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.