This is How Much House You Can Get On a $60K Salary

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9 ай бұрын

The average salary in the U.S. is $60,000 a year. Can one afford a house on this salary? Knowing how much house you can afford based on your $60,000 salary is not only crucial for your personal finances but also for your overall financial well-being. Don't miss out on this valuable knowledge that can save you from potential financial burdens and guide you towards a secure future. Watch the full video now to discover the truth behind house affordability with a $60,000 salary!
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Пікірлер: 573

@dawnhughes9942 Ай бұрын

I am self employed low income. No bank will ever approve me in my adult lifetime. I bought a county foreclosure for $18k and will be spending the next several years restoring it as we go, dollar by dollar. It's rough living but improving gradually. If you can DIY and are very handy, I think this is one of the only paths left.

@phattorangecatto Ай бұрын

That is exactly what I did, except it was for $50,000.

@TJ-pt8ei Ай бұрын

I didn’t know people still did that. I wonder what it’s like in a hot market like North Texas

@bartsullivan4866 Ай бұрын

Congrats to you Dawn its not easy being financially disciplined, I am also low income very little debt no car payments literally drive my vehicle until the engine parts fall off and it totally dies well above 200,000 plus miles. Coming from the opposite end of a divorce with half my paycheck garnished no way in the hell would a bank approve me for a big loan either and be able to afford to live. Even with a large downpayment. Hope you are doing awesome in your home.

@freshtendrills5969 Ай бұрын

A friend of mine and his wife did this years ago. The only issue is school districts if you have kids... Schools are usually not good where you can find foreclosures.

@lalodaniels1388 Ай бұрын

Where did you end up buying?

@brettk9316 Ай бұрын

Rule #1 don't HOA ever!

@johnroberts3824 28 күн бұрын

For sure. I moved to Arizona, and they're everywhere. I was careful to avoid them. They're horrible. All kinds of authoritarian rules, and there's always an a-hole resident that'll cruise the neighborhood turning in violators.

@gregoryunderwood4121 24 күн бұрын

Amen!

@brazibeatz5187 5 ай бұрын

60k can’t afford a 1500 mortgage but 1700 rent is affordable

@Gravesyte 3 ай бұрын

Crazy world we live in now where you're that much when it could be really for your own home

@brazibeatz5187 2 ай бұрын

@@lostintranslation57 my rent is actually 1900 now and does not include utilities……

@frandavis1990 2 ай бұрын

@@brazibeatz5187same, mines is 1950 smh

@TheRealTommyBear33 Ай бұрын

every time

@ahhshytson Ай бұрын

@@brazibeatz5187 but when shit breaks it's on the landlord not you. Rent is the most you'll pay a month but a motrgage is the least you'll pay a month.

@Floratic Ай бұрын

My county has a first-time homebuyers program. However, based on my income I'm considered to rich to apply for it. But, I'm still to poor to buy a house. Sucks for the people stuck in the middle who aren't rich enough and aren't poor enough. It's like a twisted cycle.

@WheresWaldo05 Ай бұрын

Based on the income limit amounts for the program, you can 100% afford a home. You just suck at life is all and have too many other expenses.

@bartsullivan4866 Ай бұрын

It truly is unless you have a massive downpayment to afford the home and still live and buy groceries and pay bills.

@Floratic Ай бұрын

@WheresWaldo05 Strong words for someone who one doesn't know where I live or what the income level is for the program is. Second, don't project your insecurities at me. Just because you failed at life doesn't mean the rest of us have. 🙂

@Floratic Ай бұрын

@@bartsullivan4866 yeah. No one wants to be house poor.

@Aj.1987. 29 күн бұрын

@WheresWaldo05 based on your situational awareness around you and logical thinking, of course, you must suck at a couple things. Life just being one of them. Who knows what you actually suck on, although i do have a good idea 💡 🤣 🤣 🤣 🤣 nobody likes a keyboard gangster "waldo" 🤣 😂

@Aj.1987. Ай бұрын

I've been pushed out of everyones great economy. I make 37k a yr and work at amazon. I do not make 60k. It's ABSOLUTELY crazy for anyone to think ANY of this sustainable. I don't have debt. Or car payment. I have 780 credit and no wife and kids. Just got an old car and monthly bills. I break my back for 40hrs. Still able to bite my lip with my back going out. Life is great! The American dream! I'm delivering smiles and that's ALL that matters.

@lawrenceneil1 Ай бұрын

I work at Amazon too I make about 45k a year but getting very close to maxing out my income as a regular associate and once that happens I can see life drastically changing and not for the better. Thankfully I been saving up cash and investing most of it for the last two years

@tonystarks8883 Ай бұрын

Me and wife make around 37k each and we are doing a lot of the work to build a house ourselves this year. If i had not had a lot of help i still would not have managed. It is much more difficult today than 5 years ago..

@robertomorales8751 Ай бұрын

@@lawrenceneil1same but im yet to max out i am a T3 tom driver and average 22.2$ per hour but at my peak i max out at 24.6$ so 51,168 a year without VET. So i guess we will see how it goes. Im thinking of leaving by next year to another local driving company.

@argonianaccount1876 Ай бұрын

I appreciate what you do, you’re the reason why I don’t have to visit various other stores to meet my needs. I am like you: work, home, bed. Almost every day. You matter to me. Thank you, very much, from the bottom of my heart!

