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Can I Afford A House?

You wish of having your own home, a dwelling to call your own, or a place to have for yourself and your family. Unfortunately, housing doesn’t come cheap and with the ever-changing real estate industry, so you ask yourself:

Can I afford a house?”

To answer your question, the first thing to do is to evaluate yourself and your current financial status. The major requirement in getting a house is your ability to pay for downpayment, reservation fees, and closing costs. That ability is determined by your monthly earnings.

If your monthly salary is in the low hundreds, you are not likely to afford your own house for the meantime, however, it is not just your income you need to evaluate but also your monthly expenses. Do you pay for the monthly rent or do you split it with a roommate? Can you afford to pay for your living space and still have enough money for other expenses? If you cannot afford to pay for rent by yourself or even comfortably pay without going broke, then it is not safe to say that you can afford to buy a house.

You also need to evaluate your social status. Are you a single or a married individual? Do you have a child or a partner living with you? If you have a companion living with you and you pay for some of their expenses, then you may not afford a house at the moment.

If you are determined to get your dream home in spite of shortcomings, you can begin to set aside a portion of your salary for a housing fund. Many financial companies provide investment products where you can invest money and let it grow for a period of time. You can also borrow from banks or lending companies as some banks offer first-time homebuyers’ loans and grants. Some minimum-income requirements need to be qualified first, but there are also first-time loans that accept low-income applicants.

If the answers point to “no, I cannot afford a house”, it is best to stay put in your living quarters for the meantime and save up money while finding ways to earn better income.

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