So either you are single and cant afford to live on 80k a year or you are a head of household and cant live on $120k.
Neither makes much sense.
I work at the Navy Yard in DC. Find a home for sale within commutable distance that follows this rule please:
Shop for your new home the smart way. Learn how to calculate how much house you can afford before hitting that open house or applying for a mortgage.
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I max out my TSP as I’m planning to retire at some point. My truck is paid off; I own a townhouse down in southern Maryland that I rent out. I bought it as a foreclosure and renovated it while living there; I take home a couple hundo a month after everything’s paid for. 15 year mortgage though, so that’s nice (part of my retirement plan). That extra income is what pushes me up
just over the $80k threshold. If I didn’t have that $1300 a month rent check coming in, I’d get the stimulus check. Remember, that’s $1300 before I pay my mortgage, insurance, taxes, HOA, etc. on a $140k house.
I have my main home; I paid $280k for it 4 years ago. It was an absolute sh!thole, which is why I was able to get it. I have completely gutted all 3 bathrooms, redone all the flooring, patched all the holes, redone wiring, etc. I’ve had to do all work myself because go ahead and do the math...that $280k home is about all I should be able to afford on my salary. That doesn’t leave much left over for paying someone to make the home liveable.
If I did not have that skillset, I’d be forced to buy a home that isn’t in need of a ton of repairs. Please find one for me in commutable distance to the Navy Yard that I can afford on $80k AGI a year.
The
only reason I’m able to have the rental unit is because I buy used vehicles (no loans) and put cash for everything. I have no debt besides the houses. Keep in mind that people I work with who have the same degree as me tend to carry student loan payments that are as much as the $140k mortgage alone. Not to mention vehicle loans.
I think you don’t fully understand how expensive it is to live on your own, especially in the DC area.