@lawrenceneil1 Ай бұрын

@@robertomorales8751 i thought about going Tom team but I’m scared to drive those massive trucks even though the money would be great too have

@freshtendrills5969 Ай бұрын

So glad my wife and myself bought in 2020.. I literally feel like we won the lottery. 1% APR. Under 1k a month for a house that's now worth 100k more than what we're paying for it. It's ridiculous.

@deedee495 8 ай бұрын

FYI …I live in Brick, NJ…that’s Maple Leaf gardens. The Highest Crime area here, shootings, stabbings etc….it’s cheap for a reason. I wouldn’t live there if the condo was free! Very important to check the area and neighborhoods! Not a safe place to live.

@JackieBaker 8 ай бұрын

Thanks! I have family that live in Monmouth County. I was under the impression that Brick was decent.

@benjamindover5355 8 ай бұрын

These figures are great IF you didn’t live in Jersey. My property taxes just went up $1200 in one shot for “school funding”

@fartoplata308 6 ай бұрын

Thanks for clarifying. I grew up in Wall and was wondering why so many of those condos were being listed. Market’s been ruined down here, too much money came in past 10 years.

@mowtivatedmechanic1172 3 ай бұрын

@@JackieBakerI landed it Monmouth. Nice area. I stayed at the beach down range though.

@katharinedominguez Ай бұрын

I was going to bring this up!! You have to look at school districts and crime also… if you have children or hope to have them in the future. Unfortunately, cheaper housing often times does not do so great in those other two areas.

@bigcahuna42366 Ай бұрын

My total monthly house payment is only 16% of my gross income, but that doesn't mean I'm going to buy a nicer home. It's a three bedroom ranch in a nice suburban neighborhood. It isn't too big nor too fancy, but it fits my budget very well so I can actually enjoy life without being financially constrained.

@shannondavis5728 4 ай бұрын

“Gross Income” isn’t the same as “Net Income”!!!!….so $60K annually is actually much less.

@JackieBaker 4 ай бұрын

Thanks for pointing that out🙄

@failingatfashion Ай бұрын

She literally says that in the video. Lol

@sleepychris3095 Ай бұрын

🤣🤣🤣

@donniemoder1466 Ай бұрын

Social Security is America's saving plan.

@WheresWaldo05 Ай бұрын

Every bases income off of gross income. This should not need to be pointed out. Your per hour wages at work are gross hourly earnings/rates. Not net earnings/rates. Example: you make $20 per hour is gross. Duh.

@AdoraMishlei Ай бұрын

Mobile/ manufactured homes have come a long way and are looking like a more affordable housing option than renting or buying a standard home.

@shannonmay7927 Ай бұрын

That’s what I’m looking for. You can find a lot of really good deals on land. And a modular home is cheap.

@Floratic Ай бұрын

If you own the land, it's better. I know someone who lives in a manufactured home community and she pays $500 a month for use of the lot. So it's pretty much an HOA without it being called one.

@fazdoll Ай бұрын

The problem with manufactured homes is that they've been "discovered," so to speak. Once everybody wants to live in a mobile home, then the prices will go up to where you're paying too much for a lower-quality structure. And big corporations have "discovered" mobile home parks too. They are buying up the parks and jacking the lot rent. The corporation knows that the residents now have a little more money than in past decades, and won't object to paying the higher rent. Instant profit for them.

@calivalley9056 Ай бұрын

Resale is horrible and insurance can be an issue depending on type of build.

@beastbee0118 Ай бұрын

Our single wide mobile home was $50k brand new in 2020@@fazdoll

@iomis2001 Ай бұрын

I got a 10k first time home buyers grant and found a home for 85k. With the FHA loan I didn't have to put any money down and my mortgage is $711 per month. Two years ago.

@beastbee0118 Ай бұрын

Good thing i live in Alabama! Our mortgage is $48k, 2019 single wide mobile home on private, secluded land and our mortgage is $430/mo, downside is that you have to travel 40 miles for fun since we live in the sticks. I make $48k and my wife makes about the same

@lucianaromulus1408 Ай бұрын

My only fear with a mobile home is no basement or not having a storm shelter. I personally would save up for one.

@beastbee0118 Ай бұрын

@@lucianaromulus1408 eastern Alabama doesn't get as many tornadoes

@lucianaromulus1408 Ай бұрын

@beastbee0118 still freaks me out personally. I'm from PA and even I want a basement/storm shelter if I ever have the money to own a home lol

@Marynicole830 29 күн бұрын

I was looking into this, I live in an area where, 5 years ago you could get a 45k double wide, 4 bedroom, 2 bath, mud room, a living room plus den and dining area without land. I have the land. But now the same double wide is 150k. Before delivery and setup.

@jasonleatherwood2172 29 күн бұрын

In east tennessee a single wide on its own half acre lot is 200k and thats about 1800$ a month its crazy

@michaeldavis9940 Ай бұрын

She's right actually. Just went through the process

@alexcruz2398 6 ай бұрын

Either the market needs a huge shift downward, or the rule of thumb needs to be adjusted up. You can't even rent in Cali at 28%. More like 30-33% to rent, 35-45% to buy.

@Katadori09 3 ай бұрын

I think the rule would imply that you need to move out of California

@crazyoncoffee 29 күн бұрын

@@Katadori09I’m at 34% renting. We don’t want to move, thank you very much. I grew up here, I want to stay here. Owning a home for a middle class family should be realistic across the whole country. It’s sad so many people give up and resort to moving.

@Katadori09 29 күн бұрын

@@crazyoncoffee I agree that it’s sad. But it’s also just math. It’s either affordable or not, for a particular income level.

