As a single nurse were you able to buy a home?

Seaofclouds, BSN, RN · May 3, 2015

That really depends on your overall financial situation and the cost of living in your area. I have seen single nurses buy their own houses and make it just fine, but I also know some that could never do it because of their situation. You need to look at your overall debt to income ratio and see what you can really afford.

Editorial Team / Admin · May 3, 2015

I agree with Seaofclouds- there's so much more to it than just a nurse's salary. I live in an area with a fairly decent cost of living to salary comparison. I cannot afford a single family home on my income unless I were in the less safe areas of the city. However, I am doing just fine with a townhouse in a decent area. Sure, it has its downfalls like being able to hear the neighbor kids running up and down the stairs (unless they really do have a pet elephantâ€¦) but then there's the fact that I don't feel like I'm throwing money away every month by paying rent (no equity in a rental but I do have equity in my house).

Expenses: my homeowner's insurance and property taxes are escrowed into my mortgage, so that's no extra money beyond what I pay every month. I do have to pay a homeowner's association fee every three months as well as utilities. Sometimes, it's not the expected costs that get your budget all messed up; it's the unexpected ones. For example, I'm currently in the process of getting my home power washed and windows painted. Went to fire up the power washer, and find out that my hose faucet is broken. Sure, the $75 to replace it isn't that much, but the little things can add up (and let's not get into the big expenses, like the broken sewer line that wasn't covered by insurance because it was beyond the walls of the house). I always have an "emergency fund" in addition to my general savings account to cover those unexpected expenses.

Since you've got about 2 years, why not look into education for first time homebuyers/owners? There's a lot to learn- figuring how much house you can afford, mortgage types, etc. Also, save up- if you can afford to put at least 20% into a down payment, then you won't have to pay mortgage insurance- I put down about 15%, and have to pay mortgage insurance of about $55 as part of my monthly mortgage payment.

Libby1987 · May 3, 2015

Yes, but going back to my early years, I bought a very modest home that I was able to afford. I took advantage of the first time home buyers program back then.

I could do it now if I bought a modest home in our safe community, available here for 200K, I could easily afford the payments on that amount if I didn't have a bunch of other debt and expenses.

Jules A, MSN · May 3, 2015

I'd check into the neighborhoods with acceptable school districts and get a feel for the prices. In most cases I do think home ownership is preferable if you make a sensible purchase and are willing-able to wait out market variations prior to selling. In my experience when I started buying houses the homes I could afford were not as nice as the apartments I had rented so that was an adjustment but one that has paid off well over the years. So far, knock wood, I have made a sizable profit on the houses I lived in and then sold but even if I broke even it would have meant I basically lived rent free for years, right?

**NICU Guy, BSN, RN** · May 3, 2015

Go to bankrate.com and click on "Mortgage calculator" Type in the amount of the loan and interest rate. It will tell you what your mortgage payment will be.

Save up for a down payment (20%) otherwise you will need to pay Private Mortgage Insurance (PMI).

Find out what the property taxes and homeowner's insurance will cost for the house you are interested in.

When you find a house: add up the mortgage payment, property payment, and homeowner's insurance. If it is too much, find a cheaper house.

Don't get into a situation where you are spending too much of your take home income on housing expense and can't afford to save up for an emergency fund.

Kittenlove · May 3, 2015

It is doable. I bought my first home with that hourly wage and was able to live comfortably. BUT before I did that, I made sure that I paid off old debt, including student loans and my car. I worked on increasing my credit while paying off my debt. That made a huge difference. Also, as Rose_Queen stated, my property taxes and insurance was included in my mortgage. Also, think about setting aside money for emergencies or extra expenses. The area that I live, you can purchase a nice (newly built) 4 bedroom home/2.5 bathroom for $250,000. Where my husband is originally from that same home will cost $450,000 minimum. It really depends on the area. Oh, and take advantage of the first time home buyers program. I did not have to pay the 20% down payment, plus I received an extra bonus check!

Caffeine_IV · May 3, 2015

Yes, I live in an area with a lower cost of living and my house was very reasonable (for me). My mortgage is less than $750. I also live below my means. Comfortable is relative but I am comfortable enough.

joanna73, BSN, RN · May 4, 2015

I'm single and I bought my first home last year. It depends where you live and cost of living. No way would l be able to afford a mortgage on 25 an hour. I bought for 180 and I make just shy of 50 per hour.

calivianya, BSN, RN · May 4, 2015

I make a hair under $23/hr and I bought a house last year. It's a townhouse, and my mortgage is $650/month. I couldn't rent for that in this area; all of the nice apartments are at least $800 for a two bedroom, and I have three bedrooms, two and a half baths, and a garage. I have found your money goes a heck of a lot farther when you are buying instead of renting. And it's new construction, so everything's under warranty, and I even have a HOA to do my lawn so I don't have to do that either.

Not to mention some of the units are currently rented out for $1100+ a month, so I will be able to easily make a profit when I move out of here and decide to rent it.

TheCommuter, BSN, RN · May 4, 2015

I'm in my mid-30s and have been single all my adult life. I've been a homeowner since my early 20s, prior to becoming a nurse.

I bought my first house in central California in 2003, just prior to the real estate boom, for $146,000. It was a two-story three-bedroom, 2.5 bathroom single family house built in 1986. I was earning $15/hourly as a factory worker when I bought this house.

I sold the first house for a small profit and bought another house in the same city for $153,000 in 2004. However, I struck gold with this purchase because I sold one year later for $259,000. I cashed out, took the hefty profit and relocated to Texas.

I have been living in the same house in Texas for almost 10 years.

ForeverDreaming · May 4, 2015

You mentioned in your OP that you're a single parent of a child roughly around two years old. I also have a daughter who turns three in August. While I'm still in the process of finding a job, I've sat down and budgeted my expenses for when I do begin working. I recently moved in with my father and would love to get out of his house soon. One factor that is preventing me from moving out is the cost of childcare. In this area; childcare will be approximately $530 a month, which is a huge chunk of money. I'm not sure of your situation and if you have to pay for childcare as well, but if you do, I would suggest waiting until your child starts kindergarten and you no longer have to pay such a large amount of childcare expenses to help free up money that could go towards your mortgage. I have had to come to terms with the fact that I'll be living with my dad at least until after my daughter turns 4 and she enters pre-k. Good luck! Nursing schedules make it difficult to be a single parent at times. I commend you.