Home Affordability

Holy cow!  Rent in the greater Phoenix area is getting high.  I mean really high. Sources tell me that renters in the Phoenix area need to earn $20/hr and work full time to afford a decent 2 bedroom apartment. Home affordability is not too affordable.

Time to Reminisce

Well I am old….old enough to remember that when I rented an apartment it was $350/mo.  Yep those were the days.  I was talking to a friend (my age) he remembers sharing an apartment with 3 guys and riding his bike to work…..He spent all his money on beer. Now that was Home affordability.

Makes you Stop and Think

Home affordability is a fluid concept.  What is affordable?  What can YOU afford?  $20/hr is $41,600/yr not too shabby!  Could you buy a house in MESA AZ?

Run the Numbers

Home affordability….to buy s home in Mesa AZ…..depends…….depends your credit rating….depends on your savings………depends on your determination.

If you have good credit….pay your bills on time and save money…you can buy a home on $20/hour.  Now I am assuming you are debt free….and have a 20% down-payment saved and closing costs saved.  You should qualify for a $220,000 house with no HOA.

What Can You Buy

No it is not a HGTV dream home.  But it is pretty nice and a step toward growing you wealth.  This is what young families have done for years.  This goes back to my buddy living with 4 guys and riding his bike to work….well he did not save his money…he did later…..but if you tighten you belt and save you CAN AFFORD A HOME!

Take a look at this list of homes in Mesa under $220,000.