@Ryan-wx1bi 28 күн бұрын

Don't worry, they will correct it with inflation. Hope you have assets instead of cash

@flea4061 Ай бұрын

You probably shouldn't buy a house on 60k. That is not enough income to to actually take care of a property.

@TheeRighteousOnee Ай бұрын

Whats your income? It's hard to get to 70-100k in this job market.

@eb.4492 Ай бұрын

But with this (and I’m genuinely asking) when do you buy? Making 100k is not easy and takes people years. This is not ok 😫

@SayaddinaBeneGesserit Ай бұрын

LMFAOOOO! This is the dumbest comment on YT. Congratulations you sound slow as molasses. So MOST of Americans should just….rent perpetually!!? I know a LOT of ppl who make under 50k who eventually bought homes. Renting is asinine. Please never breed.

@aurograce2983 Ай бұрын

I make good money in my area and I did the math. I would have 2,100 per month after taxes. That means x .28 is 588 dollars. X .36 is 756 dollars. My one bed one bath apartment with no garage was 700 a month in a rural city in Iowa. Then utilities usually cost 60 so 760 for a one bed one bath and living alone. I don't live above my means. I paid off my car and work a full time government job.

@aurograce2983 Ай бұрын

So by your numbers I can never afford a house...

@michaellewis4632 Ай бұрын

The American dream is broken and gone

@keithcasey866 Ай бұрын

Thanks Jackie. Very informative

@jenniferfugate1 8 ай бұрын

Great Info

@beorbeorian150 Ай бұрын

Everyone should learn how to use excel. Know your budget. Only way is to crunch the numbers. Excel is great at organizing expenses and income. Put a plan together. Don’t run from the numbers.

@fp5495 Ай бұрын

You get a kick out of crunching numbers. Most people don't live by the a decimal point because it shouldn't be THAT hard to earn a living and live modestly. If that were the case, then population and growth would have never moved at the pace it has in the past century. The fact is, the formula of the past no longer works, and the center is no longer holding. People need to face the fact that they are living in a point in history that just is in flux and just isn't that good, and may get worse. The Dark Ages, the Fall of Rome, the Great Depression; there were millions of people who got caught in parts of history that just plain sucked. We need to lower our expectations even lower than we already have and make do with it. Maybe it will get better, maybe it won't.

@USSHammerology 8 ай бұрын

Such a great informative video. Thanks so much!

@JackieBaker 8 ай бұрын

Glad it was helpful!

@car2029 Ай бұрын

Enjoyed the video.

@rogeliotrego9719 Ай бұрын

This was actually pretty realistic, thanks

@nogames8982 Ай бұрын

I live in Eastern Washington state. In a medium sized town. My house is 690 ft.², two bedroom one bath in a mediocre neighborhood. I bought it in 2001 for $67,000. I could sell it tomorrow for $210,000. That is absolutely insane. I have done a lot of improvements to it over the years but still… The prices are ridiculous. thank God I bought it when I did because I could sure not afford it now. And I cannot afford the rent in this town either. so my starter home is also going to be my finishing home :-) I hope to live here till the day I die.

@journeyfms Ай бұрын

That is insane. 690 ft² isn't a house, that's a shed.

@nogames8982 Ай бұрын

@@journeyfms it’s actually a great little house. For a single person or a couple it’s good. Any more than that it would be tiny, but it works for me. and I am debt free.

@WheresWaldo05 Ай бұрын

Thats 23 years old. Not really that insane. Difference of 143k. I bought my home in 2015 for 185k. It vould sell it for 300k bare minimum based on other equivelant homes selling. 115k difference in. 8 years only. Now the funny thing is if i want an equivelant home i wiuld just be bhying another 300k-ish home so would really be making any money. Just moving it around. So the whole selling amd buying different thing is not what it is cracked up to be. Unless you sell in a peak market then wait to buy once their is a housing market crash and are staying at your parents so you can profit on those earnings. But most people dont do this. Do they. No they dont. Not to mention you would be garnering double the size in interest rates. Which is far far far worse.

@bartsullivan4866 Ай бұрын

Also in Western Washington state it is nuts we really need another crash to reset the damn market. A simple ranch style home is $425,000 in Vancouver WA Ludacris Speed GOOOO!!!!!!

@tiffanyhwang1738 Ай бұрын

How is that insane? I have a relative who lives in CA and bought a home for $600k in 2011 and now is worth over 2 millions.

@LearnBDInstitute 8 ай бұрын

Great breakdown! It's fascinating to see the possibilities based on different income levels. 🏡💰

@jachmd 8 ай бұрын

Great video!

@timlemmon2332 Ай бұрын

Good information in the video. They should teach this in school.

@donniemoder1466 Ай бұрын

Job instability is an issue.

@jeangreen432 Ай бұрын

HOAs are about $200-$350/mo, property taxes 1-2% of purchase price 1.5% x $200K home = $3000/12 = $250/mo. Insurance depends on which state/county. approx $100-300/mo.

@Floratic Ай бұрын

HOA prices depend on the state as well. In Florida their are reports of HOA's charging $700+ a month. I just watched a video where in Tampa a condominium told the residents they need to cough up $22,000 by June because the reserve fund didn't have enough money to meet the new state law on HOAs.

@nogames8982 Ай бұрын

HOA’s is our evil. Try to avoid them at all costs.

@jeangreen432 Ай бұрын

@@Floratic You are absolutely right. My hope in posting was to share the various other expenses that seemed to be missing in the video to help first time buyers check into these additional monthly costs. I was blindsided by a 2nd HOA that no one brought to my attention. Had I even known about HOAs I wouldn't have purchased. I appreciate your input to help others see that special assessments may also occur, ouch.

