My SO and I make about $90,000 a year combined. We want to buy a house but I want to know if I’m being unrealistic in thinking we could do it in 2-3 years. We’re both in our 20s and have a kid. I have about $4,000 in debt that I’m paying off and he has even less. We’re in Ohio

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comepollinateme t1_jedsfu6 wrote on March 31, 2023 at 8:07 AM

I don’t know enough, like your bills, how much your child/childcare is, any external factors like car payments, WHERE in Ohio… but in general… not at all. Pay the debt ASAP. Set a hard budget. Use year 1 to settle debts and get in good standing to start saving, and years 2-3 to really stack up. If you can swing saving even 10k a year, that’s 30k in 3 years which is more than enough to get a place in Ohio without FHA loans (but save more ideally). Ohio has pretty cheap real estate (again in general, idk where you live in Ohio) so you’re in a good spot there. It wouldn’t be the same in a state like California.

Again, take this with a grain of salt. I don’t know enough about you. I do know that with a budget and financial awareness you can do great things. Good luck.

NoFilterNoLimits t1_jeed57e wrote on March 31, 2023 at 12:22 PM

This is just a budget question. You need a budget. How much do you need/want?

Let’s say $50,000 in 3 years. That’s $1388 a month. Can you save that monthly? Adjust accordingly. $30,000 is $833. This depends entirely on how much you need and how much you have left over monthly

SecondaryKitty OP t1_jeef2mh wrote on March 31, 2023 at 12:39 PM

I’m not 100% sure how much we’ll need but $30,000 seems like a good place to start. I believe we can definitely save $833 a month

Liquidretro t1_jeekbif wrote on March 31, 2023 at 1:21 PM

Use the sidebar wiki here and read the prime directive and budgeting sections and get started with that process.

Remember the downpayment is only part of what you need when buying a house, there is also closing costs, moving costs, and an emergency fund. So if you want to put $30k down, you probably need around $40k? Obviously, this varies.

lilmanbigdreams t1_jedrxou wrote on March 31, 2023 at 7:59 AM

3 years is more than reasonable. Banks mostly care about your ability to save & ingoing/outgoing.

Brandonva804 t1_jee2xii wrote on March 31, 2023 at 10:36 AM

Ohio I believe has cheap houses. 90K is enough. After three years you guys should be good

[deleted] t1_jee8h8c wrote on March 31, 2023 at 11:38 AM

[deleted]

lilfunky1 t1_jeelw47 wrote on March 31, 2023 at 1:33 PM

how much are houses in your area?

how much money will you be able to save per year to put towards a house down payment?