. What loan will I get approved of making a few dollars above minimum wage?

[@ToOpen6seven]

Try online jobs that will train and if you are remote you can work more than one job. Don't ever give up, there are opportunities out here.

[@abetterdayabetterlife9069]

In NYC we can't even afford to rent an apartment let alone buy a house...realtors and landlords want min 65k

[@vedamichele1295]

OMG! You're so correct. Moved out of the state of NY and bought a home in another state. I still work in NY. It was a darn shame to have a good job in NY and still couldn't afford to buy a home in NY.

[@abetterdayabetterlife9069]

@@vedamichele1295 Yup, I realize I have to move out of NYC while still working this low pay job, but I still want a house...MG the Mortgage, please do a show on where we CAN buy a house with 50k income

[@vedamichele1295]

@@abetterdayabetterlife9069 In 2010 I was earning $50,000 per year. I read somewhere not to go over 3 times your annual salary. $150,000. The lender told me that I could afford $260,000. I told the lender "The Devil is a liar". My loan for my home was $152,812. You have to remember, don't go beyond your means. That's foreclosure waiting to happen. Get your credit together. Start budgeting and save your money. Honestly, I don't know how anyone could save money paying high rent in NY. The only regret I have is that I wish I had the patience to stick with the NACA Homebuying program. They can help out big time, but you have to stick with it.

[@girldad100]

Depends on what State you live in. Credit to debt ratio and your spending habits

[@MyBabybabz]

I’m great full for building my home when I was 25. My rent was $550 in the hood. At that time I was making 53k. The purchase was $174,500. Now all the houses in the neighborhood start at about $385k. That put me at $1200 a month.

[@thesocialmama]

I like that “why not?!” 😂 There should be a system in place: if you work then you should be giving the opportunity to buy a home.

[@barbarabeckley8732]

You can FHA

[@JJJobson]

In 1996 my interest rate was 6.5 and they told me that you could afford about your annual salary in a house. That is over 3 times the annual salary. This is 2008 all over again if they handing out loans like this. Better get an apartment and a roommate lol

[@RoBDeeZL42]

This is a great video to show how the power structure is able to enslave naive people with debt and create dependency on government.

[@jellygurl27]

Someone could afford the house if they could purchase for it in cash. The issue is qualifying for the mortgage. Let's say a Millennial lived at home and SAVED all of their coins for a house for a number of years, they could do it, but most people have to qualify for a mortgage that is where the issue lies. Realistically most could save if they have 0 expenses.

[@LadyUpstart]

not true. as a one income family and making 40k a year during the pandemic, we had been saving our tax refunds over the years and those stimulus payments. During the year before the pandemic and after he graduated college, we moved to cheap/decent area. It was not great but our rent was under 35% of our monthly take home pay. Once we were house shopping, we stuck to the budget. Lenders wont approve you for a house if its more that 45% of your monthly income. We picked a house somewhat to the close end of 'OUR' budget 278K in a very nice area with a 2% interest. We were approved for more but we wanted to make sure we had enough every month and because his income increases every year we were also thinking about that. we still do not make a lot of money currently at 90k+ but now our mortgage is less than 25% of our monthly and we have more money to invest. So it is possible. just budget and stop buying things you cant afford to yet. because even though we might be able to afford luxury items, we dont want to because they are literally designed to keep you poor.

[@lavanyamilton3958]

It's a good analysis. We need to look in an affordable area.

[@drblitz3092]

Ya, I make 100k in California single. Still, a house close to work is not in the cards. I’m not driving 2 hours a day for 30 years just for house. After expenses, I got 2k a month extra. Just gonna rent forever close to work and put all that into a 401k. Really no point in buying a house single in my situation. Once I get 2 mill in my 401k, I’ll retire and possibly move to buy a house or stay and keep renting til I pass on. Most important thing is not having to work after 65

[@FTYC2022]

You are the first person I have seen with my same plan but for a different reason! I can afford to buy and I work from home. I just don't want the commitment and responsibility of a house right now. Im not even sure where I want to settle down at and I plan to move abroad at some point. I don't want that kind of debt hovering over me for 15-30 yrs.

[@drblitz3092]

@@FTYC2022 ya, all that cleaning and maintenance on my free time. I got better things to do. Sleeping at night with all those windows in other rooms for intruders to come in might keep me up at night.

[@christian-if3db]

Yeah this scenario is literally me rn and in PA, Im so fucked 😭

[@a5dollars]

Fucked?🥺

[@frederickvalencia4976]

I live in FL, I got no debt I own my car. I bring home close to 4.4k a month. My bills (rent,car/life insurance/food,cell etc) it's only 2.2k a month. I plan to save next year the Xtra 2k a month for a home.

[@atheistarentreal1891]

In today’s market to buy a house that cost $181,000 you gotta live in Alabama 😂 because where you finding a house for that price 🥴

[@saraiday1646]

What part of Alabama?Not in Huntsville Alabama. 181,000 will not get you a nice house.

[@Wavyysav]

NO WHERE. Thats the issue🤦🏽‍♂️

[@jasonphilips4731]

@@Wavyysav Buy in a low income neighborhood. Check for areas that's about to be gentrified.