@aolvaar8792 Ай бұрын

@@Floratic An HOA, I was looking at, ALL gas, water, sewer lines, and pavement are HOA owned

@Honestfeedback1 3 ай бұрын

I appreciate and stand behind what you’re saying. Before the 2000’s crash they looked at credit score and not income if you qualified. Good for investors but not for home buyers. I turned away buyers who qualified by credit scores only. I directed them to a person who would write the contract but I’d tell them I won’t. Most would not buy from the one who would sell them but they still reffered buyers who could legit buy to me. Win/ wins

@kejuanlynette8531 Ай бұрын

Thank you! This was actually very helpful! I want a micro house! ❤ Do you have videos on that mortgage process? It’s a bit unorthodox. Thanks!

@CG-uk1vz 8 ай бұрын

Another good calculator is one that includes taxes and insurance. If you get a high insurance quote, this can also throw off the loan.

@JackieBaker 8 ай бұрын

Very true

@tkordik Ай бұрын

Just discovered you and love your videos you clearly know what you are talking about!

@ciscoguru69 8 ай бұрын

Thanks for this video, Jackie. My daughter and son-in-law were thinking about buying a house and needed some guidance on this topic. You nailed it down pretty good. Granted, this housing market is the absolute pits right now...high house prices and high interest home loans...even with great credit. I told them to maybe hold on a little longer. Many people being putting out of a job in this economy and foreclosures in our area are really starting to gain steam. May find a decent deal.

@WheresWaldo05 Ай бұрын

Even if i made 200k plus a year i would NEVER buy a home or take on a mortgage with these insane interest rates. Even with a perfect/near perfect credit score they are still absurd. My recommend is to wait for bare minimum 4.5% rates. To me even that is high when being calculated off of such a huge loan sum. I am locked in at 2.875%

@Schneider-J Ай бұрын

The average salary is NOT $60G. That's a common misconception! Median household income is actually based on the combined earnings of all individuals living in a household. A household is defined as all individuals who live together and share income and expenses. This can include married couples, single parents with children, roommates, and extended family members. In the United States, the median household income is calculated by the U.S. Census Bureau and is based on data from the Annual Social and Economic Supplement (ASEC) of the Current Population Survey (CPS). The CPS surveys a sample of households and collects data on their income, demographics, and other characteristics. The median household income is then calculated by ranking the households in the sample by their combined income and selecting the middle value. This value represents the income level at which half of the households in the sample have higher incomes and half have lower incomes. So, to clarify, median household income takes into account the combined earnings of all individuals in a household, not just one person's earnings.

@ufohead1 8 ай бұрын

this is a good channel

@JackieBaker 8 ай бұрын

Thanks so much!

@tnpineknot Ай бұрын

This is why a lot of people are moving south. I bought a 3 bdr/2b house with an attached garage and 1/2 acre in Tennessee for 150,000. My mortgage is 880 dollars a month. I did buy it in 2020 right before housing prices skyrocketed though. Middle Tennessee is growing fast but that is also bringing home prices up.

@The_Non-One Ай бұрын

And that’s why a lot of Tennesseans can no longer afford to buy a house. People in places like California sell their average $700,000 house, move here, and now they can easily outbid any of us, where $350,000 was once considered a great house. We got really got the short end of the stick, and now I’m seeing a lot of Tennesseans with genuine hatred for these out of staters. The sad thing is, the new immigrants are pretty cool people, but I can see the simmering resentment. Even though I feel it, though I try not to. Five years ago, I could have bought a nice house with the income I have. But I now? I’ll have to move far from the city, from work, if I even want a chance.

@divermike8943 Ай бұрын

It is unfortunately inevitable. People used to live where there were jobs, period. But now boomers are moving were there is affordable living and don't care if there are jobs. Retirees will move somewhere if the area is safe and affordable ( which is a relative thing) if were they are is not affordable in retirement. It is demographics and economics. Understand most "Californians" were from somewhere else before they went there for a job. Born & raised Californians generally don't leave the state. The weather elsewhere is often too much for them. But even some of them are leaving because they must. It not just Californians doing this. Most major cities and suburbs are a struggle for retirees. And now there are so many of them. Boomers ruin everything. I am one but at the tail end of it. Worst place to be is in the wake of the baby boomers.

@failingatfashion Ай бұрын

I'm a TN local and tons of people moving to Middle Tennessee definitely drove some of us out. Even in smaller towns, we are starting to feel the strain. It's frustrating for sure, especially with income not increasing at the same rate as rentals and home prices.

@tnpineknot Ай бұрын

Very true. I had to find a house 1hr 15min from where I work because it wasn't affordable in that area. I work a little outside of Nashville and the prices are insane in that area. But the small towns still have some affordable places. Its just a trade off I guess 😢

@revilsdr Ай бұрын

it's getting very difficult to even find a home for 150K in the United States anymore unless it's needs tons of work and government backed loans (fha/Va)will not lend on homes that needs alot of reno. It was possible before 2019 but very difficult to find now and because the interest rates are still sitting above 6.5% with excellent credit profiles even a home that's 150k with taxes and insurance won't be affordable for most people unless you can put a lot down.

