 |
|
 |
 |
|
|
Forum
-> Household Management
-> Finances
|
amother
Yellow
|
 Wed, Nov 15 2017, 2:59 pm
|
For someone with an income of $76,000 with tuition expenses and bills, should we just stick with renting? I know people that tell me it's much better to buy (I'm talking nyc) than to keep on paying high rent. But is it possible with such an income? I hope to increase in a few years so it will be better.
| |
|
| Back to top |
 0
 0
|
|
amother
Cobalt
|
Wed, Nov 15 2017, 3:09 pm
|
Almost always buying is better than renting, financially. But if you can't afford it, you can't afford it. IY"H things will change in the future.
| |
|
| Back to top |
0
1
|
doctorima
|
Wed, Nov 15 2017, 3:53 pm
|
Sure, buying is great if you can afford it and know where you want to live. But NYC is quite expensive, and unless you have a substantial down payment saved up, I don't think you'll be able to afford much of a house with an income of 76k (is that pre- or post-taxes?), in which case the question may be academic.
| |
|
| Back to top |
0
2
|
|
amother
Green
|
Wed, Nov 15 2017, 5:21 pm
Even if that's post taxes, unless you have $300k+ saved for a downpayment, I don't see that income affording much of anything in NYC. I'm surprised you're not struggling just to rent at this point.
This is a mathematical question though. How much can you afford to pay for a mortgage each month? Subtract taxes and insurance from that number. Then use an online calculator to see how much home you can afford. Add that to your downpayment savings and voila. Either it can or can't happen.
| |
|
| Back to top |
0
0
|
|
Imamother may earn commission when you use our links to make a purchase.
© 2024 Imamother.com - All rights reserved
|  |
 |
|
 |
|
|
