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Cloud_Disconnected t1_j1gver5 wrote

Depends on the house, the down payment, and what your idea of "comfortable" is. If you're a frugal person and have a fairly large down payment, then probably.

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dhrisc t1_j1gwhyd wrote

I make a bit less then then this and basically agree with what u said. If i didnt have a spouse id have to tighten up my budget quite a bit, but still be "fine"

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shizkc t1_j1hwed2 wrote

I make that much and have a mortgage. The hardest part was saving for the down payment.

I’m a single parent.I got my house before I asked for child support and can survive without it. My house is a single level 3 bedroom, 1,75 bath(there’s a shower in the second bathroom), but the bedrooms are small. I bought my house went interest rates were at record lows though.

Edit: I also took advantage of an FHA loan. If your credit is above, I believe, 680 you only put 3.5% down.

Edit 2: my house was 145k when I bought it but has recently appraised for 210k. I started my mortgage in 2020. Also here’s my rate. I want to be clear, if you can’t afford a house right now on 50k it’s not you, it’s the current inflation. Don’t give up. Getting a mortgage helped stable me. I would be struggling more if I was paying rent on a place this size. If you need to wait, just start saving money now. It has to sit in your account for at least 8 weeks iirc before you can use it as a down payment.

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Notchersfireroad t1_j1hyn1x wrote

I'm able to but I'm not about to act like luck didn't have a lot to do with it

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Trixxxxxi t1_j1i7wz9 wrote

Depends on your standards of living. Whats comfortable to you?

I did it last year making less than that, but its also a small house on the west side. The house is fine, but I got in right before shit got super wild. I think I did really well buying this house, and my mortgage/taxes/insurance is $550/mos. for a 90k house with about 3k down, and 2.7% interest. But I know plenty of people who would have never considered this area. (its fine. no issues ever.)

Youre not going to find any decent houses for a 100k like 2 years ago, though. It sucks.

The bank will approve you for more than you can afford if you have good credit. Don't be house poor. I was making just over 40k and the bank approved me for 250k. Don't do it.

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tedgurdfjjbv OP t1_j1iiuhr wrote

The bank approved you for that much? Are you kidding me?

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Trixxxxxi t1_j1j4o9w wrote

I was also shocked. My credit is good, but that's it. Never owned a house, no massive amount of savings. If I bought a 250k house no way would I have had a down payment for that much.

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tedgurdfjjbv OP t1_j1jupys wrote

So interesting! If I may ask, how much did you have in savings? I have about $30,000 and everything I have is paid for.

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SafeFrosting1819 t1_j1nw3pk wrote

If you can afford it, a 20% down payment will secure you a good rate with most banks and you can avoid PMI (additional required fees for not having enough equity.) I suggest making that a priority when you consider what house you can afford. (I’ve bought 4 different houses in Springfield over the past 20 years and played the market well and safely enough, enough times, to roll a 20k down payment into 200k in equity today.)

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nofretting t1_j1jvxp0 wrote

My ex and I had a combined income of ~100k and the bank approved us for 400k. She wanted to look at 300k houses, I wanted to top out at 100k.

I hope that whoever's living in that house now is enjoying all the improvements I made.

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XLfry t1_j1i5o5u wrote

I purchased my house here with $3000 down payment, making $15 an hour, and credit score around 640. This was when rates were low but the market was ramping up 3 years ago. My girlfriend paid half the rent but i could have tightened my budget and been able to afford it. It’s a small house in a safe but older neighborhood. It’s a different market now, but if you wait for the right house at the right time, you could live comfortably on that salary here.

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FrozenBearMo t1_j1ikwwe wrote

The medium home price here is $240,000. If you borrowed the whole amount at 6 percent. The payment is $1439 before taxes and insurance.

After taxes, your bringing home $3494 a month.

You could do it, but it’s going to be tight.

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Elios000 t1_j1j56q3 wrote

not much more then going rate on 2 bed apt id be you could bit longer loan too and get under 1200

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armenia4ever t1_j1j62xf wrote

There's a ton of houses here from like 100-200k. Some require very little work. I know because me and the wife are actively looking.

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SlidePrestigious1719 t1_j1hie56 wrote

Depends on how fast you are at cutting catalytic converters, 10 a day should bring in close to 50,000

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Wyldfire2112 t1_j1hki60 wrote

I'm just about that level, and things would be a bit tight if I was living solo but it'd be okay. If you have a housemate or spouse to split expenses with, you're golden.

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jackie_wiggiwoo t1_j1hxtun wrote

Before I met my husband he made less than that and had purchased a home.

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kayteebeckers t1_j1idf6e wrote

I bought a house making around that much, but that was 3 years ago. It's on the Northside, is over 100 years old and had a 43 page inspection which was a record according to my agent. Now I make more but with interest rates and housing prices I'm not sure I'll ever be able to move even with a few decent raises. Cost of living has really gone crazy in Springfield since 2020.

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malevolentk t1_j1imx2h wrote

As a single person - yes

You wouldn’t be able to buy a fancy house but a mid sized house in a working class neighborhood would be doable

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Elios000 t1_j1j4x9u wrote

50k year isnt bad here.. at all dont know what people saying its not

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madl_bz t1_j1k8p5s wrote

I make about that much. My approval was for about $175k with my DTI just being my car and my phone, credit score at 650. I ended up getting a house for about $160k on the NW side of Springfield- 2 bed 1.5 bath. My mortgage/ insurance/ interest is about $1000 a month. It’s doable, tough, but doable.

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TuneMountain916 t1_j1m1u3h wrote

I make $30k and live alone comfortably in my own home, BUT I was very blessed to be able to buy a foreclosure in Jan 2020 for $92k. If you can save up a down payment you should be able to afford a house, but with current rent in the area you would have to be frugal, and it all depends on how the market goes. I have two cousins in single income households and both have managed to buy houses in the last year with kids, and another single cousin below $50k who bought a house, but all purchased outside of Springfield.

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DyktMuffinManwlodl t1_j1izhay wrote

Really what you need is 2 people with 50k incomes, then you'll be good!

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