@andrositee 2 ай бұрын

CA resident here. The only houses worth 200k are 200 miles away from LA. Also, houses in gang rideen cities of compton are nearing 400k but they come with some amenities...of getting shot or robbed at your front door. Time for all of us to move to a southern state in the middle of nowhere

@coya8coy175 2 ай бұрын

I was reading today how someone had a home worth nearly 1 million in a crime ridden area… It just blows my mind how different home prices are in the US. Neighborhoods like that where I live have homes from 50k - 70k!

@FoodNerds Ай бұрын

Come to Texas.

@ethanmakai Ай бұрын

This is why so many people are leaving expensive states and cities. And it's more and more possible now I'm with so many work from home opportunities.

@solclouds Ай бұрын

Yeah I can only afford something in Bakersfield 💀

@car2029 Ай бұрын

@@FoodNerds Please just not San Antonio our Aquifer is already strained, infrastructure is a mess tons of construction. Try another part of Texas. ✌🏼👌

@avlifesavers 3 ай бұрын

The 5% down conventional I used is 50% max debt to income ratio.

@Reelunique Ай бұрын

This is inaccurate because when they say the average salary they’re assuming married couples are combining incomes. So really the true average salary is about 30K a year. Not everyone is married and single people would love to buy smaller houses but they’re either not available or counties make it increasingly difficult to build them.

@WheresWaldo05 Ай бұрын

People working at gas stations make more than 30k per year. What are you on? Starting at mcdonalds is $15 an hour last i saw. 15×40= $600 $600 × 52 weeks in a year = $31,200 Unless you are in highschool or college, no one is making that little of money. Basically anyone around northern minnesota that is truly adulting is making 50k per year minimum with a legit type of job. I just made 86k working at a steel mill. 3 days on 3 days off work rotation. So i dont even work 50% of the days in a year if you factor in vacation days. Life is easy even in this economy.

@Reelunique Ай бұрын

@@WheresWaldo05Im a Flight Attendant and make less than 30k a year hun. That’s the problem with society always assuming people aren’t struggling.

@leepfrog7405 8 ай бұрын

About time! A vid for us poor folk 😁 👍. Thank you. I make well under 60k a year, I plan on buying a house in the next few years. Excellent credit, no debt (as long as my car holds out) and plan on a 20% down+closing. It's not easy to do but it's worth the sacrifice to save. Helps that I don't live far from the boonies but even in my area you can't get much that is decent (not fallin apart around you)under 60k. It's doable, at my price point you gotta really want it and make those sacrifices. I feel like most of us making around 60k or under a year feel like home ownership is a 50s dream we're just never going to be able to bring to life. You get some money saved and life happens, eats a chunk of that savings. It's not hopeless though it can seem like it sometimes. Just takes a bit longer to accomplish 😂

@JackieBaker 8 ай бұрын

You have the right attitude!

@mowtivatedmechanic1172 3 ай бұрын

Inflation happens to us all. Saving alone won’t work for anything anymore. And keep that car patched up.

@LeNguyen-im8dm 17 күн бұрын

I am living in San Jose, CA. I have both full job and part time job. Earn $170K/year and have zero debt, but I still don't dare to buy a house. Property tax, interest, and home repair are expensive. Renting is so much cheaper.

@dystopia-usa Ай бұрын

In 2024, if you aren't in a household bringing in $120K/year or more total, you are basically screwed & definitely not middle-class. For a lot of areas, even $120K/year isn't enough.

@OGtruthserum 16 күн бұрын

The equivalent of my income in CA is about 220K per year (in term of home buying).

@spookerr 3 ай бұрын

I bought in 2014 CASH. $130k. 3 br split level. In reverse cul de sac. Where everyone is pointing away from me and I have large yard in high population area. NOT an easy find. Now house is $330k AT LEAST. So, I don't care.

@JackieBaker 3 ай бұрын

Good for you!

@legoboy-ox2kx Ай бұрын

Lol, where I live the cheapest condos are about $300,000. I'm lucky to have a cheap place to rent at the moment, but the Salt Lake Valley in Utah is ridiculous at the moment.

@matthewdievendorf9609 Ай бұрын

PMI drops off after two years. You forgot to include VA loans. Don’t forget to include no PMI with 0 down. Sure you have your closing costs but you can roll that into the loan. You can also buy down interest rates or points.

@midwestron8576 3 ай бұрын

In 1979, I lived in a studio apartment. I made 25K a year, but in two years, I saved $10K, which was 20% down on my 49K house. If you multiply these numbers by 2.4, you'll realize that things have not changed that much. Plenty of fixer uppers out there for 117K. My interest rate was 12.5% on a 30 year mortgage.

@Luckoftheirish1 Ай бұрын

No fixer uppers where I live in-southern NH for 117k. My mother-in-law just sold her 900 sqft home built in 1962 , with the original bath and kitchen and 1970’s vinyl flooring for $330,000! It’s on a hill with very little land but the new owners plan on remodeling it over time and feel like they got a great deal! Trailers in trailer parks sell for $200,000 on up around here. You must live in the boondocks.

@cardiiiiii 17 күн бұрын

i love u and ur chanel momma thank u

@JackieBaker 17 күн бұрын

Thank you so much!

@cardiiiiii 17 күн бұрын

@@JackieBaker absolutely new subscriber can’t wait to support your next projects!

