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Subject How Much do you think is Reasonable to spend purchasing your 1st house?

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[quote:Anonymous Coward 7213233:MV8xNzEyMDE5XzI4NjQ1NDIzXzg2MDI2NTMx]
i would not buy a house. in your position.

try to think of a lot of land. you can place a good trailer on for the both of you. Work towards independent living. with solar panels, solar boiler etc. That way you reduce the cost of living.

In your situation building capital and investing it in divident paying stocks who will live forever, like coca cola corp or comodoties will make you financially strong for ever. Buying a house at young age, in a possible a decade of uncertain financial situation might tie you down too mutch to remain flexible.
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at what age or income level do you deem fit to begin paying on a house?

let's say I was earning 15k/month avg.. some months a bit more, some less. that would equate to almost 200k/yr (180k total) which seems like a lot, right?

Let's say I set myself a goal to increase my income up to 10k-15k a month. If I was earning 200k a year and purchase a 550k house I could theoretically pay it off in full within a decade no-problem! This would be the case even if I was earning only $100k/year (or about $9k/mo)

I feel that you are right in suggesting a more affordable situation.. (camper, trailer, apt) but I value my privacy and right to purchase land. and I'm not much of a carpenter, and I have very high standards so I'd rather pitch in with 2 or 3 kids for a mansion-style house. maybe not literally a $1MM mansion, but a decent 2/3 story maybe furnished basement..

is that really too much to ask at age 21??
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Original Message Me and a buddy are seriously considering buying a house going into 2012. the markets can only go down from here, meaning prices will bottom out at some point if they haven't already. right?

never had a mortgage. gotten a loan for my car which has been 90% paid off by now, and altogether I'd say the two of us can put about $4k/monthly towards bills. you think this would be enough to cover electricity, food, water, Internet, and mortgage payments? i dont know much about selling houses but avg. maybe $85k-$110k total.. that could probably get a nice 2-bedroom??

for perspective im 21 y/o my buddy is 23. neither of us have had an apartment, but we know a lot of kids in college and grad school who do. it seems like a better idea to flat out buy a house though - you own the property, plus nobody upstairs or downstairs to worry about making 'too much' noise

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