Salaries and Cost of Living?

Question

Ok, so if I were to decide to move to Houston and have a job that pays 35,000 per year. Would I be able to afford a place that costs 200,000? Saying I have my own car, (but would mainly use public transportation) and had $15,000 as a down payment on the place? Would 35,000 per year be enough?

Answer 1

I live in houston and bring home the same amount but I have a much cheaper home. Go with cheaper if you can. On that pay you can afford around $1,000 a month mortgage without sacrificing anything. That is with paying $100 a week in gas, $200 week in groceries, $300 month in electric, and the rest is basic rates for the area.

email me if you need any specifics about the cost of living in the area.

Answer 2

Personally probably not, but that's just an opinion.

Remember, 35k /year is BEFORE TAXES. You'll have much less after Uncle Sam taxes his cut. And even if it isn't, personally I see 35k as entry level salary: it's just about the bare minimum I'd be willing to accept.

You should see a fee only financial planner about this. It's great that you have 15k to put down, but the problem then becomes how much of your monthly income your mortgage payments will take up. You may be okay, but you may not. A fee only financial planner will be able to help you figure this out.

Good luck!