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Can I buy a house if I make 30 thousand dollars a year?
I make 30K a year working in retail. I’m currently based in Idaho. I’d really love to become a homeowner. Can I buy a house if I make 30 thousand dollars a year?
Nick Kunze · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
These are important questions to ask yourself. While it’s hugely situational, it is definitely possible to purchase a home if you’re making $30,000 a year.
As long as you have enough savings to make a down payment, have a good credit score, and have a decent debt-to-income ratio, you should be good to go!
Let’s say you’re buying a $150,000 house. With a $30,000 down payment (20% of purchase price) and a 30-year loan at 3%, you’ll only be paying around $700 a month! Definitely affordable on a $30,000 budget.
If you need more help, you can apply for a Federal Housing Association (FHA) loan, which is specifically designed for those with low income.
Once you get the house, you’ll also need to think about
homeowners insurance
. If you want professional help right on your phone, you should download Jerry.Jerry
is an app that simplifies insurance shopping. One quick sign-up will give you all the insurance quotes you need to find a great policy at a low price. Plus, sign-up is free!View full answer
- Gregory R.
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