How much do you have to make to own a first home?

[BigJimSlade]

Hi, Big Jim here:

I was wondering what you think a person has to earn today in Tampa to be able to afford a first home in a decent area? What about a condo/townhouse? I am totally just throwing numbers out there, but I figure you might need a household income of $50K just to afford the minimum home in a decent area? Any thoughts?

Would you suggest people who are tired of renting or just starting out in life consider living in a different part of the country where wages are similar to Tampa but cost of living might be a tad lower? These places do exist, right? I've heard great things from friends in Ohio and Georgia who left Florida.

[Young,Fablous,&Broke]

Depends what you are considering decent. There are some people on here that make less than that and are home owners.

[Miles]

i guess it would depend on your ability to manage money effectively, and your level of ramen tolerance.

[John]

I would say around 28-30k with favorable debt/income ratio.

[BigJimSlade]

Hi Corey,

Big Jim meant if they were to become homeowners today, could they do it?

[1BADP71]

I would say around 28-30k with favorable debt/income ratio.

+1

[Young,Fablous,&Broke]

What kind of home do you consider decent? 150k? 250k?

To me most decent single family homes start @ 200k.

I would say 40-45k good D2I and money down.

You can make less obviously and get a cheaper house.

[BigJimSlade]

Decent is just a matter of opinion, so whatever you feel is decent today in Tampa.

[Treysdad]

I only made $45k a year when I purchased my home but that was 7 years ago and I only paid $88k for it. Today, I could sell it for $230k easy. I don't know how much I would have had to have made if I purchased it for that much. Maybe $80,000 a year :dunno:

[Young,Fablous,&Broke]

80k will get you way more than that if you are single with no kids!

[Treysdad]

80k will get you way more than that if you are single with no kids!


Isn't the standard equation 2 1/2 times your annual salary when it comes to financing for a home :dunno:

[Young,Fablous,&Broke]

Yeah, but I was way over that when I bought. I was also at teh beginning of my career and Knew I would make more soon.

[RyanCivic2000]

I would say around 28-30k with favorable debt/income ratio.

I make $35k and just purchased my first home for $202,000, new construction to be completed in April 2007. It can be done, I just need a roommate and eat ramen noodles for a year.:lmao:

[BigJimSlade]

Great point RyanCivic! Big Jim did not factor in the "roommate" option.

[Treysdad]

I make $35k and just purchased my first home for $202,000, new construction to be completed in April 2007. It can be done, I just need a roommate and eat ramen noodles for a year.:lmao:

Yeah I didn't even think about that. I built a home in Riverview 4 years ago and got financing by myself making $50k a year. Total price tag with upgrades annd everything elase was like 200,000. That was with only 5% down. What did you put down?

[interest]

Why would you want anything over 200-250k... The taxes would kill ya!

[John]

Why would you want anything over 200-250k... The taxes would kill ya!

so you don't live in the hood or simply like nice things for yourself, isnt that obvious?

[interest]

so you don't live in the hood or simply like nice things for yourself, isnt that obvious?

mmmmm I seriously doubt 200-250 is in the ghetto..

now if you going to spend 80k I could think it is the hood :lol:

[RyanCivic2000]

Yeah I didn't even think about that. I built a home in Riverview 4 years ago and got financing by myself making $50k a year. Total price tag with upgrades annd everything elase was like 200,000. That was with only 5% down. What did you put down?

0 down. I'm even financing the closing costs.

With interest rates as low as they are right now I feel that money could be put to better use elsewhere.

[on_ice]

Subscribing, im a younging, looking for a ~250k home with only 5% down.....$9 an hour part time @ 25 hours a week.

[Rdline1]

I work part time and am a full-time student and I own a home. I went in 50/50 with a childhood friend who is working and we have 2 roommates paying us rent. We paid $170k back in July. Not exactly crazy, but if you have people that you can trust making such a big decision, it will pay off.

[TIM TIM TIM]

between me and my fiance we make about 45-50k a year.. we are paying for a car (owe about 14k on that) and just bought a townhouse in carrolwood village for 170k, its a 2 bed 2.5 bath, 1100 sqft

[_Chris_]

there are loan calculators all over the net, google a "how much can i afford calculator" something like that.

[1Fast AWD]

It all depends on a great number of factors. There are some lenders that dont mind up to a 55% DTI, other dont want anything over 45%. You need a good broker to fill you in on many aspectsof buying a home, and getting you pre-qualified with a good program. PM me if you want to know how to purchase a home, even with low income.

[XtremeVision]

It all depends on a great number of factors. There are some lenders that dont mind up to a 55% DTI, other dont want anything over 45%. You need a good broker to fill you in on many aspectsof buying a home, and getting you pre-qualified with a good program. PM me if you want to know how to purchase a home, even with low income.

How many places are you going to push your business? LOL

[1Fast AWD]

I just happen to see some people interested in investing in real estate and I am trying to get them the best deal possible. The other guy is probably getting hosed on his 6.6% APR deal, but without anyone telling him that, he thinks it is a good deal. For someone with good credit, that is a horrible rate. I am just trying to earn some business as well as give everyone what they want, lower rates and less money out of their pocket.

[...mikey]

I'm getting ready to move to San Antonio.. I'll be making almost %50 more money, and the cost of living is 18% lower than Tampa, and 25% lower than the national average.

I went on Craigslist to look for apartments/studios.. And it was RARE to see full rentals for over $850.

The SUPER luxurious ones were 1100 max. 2-3 bedroom 2-3bath. The ritzy shit.

After seeing that, I may look into buying a house instead. Those were cheap as hell also, compared to Tampa.

But I'm 22 and a bachelor, so I'm not sure if I want to go that route.

[John]

I just happen to see some people interested in investing in real estate and I am trying to get them the best deal possible. The other guy is probably getting hosed on his 6.6% APR deal, but without anyone telling him that, he thinks it is a good deal. For someone with good credit, that is a horrible rate. I am just trying to earn some business as well as give everyone what they want, lower rates and less money out of their pocket.

:lol: do you think you're the ONLY mortgage broker that frequents this section? Please stop pumping your business. There's at least 3-5 that are regulars here and they don't do this, so please stop fishing here. Thank you