No one has really answered your question: "When can I afford a house?"
First and foremost, it is very preferable that you have excellent credit (A score of 740+) You also need to have some cash on-hand for a down payment. 20% of the total house cost is preferable. There is also your DTI (dept to income) ratio which is your total recurring monthly dept divided by your gross monthly income. Banks like a DTI of 30% or lower typically.
So if you wanted to buy a $150,000 house a good down payment would be $30,000 (pref) and your monthly mortgage payment would be around $750/mo. Most people with a decent job can afford that payment.
Seems like most answers above assume you can't afford it, they are most likely right, most young adults moving out of their parents don't have a good job and 30k laying around. But I don't know your financial situation as you provided none. But at the very least I hope you learned a bit on what it takes to buy a home and perhaps if you plan ahead you'll get the chance to when you reach your late 20s as I do.
Source: I'm a young adult in my late 20's building a home
No,I can only afford to rent and I have to have a roommate to split the cost. So,yes we are in the same boat.
if moving out from parents, u can NOT afford a house
even in USA.
u move out and rent - simple.
a small 1bed/1bath is where u start.
u use a library to learn to earn more
and play the housing market.
figure 10 yrs b4 u earn enough and know enough
to actually buy a house.
your library can help u learn for the journey
It is best to rent before buying a home so you have time to adjust your budget and gather furniture and things. When you get a house it means buying so much for outdoors like ladders and tools so you need a few hundred a month for a while to get settled. Then look for an affordable house even if it means working two jobs for a while.
My recommendation is to look for a very cheap house. A fixer-upper. They are going to be your best bet. I just bought my house just before I graduated from high school. And I did this all on my own working part-time at a McDonalds. I used zillow.com You can look for houses in a specific area, certain price range. I bought my house for a measly $11,000 and found a house for my cousin at $4,500. No I am not exagerating those numbers. Mine is a 3bed-2bath and hers is a 2bed-1bath. Both I found on zillow. If you cannot pay for it outright, get a small loan. Not only did I buy my house cheap, I'm renting out two bedrooms (which would pay off the loan faster if I had one). Hope this helps.
No, I can assure you
No you are not alone. There are dozens of questions on here daily about this.
Nobody can truly answer your question as to when. All you can do is find a good job & start saving money.
i wonder if there are many people in the same boat as me who are wondering they can afford a home and move out? am i the only one?