@paletteandeasel5167 3 ай бұрын

I picked up and left Lafayette IN where the median house price is over $200,000 and moved to Danville, IL where the median house was $77,000. I got a job making 25% more. I bought a house for 77,000 in Danville that would have been at least $150,000 in Indiana. I make more money, the area is so-so, but my rent was almost $1200 in Indiana snd now my mortgage payment is $675. It was a trade off, i couldn’t afford a house on my income of $52,000 in Indiana. I can comfortably afford my mortgage in Danville. The crime rate is high here, but it was not great in Lafayette In either. The thing is don’t like is Danville has trains that go by every hour or so and they blare their whistles and horns like there’s no tomorrow. So far, thats the worst. I grew up in Indiana and would have liked to have stayed but you got to move when an area gets too expensive. I can at least save money now and plan on paying my $61,000 mortgage off in 8 years.

@JackieBaker 3 ай бұрын

That is great!

@jeffreyerickson6766 Ай бұрын

Hats off to you for the changes you made. I grew up near a train. I got used to it and slept like a baby. I hope the same for you:)

@jamesballard6564 Ай бұрын

Luckily those two locations are close to each other. Your correct about the major difference in price. I currently live in Dayton,Oh and may have to eventually move to Richmond,In. Similar scenario. Not ideal but we do what we must.

@SlugSage Ай бұрын

The American dream 😅

@Frugal_fitchic Ай бұрын

I am seriously considering living in my van for the next 8 years so I will have enough saved for retirement.

@WheresWaldo05 Ай бұрын

Could be done if you live down south. Not in Minnesota. I also suggest making sure you have lots of hobbies so that most the only time you arr at your van is when you actually sleep or drive to work location/hobby locations. It wont be a big deal if you are dead tired every night.

@Frugal_fitchic Ай бұрын

@@WheresWaldo05 my major concern besides transients breaking into my van is trying to heat and cool it while I’m sleeping.

@WheresWaldo05 Ай бұрын

@@Frugal_fitchic For starters, make sure you have a roof vent since heat rises and won't trap into the van keeping it hot.

@Frugal_fitchic Ай бұрын

@@WheresWaldo05 I’m going to try to get solar so I can run an AC unit but I worry about mold. I think a roof vent is an excellent idea!

@TheBerlyn186 8 ай бұрын

Jello…. Thanks for the breakdown but unfortunately none of our homes in our area are close to those price points we need four people on a Loan and that the reality of it.

@bjreeves-kempf6940 Ай бұрын

Sorry meant to also say you do a great presentation, the ratio's you mention at 28/38 is actually far better for most people and budgets.

@bjreeves-kempf6940 Ай бұрын

FHA will go up to 45% and or 50% debt if the borrower has reserves. Also MI on FHA if you put 10% down will allow MI to be removed by the lender upon request after 10 years.

@scottishdude9682 Ай бұрын

It’s based on LTV not time.

@divermike8943 Ай бұрын

I pay off my credit card balance in full every month. Is that part of the "dept" payment? I don't think so but asking. I pay for just about everything with CCs. Groceries, auto insurance, all bills that will accept a CC. But since I pay that off each month and do not pay interest on it I don't consider that debt. Car payments yes. Car payments are debt.

@uverpro3598 Ай бұрын

I wish we were taught finances like this in high school.

@bethanyinshadows Ай бұрын

Though you never included considering the cost of health insurance. Also PMI does not have to be for the life of the loan. Once 20% is paid down, there is some paperwork and the house needs to be inspected, but the PMI can come off. I did this that’s how I know.

@WheresWaldo05 Ай бұрын

Health insurance is irrelevant. You mean home owners insurance.

@meadking4694 8 ай бұрын

I could afford a mobile home here in California, but then everyone says it’s a bad idea to buy them. So, I’m not left with much options.

@mowtivatedmechanic1172 3 ай бұрын

It’s a great buy if you own the land it sits on.

@midwestron8576 3 ай бұрын

If you're not rich, you have no business living in California, NYC, Florida, New Jersey, or the Atlanta Georgia area.

@natashadickson4819 Ай бұрын

@@midwestron8576 True. At least, not in the major cities of those states. A dual-income household may be able to do it, depending on joint income.

@fp5495 Ай бұрын

@@midwestron8576 I mean, I would put the Boston area, Connecticut, Chicago, or even the Main Line in Philly ahead of Atlanta, Georgia.

@tfptravel.food.peace.3788 Ай бұрын

Now do $44k. That's how much I make😂 a cardboard box. Lol

@bartsullivan4866 Ай бұрын

LOL I feel ya man totally agree. Unless you have $300,000 laying around somewhere good luck getting anything in my state.

@fox39forever Ай бұрын

They do the same proportions for borrowing in England.

@croswellianprincess3590 Ай бұрын

I had to wait 30 years and when the housing crash came in 2008!I was finally able to afford a fixer upper 75-year-old 800 square foot home with no basement and a tiny attic.

@julianduron5671 26 күн бұрын

6:48 $60k get you a home of $210k But where i live you make about $40k and all the houses are $250k. Im 22 years old and i will live with my parents until im 30 years old!!! Life is hard man.

@FracturedReality777 3 ай бұрын

5:30 Thought current FHA rules stated that a 10% or more down payment allows the mortgage insurance to disappear after 11 years.

@JackieBaker 3 ай бұрын

I'm not aware of that one. Have to check with my lender.

@nichflor007 Ай бұрын

So again realistically $60k is hard to make in an area that houses are still that cheap....

@aolvaar8792 Ай бұрын

Looking for map defect in VR, Anywhere with Starlink

@Tradwife4Life 22 күн бұрын

We make 60k and own our home 3 bedroom, two bathroom, attached double car garage. 1600 square foot home. We pay $875 with home insurance and taxes.

