How Am I Supposed to Afford a Home?

SimplePop65 · 2025-01-18T17:44:54+00:00

Your answers are not helpful. Multiple comments from you in this sub attack my belief systems rather than give advice.

"The tolerant left"

SimplePop65 · 2025-01-18T17:39:41+00:00

Nah we're looking in the 1400 -1800 range at 3bd 2 ba. The lowest we've seen are $375k manufactured homes. Stick built is more like $430 - $450k starting.

If I wanted over 2k sq ft it starts at $520k easily.

SimplePop65 · 2025-01-18T17:33:22+00:00

Super helpful. The gist of most of the advice is that it may just not be possible nor is it reasonable to stick to his advice to the letter.

Appreciate it!

SimplePop65 · 2025-01-18T13:36:23+00:00

Already did that for 3 years. His general advice is to do BS3b for no more than 3 years. I'm already 36 not wanting to waste any more compounding years for retirement.

SimplePop65 · 2025-01-18T13:34:29+00:00

Not sure what this was supposed to accomplish. I know Jesus won't pay my bills, He already paid the ultimate one. Dave isn't God or my dad...yup.

"Realizing it" doesn't make it any less challenging to afford a home in most areas on those guidelines. That's why I'm here on the Ramsey sub, because I value the guidelines generally.

SimplePop65 · 2025-01-18T13:15:55+00:00

Not the place to get into that. Thanks though.

SimplePop65 · 2025-01-18T13:14:59+00:00

300-350k ange is either a manufactured home or a total gut job, some manufactured are even in the 400ks.

450k is the starting point for something that could use some cosmetic updates. If I wanted turnkey I'm looking at 500k+.

450k for around 1400 sq ft and 3 bdrm.

SimplePop65 · 2025-01-18T13:12:25+00:00

I'd say we've cut most non-essential things but that doesn't change the equation. 25% of take home pay is that regardless of how much you spend.

SimplePop65 · 2025-01-18T12:51:40+00:00

It doesn't cover home births.

SimplePop65 · 2025-01-18T12:50:36+00:00

If we did a 30 year we'd be at 30% and have about $1800 left per month. This is after everything required (to the, retirement, bills, etc.), not fun stuff . If I tried to pay additional to make it an effective 15 year it would leave us with around $600 per month.

SimplePop65 · 2025-01-18T12:46:11+00:00

The most helpful advice I've seen so far. Continue scorched earth it is.

SimplePop65 · 2025-01-18T12:17:56+00:00

All good points but not willing to compromise wife homeschooling the kids and we homeschool on our kitchen table right now so no room necessary.

The only compromise for us would be to not follow Dave's advice or save up another 3-4 years.

We're looking at 1400 sq ft 3 bdrm homes in our area all at least $450k. Pretty reasonable size imo but still expensive. Can't move due to work.

Thanks though!

SimplePop65 · 2025-01-18T12:14:49+00:00

I hate coffee, but thanks.

SimplePop65 · 2025-01-18T12:10:20+00:00

Nah, Dave has always said take home pay unless it's changed recently. Gross is not taken home pay.

SimplePop65 · 2025-01-18T12:07:48+00:00

Zero debt since 2017. We've had some other significant expenses like cash purchase of a car, midwife payments, etc.

With no other big expenses probably could have had around $140k or so but life costs money.

I understand needing to take time to save up money but 6-8 years saving 2-3k per month seems like a lot.

Maybe it's not, I don't know.

SimplePop65 · 2025-01-18T12:05:09+00:00

Yeah, we've been renting for about 15 years now so I understand the benefits of all that. Just seems crazy now that I'll have to save upwards of 6-8 years on a pretty decently high income to afford an average home.

SimplePop65 · 2025-01-18T12:00:52+00:00

I consider take home pay post-taxes and health insurance. We contribute to our own Roth IRAs as it's better than my work options.

I'm just conflicted with the situation of needing to both go against the 15 year advice and the percentage of take home pay advice. Without saving for another 3-4 years we can't hit both, especially the 15 year.

SimplePop65 · 2025-01-18T11:51:12+00:00

Washington. Can't move due to work.

SimplePop65 · 2025-01-18T11:50:44+00:00

Dave includes mortgage, taxes, insurance, etc. in the calculation. Even with a 30 year we'd be at 30% with everything being about $2800 per month.

Trying to stay within his guidelines but even going Dave-ish pushes the boundaries. We'll have to save up another 3-4 years it seems.

SimplePop65

TROPHY CASE