[@misskekeg]

Or Louisiana

[@victoriamalik7640]

Can you please add this particular mortgage calculator link in the description?

[@ShutterSpeedGaming]

My mortgage balance is 70k My mortgage payment is $565/month It’s a 2 bed 2 bathroom condo. I live in Woodstock Georgia I make 50K a year!! Winning 🏆 😊

[@Pandemic187]

1800sq ft 3 bed 2 bath in Alabama all day built last 10 yr

[@nikkib5674]

But will the $50,000 salary hold down there ? The average salary there is probably even less.

[@Ronnye40]

The only other way to get somewhat close to this 600k figure is to get a co-signer and by purchase a four-plex and live in one of the units. 😉

[@tiaquannewebb8702]

You cannot qualify to rent an apartment based off of income requirements in New York without a co-signer on $50,000 a year. How in the hell are you going to buy a house? If you are of modest means go to a place where that money can do more for you. Hit the suburbs. Go to a lower cost state in addition to doing what you got to do to earn more money. Location is the biggest factor in determining real estate prices. Go to a low-cost area, build up some equity and then make that move if that's what you want to do.

[@DAEEEEEETAYYYYY]

Does student loans count against your DTI?

[@Mgthemortgageguy]

Yes

[@reginacameron3011]

yep

[@InspiringOthers242]

I don’t see the link to the calculator, but I found it when I typed it as I saw it in the description. Great content btw. 17.01 sounds like when Sean Paul said Yeah, Yeah yeah. 🤣🤣

[@ToOpen6seven]

can you provide the link to the calculator

[@trucker_ced9946]

I gross 200k, condo 150k, and car paid off. Cant imagine buying a house that expensive that i would have to keep maintaining through 30 years. Cars are a liability not asset shouldnt have a 5 to 7 year car loan unless you have the money already in the bank

[@ToOpen6seven]

You make great money and you are smart with it too 🙂

[@Weathernerd27]

Taking the maximum loan a mortgage company will give you is a big mistake, you will be house poor and probably lose the house if the there a slight economic downturn. To find out how much house you can really afford you need to add up all you're typical expenses and create a budget. I make 80k per year and the mortgage company was willing to lend me 450k/3k a month payment. When I created a budget I found that I really could only afford about 300k/2k a month payment. If I went higher than 300k I would have the reduce how much I put into my retirement account, lower my standard of living, wouldn't be able to afford the average car payment and I wouldn't build up enough savings to survive a few months without work. I was able to buy a small house at 300k but the long commute is driving me crazy. I don't regret buying the house because having a house mostly paid off will make it easier to retire. However, I'm realizing I need to get a Van, convert the Van into a camper and spend a few nights a week in the VAN/come back to my house on the weekend. Because I bought the 300k house I can afford to get the VAN. The property tax is also going up alot and if the property tax got too bad I could sell the house invest the proceeds in a well diversified fund and live in the camper van full time saving alot of money. If you are thinking there is no way you could find a house in you're price range you are not alone, most people under 50 are priced out of the market at this point and I expect to see alot more people renting rooms/living in Vans. Its pretty disgusting that in the richest country in the world many young people have no choice but to live in 50 - 300 square foot units.

[@petronarowe5445]

Great video. Thanks for sharing typical salary amount..

[@Chyanne-q9l]

What calculator did you guys use?

[@iamsherrywalker]

Never said nor put in the description as he said I was wondering why they just didn’t say it smh 🤦‍♀️

[@patatoe087]

Is it possible to get a duplex (with a 50k-60k salary) for around 300k-400k but then use tenant rental income to afford the home? Assuming owner lives at the home as well.

[@PATRICK-xg4ez]

So real, I love it- Thank You

[@rhondahopkins4366]

If you make $50,000 a year, you can afford a house between 50 to 120 thousand.

[@c0wboys4life]

Good luck finding something good for that price unless you’re willing to work with a fixer upper nowadays

[@kayabe856]

@@c0wboys4life nothing wrong with a fixer upper

[@c0wboys4life]

@@kayabe856 That’s why I said if you’re willing

[@jennifer742011]

That’s cap 🧢 I make about that my home is worth $334,000 been in my house 9 years

[@kayabe856]

@@jennifer742011 it’s now worth that 9 years later. But what was the price you bought it for?

[@BIGKickz23]

It’s definitely possible but you’re just not gonna get a big ass crib. If you live in on your own get a mobile home so a lot more affordable around the 50 to 150 range you can get something nice or get a tiny home there’s options out there.

[@terralynn9062]

Have to be careful with that, though. I thought about a mobile home, but if you don’t buy the land it’s sitting on, then you’re renting the land. The land owners can raise the rent on the land, and your monthly payments will go up. In some cases, investors will buy the whole mobile home park and raise the rent on the land. People have lost their homes because they can’t pay the higher land rent, and they don’t have a place to move their mobile home to. It’s tough out here.

[@EarthEnigma]

I am now a subscriber/ first video in😊

[@angelmyers869]

Health insurance, retirement, etc....