@TheTowShow512 3 ай бұрын

I’m sorry lady but I’m not agreed with you. 60K don’t buy you nothing in U.S in 24. Very sad reality for hardworking people. As real state agent you should give people the hold picture even if your principal and interest is 1400 you still have to add taxes insurance and HOA( if needed) I can tell you that payment right of is more than 2K monthly.

@JackieBaker 3 ай бұрын

Did you watch the video?

@TheTowShow512 3 ай бұрын

@@JackieBaker I did. And you look for a condo for 175k based on what “you” calculated the payment was going to be and you did talk about the HOA payment. But I think you have to find out what the taxes , insurance and HOA are gonna be and include all that in the payment. Bottom line is that you said that it is posible to buy if you earn 60K a year but to me that’s not true you can not buy, except if you live in a very small town like Dothan Al. Otherwise you have to make at least 100K to be able to safely afford buying in 2024.

@Celestriona Ай бұрын

I have about 5000 net monthly income and no debt and about a 2500$ payment. I feel like this is definitely pretty high, but it's less than if I was paying the numbers you gave for housing + debt. It makes me feel a lot better honestly about taking on this payment.

@andre1987eph Ай бұрын

That's too high a percentage of your income

@micmdaaussie 2 ай бұрын

Why do lenders use gross instead of net income? That is a HUGH flaw in the equation!

@JackieBaker 2 ай бұрын

I have no idea

@K.mit338 Ай бұрын

I always thought this too. So, for my personal finances, I never go by my gross income instead I use my net income to get a more accurate picture of where I am financially. Using my net income has kept me from making financial decisions that could ruin me later.

@mxyfn Ай бұрын

I think it’ll be too complex to formulate what you can afford on net income as it varies widely from person to person, state to state and county to county. A good rule a thumb is to tell the lenders I want to pay X per month so how much house can I afford.

@donaldlyons17 Ай бұрын

@@mxyfn People don’t know how much they can pay based on their rent and other recent expenses?

@mxyfn Ай бұрын

@@donaldlyons17they have to know what they are comfortable with but they also don’t have to buy a house 🤷🏾‍♀️

@TheJimmy144 Ай бұрын

My boss was having a lunch with me and some coworkers and he brought up how he was reading that people need to make $120k a year to afford a home in our area...we all look at him like when's the part where it clicks that he pays us $70k and that why's we laugh when he asks when we're gonna look to buy a home.

@car2029 Ай бұрын

😂😂😂 my youngest daughter said the same thing her management make way more money & can’t relate to us worker bees.

@warlordop713 Ай бұрын

If you can’t buy a condo or home on 70k a year then you’re doing something wrong. Invest and save. Let money make itself.

@car2029 Ай бұрын

@@warlordop713 I’m just asking out of curiosity exactly what r u supposed to invest in???

@cheryl6v6 Ай бұрын

It used to be that once you paid the load down to 80%, you could cancel the PMI.

@Josh102697315 Ай бұрын

You still can

@fazdoll Ай бұрын

If you get an FHA loan, you're still on the hook for PMI for five years, even if you pay down more than 20% of the loan. At least that was the case 14 years ago when I was looking at mortgages. Luckily I had enough cash to pay 10% down and avoid FHA. 2 years into the mortgage I had paid down that other 10% and got PMI taken off.

@Josh102697315 Ай бұрын

@@fazdoll this is true. You cant cancel pmi on an fha. However alternatively you can refinance an fha into a conventional at 20 percent to cancel pmi

@sfkeepay 25 күн бұрын

Who nets 80% of their gross? Mine is ~62%. This is a very direct, clear and useful video. Nice job.

@chris2790 Ай бұрын

How many people with 60k income are in the financial situation with debt, etc. That they have money left over for 1800 payment? Not many. No breathing room at all and NOTHING can go wrong financially or you start missing payments.

@MelywoodMedia 26 күн бұрын

Back in the day when my Boomer and GenX friends bought houses we all had either a roommate or spouse when we started out. I could never have afforded my home without roommates. Later I made so much money after renovating and selling the historic home, I became debt free and paid cash for a smaller home in a luxury gated community. It's always been hard for all generations. It was hardest of all for the American settlers.

@thyeconomy 28 күн бұрын

I’ll just build my own house, I’m an electrical contractor. Trade skills for the win.

@eplugplay8409 Ай бұрын

Only 60k a year no way anyone can afford a house unless it’s a really cheap one like 150k house.

@everythingexplicit5788 Ай бұрын

It's funny when she said 800 not alot of money left over when I just started having around that much a month leftover and most of it goes to paying my credit card debt

@DouglasSandvos-yo1lt 3 ай бұрын

Decades ago, when I was looking to buy my first home, I was able to combine my credit cards into a personal loan. Since I was on the backend of my car loan, I was able to refinance my car loan into a longer term, which reduced my payment. By refinancing everything, I was able to substantially reduce my monthly payments, which meant that I could buy a home sooner rather than later. Had I waited to pay off the consumer debt first, the inflation on the real estate would have eaten into what I was able to afford. I was also able to start building equity in my property years earlier. I hope that the food for thought helps. Good luck!

@bartsullivan4866 Ай бұрын

In Washington state here you can't even get an outhouse for $154,425 in this state yeah good luck with that.

@marianmorgan2156 Ай бұрын

HOA fees are getting out of hand

@MrNathan07 Ай бұрын

The fact that it is doable even on a lesser income like $52k a year is what matters. I'm a person that uses very little debt myself maybe 1-2 credit cards but always paid off, and I won't have any type of auto loan as the vehicles I'd buy would be paid for up front in cash which in return is having very little debt or none at all except for the house with at least 20% down. Where I'm at in Gainesville Florida and nearby cities it's not impossible to do, granted they don't come up as often but they do and you can get a home in a decent area of town for $160,000-$200,000.

@car2029 Ай бұрын

What’s house insurance like in your area?

@mudpiemutt8305 Ай бұрын

I live in the Pacific Northwest. My husband and I were going to buy a house about 12 years ago for $110,000. We met all the criteria except for the credit score. We missed the mark by 1 point. The mortgage guy said to try again in a few years. We did. The house we were going to buy was on the market again. This time it was $350,000. The mortgage guy this time told us, "Your credit score is good this time. Now you don't make enough to live in the area." He suggested if we wanted to buy a house in the Pacific Northwest, we both needed TWO full time jobs. (And not minimum wage jobs) Ugh!

@WheresWaldo05 Ай бұрын

Your lender sux.

@jamesballard6564 Ай бұрын

Which is why I moved away. Among other reasons.

@benda777nba Ай бұрын

I make 60k a year (if I work summer school) and due to pandemic actually did find a decent 2 bed/1 bath house...its not fancy but it has a huge yard w a huge shed in back so not bad eh for a 1st gen Mex American!❤

@OGtruthserum 16 күн бұрын

I plan on working this summer. In the past, I spend my time off-roading/overlanding in Oregon/Washington/Utah/Colorado.

@craigdvance Ай бұрын

my net is no where near my gross. After Healthcare, vision, dental, life insurances, taxes, 401k contributions, I literally take home 55 percent of my gross. Then child support and alimony, which will morph in to college payments this year, small car payment, insurance. Medical costs not covered by insurance, which is huge! Utilities, food. Yea...........luckily I have zero debt as I decided I wouldn't do that. But if you make any mistakes in this economy, divorce, get hurt and can't work or lose insurance..... I do well and I am barely getting by, I don't know how people making 15 bucks an hour are living right now. also average pricing on a 3 bedroom in my area is around 400k, its a 'hot' area.

@barnabascollins4625 Ай бұрын

You get a shack in NJ for under $300k

@kathurtado13 Ай бұрын

It's that 60k before "Murphy taxes" [aka NJ] or 60k after Murphy taxes??

@joshmonus Ай бұрын

Don't even bother trying to get a home until you have got rid of all consumer debt first. If not, then you are massively increasing the risk of foreclosure.

@duno6552 Ай бұрын

There is not a single home in the area where I live that is under 250,000. The ones that are need about 100,000 of renovations just to be move in ready.

@WheresWaldo05 Ай бұрын

You may need to commute 25 miles.

@jamesballard6564 Ай бұрын

Sometimes living in a less populated, neighboring county can make the difference.

@justinmccowan2543 Ай бұрын

$60K is big money in my eyes. The market and process of buying a house to me seems intimidating, so the key to me currently is keep living at home and saving up a large sum of money. I may be lower income, but that don't mean I can't build up my money and savings. I'm sure there may be a way to find a cheap place later on in the future.

@brianedwards9616 Ай бұрын

The only issue with trying to save up money is the longer you sit the more likely home prices will soar. I waited years trying to find my perfect house but that strategy backfired. I eventually gave in and bought the best home i could find at that time. Had a just done that a few years earlier i would be in a lot better financial shape.

@Michael-ft9pm Ай бұрын

They should multiply 0.28 by your net pay not gross pay.

@crazyoncoffee 29 күн бұрын

I’m 24 and make $70,000 plus a yearly bonus of between $5,000 and $10,000. I live in San Francisco. Right now, I can make my monthly expenses without struggling too much, but am having trouble paying down any debt and considering taking a second job. When I look around at the homes I would want to buy, they’re all between $1.5-2.5 million. Not sure how I will ever be able to afford that even if I reach $100k in the next few years I don’t want to pick up and leave to the south or Midwest. I grew up here, I want to own a home here.

@andrewwhite7210 Ай бұрын

Average home price is around 450k. Average income is 60k, meaning Average person can't even come close to buying an average home. This is what 40 years of "trickle-down" economics gets you.

@kellyyork3898 18 күн бұрын

Amen. I’m glad someone finally said it out loud.

@scottgrohs5940 26 күн бұрын

My wife and I make close to $150k a year combined and where we live - and have grown up - observing the 36/28 rule wouldn’t even qualify us for a condo, let alone the single family house we want.

@vmobile890 Ай бұрын

Live and work in California with a family member buying a house in eastern states 1/4 the price .

@Anonyme67 Ай бұрын

I was about to say this sounds like Dave 😂😂😂😂

@musicgroopie1 Ай бұрын

That's why when I was younger I worked sixty hour weeks and paid my house off in 17 years.

@maryherje7120 8 ай бұрын

Rockland girls rule! ❤Don’t worry about the haters; they have nothing better to do. I learn a ton from your channel. Keep on keepin’ on!

@JackieBaker 8 ай бұрын

Thank you so much! ❤️

@TiltedTripodMedia Ай бұрын

So when you say debt are you only accounting for credit cards car loans and student debt? Or are you including utilities phone bills internet etc because those are technically a form of debt because it’s money you owe every month.

@Britt0nYT Ай бұрын

Over the last 3.5 years I went from renting for 1900/month to 1200 to now 900.. all homes with yards for the dogs. keep searching for opportunities to save and you will find them. I’ve been able to increase my income over these years too which helps a lot.