[@trustnun_staylow]

Just learned something thanks 💯 subscribed

[@aimiemills7326]

This is house price is very accessible here in Tulsa, Oklahoma(for now) but it's saying $1,700/month payment and $600 in debt. That's $2,300 really only leaves you $1000 extra for utilities, groceries, clothes, health, hygiene, etc. Today's market is based on the fact that they expect two people making $50k to buy a home together. You cannot realistically and comfortably buy a house as an individual even in a small janky town making less than $80k. TRAILER homesin my "affordable " city are trying to sell for more than a new build home on a foundation. A new nice 3 bedroom trailer can run upwards to $200k not including the land. Tulsa is offering people to move here money but we are in a housing crisis for the people living here. People in Cali are selling their million dollar homes and investing in out cheap housing to turn around to sell a $100k home to $400k and its caused everything to go up massively. Housing costs in Tulsa, Oklahoma has went up 20% in the past three years. A one bedroom dank apartment used to be $500 and now it's $800. Most people cannot make over $15/hr here. Most people don't have degrees and nowhere is hiring without years of experience.

[@LadyUpstart]

it is possible. ive posted more times on this video of how and what my family did. please stop believing the propaganda and look into it for yourself. if you are denied then it is because of your choices. in 2021, we made only 40,000 and bought a house at the height of the housing market. our dti was 12% we lived very frugal. as a one income family of 5 and stay at home mom, it is doable.

[@alvaritoesquivel875]

2023 I bought a 1200 sq ft home in El Paso TX. Payment is 1850 and I had to shell 40k as a down payment so he is accurate nowadays. In Texas now 6/3/2023 50 K is not enough

[@royjohnson9043]

could answer this quick...you can afford a SHED from HOME DEPOT on a 50k/year salary

[@lynettemelendrez2388]

New Mexico here… Just bought an investment single family home, 4 bedroom, brick house.. 313k , 30 year loan, 6.5 interest , it was on the market for 324k, and it had a new roof, new plumping, and a new fiber optic internet available.. it is 5 blocks away from a college, and no HOA.. my spouse brings in 79k gross.. I bring in 5,400 babysitting while homeschooling our children. Sweet deal in my opinion.

[@blissabreeze]

Great practical information. Thank you

[@QueenCA803]

300k is reality in the south

[@dellontobin282]

I live in the south (SC) and $300-350K is what I'm seeing the average home run for right now.

[@Wavyysav]

Its horrible

[@angelorange9334]

I'm in Michigan I make 50,000 a year I'm looking for a home around 80,000 cost of living is not as bad in the small city I live in

[@reginacameron3011]

It's still high as hell I am from NC but moved here to maryland. High as hell here also

[@kayabe856]

That’s the lower end in Dallas.

[@Willyswy3998]

I live in new york state you can absolutely buy a house making 50k a year not everyone lives in the city

[@mikeg3810]

…$50k can’t buy you a $600,000.00 house? NO! Lol! Better take into account sky high inflation and debt. $50k can barely afford a nice apartment in NYC these days. You can get a room for rent though.

[@jennifer742011]

I bought 2 homes since 2007 had my first home built only making $15 a hour back then bought a bigger home in 2014 making around $50,000 a year when my buddy makes $100,000 a year and rents do the math 😂

[@makaladeclouet6582]

Do a video on va loan assumptions please

[@BradfordGregory]

This is actually a good video, Thanks

[@c0wboys4life]

Basically make more money is what you gotta do 50k ain’t it…the hustle continues one job ain’t enough out here

[@georgecarroll1213]

Lol my bmw payment is 675 😂 my truck payment is $1,039 a month and my brother in law truck ,his payment is $1,351 a month. New trucks these days are almost 100k and over 100k.

[@MrJayBee420]

I needed this video. Real life situation but I'm in Philly. Feels the same tho. Smh

[@TrusttheJourney33]

This scenario is what I’m looking at. 50k, single, 10k down payment using FHA loan. I believe my only option now is to make more money other than that is to rent?

[@obanking4181]

Dont buy in NYC, cut your car payment in half, look for a 2bed because your the only 1 paying the mortgage. Now you can afford a very nice 2bed in upstate NY.

[@yusufibrahim4952]

People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Sure I'm not alone in my chain of thoughts.

[@AravindRia]

Buy now, home prices will not go lower. If rates drop, you can refinance The government will have no choice but to print more notes and lower interest rates

[@PositiveChange-e7x]

Well i think, home prices will need to fall by at least 40% before the market normalizes. If you do not know whether to buy a house or not, it is best you seek guidance from a well-experienced advisor for proper portfolio allocation. So far, that’s how I’ve stayed afloat over 5 years now, amassing nearly $1m in return on investments.

[@UnityStandard]

this is quite huge! what have you invested in ? much more info needed please ...I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.

[@PositiveChange-e7x]

Finding financial advisors like Rebecca Lynne Buie who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

[@RaphBeekers]

Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.

[@theberserkturtle]

If u make average money you CANNOT afford an average home. Great system

[@Quake2815]

So....I'm staying with my parents for a long time?

[@garydownes1594]

Any videos on how to get a FHA 3.5% loan? Thanks.