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

[pixiestudent2]

But realistically are you able to live comfortable and own a home on $24/25 an hour?

Or do you think it's better for a nurse who is single to rent? I'm not sure how taxes and home owning expenses work while owning a home.

I'm a mom and I would ideally like to buy a home in a good school district before my kid goes into kindergarten in roughly 2 years.

(I don't know if this is better suited for the break room, but I don't know how to get there from the app.)

[canigraduate]

I bought a house before I was nurse, when I was making about $12.50 an hour. It isn't the amount of money you make, it's how you use it.

[Rose_Queen, BSN, MSN, RN]

It isn't the amount of money you make, it's how you use it.

This! I think we do our younger generations a disservice by not teaching finance 101 as part of high school education. A simple class like that would probably help make a lot of young people's financial woes lessen because they know more about where the money goes and how better to use it.

[Christinajoannne]

Honestly, it really depends on how you save, how you spend, and the location of your house.

Here in New Jersey, we have the highest real estate tax (my neighborhood is currently 10K - 20K/year. I know in the higher resident towns around me it goes up to 30K a year), as well as one of the most highest real estate property prices. For Jersey, to be able to own a house in a decent neighborhood, with an okay school system, in a house about 20-30 years old, can cost you about 450K starting. It's do-able. But it depends how you save your money, and just being frugal, and not spending on items that aren't necessary.

[Luckyyou, BSN, RN]

I purchased a house when I was 24. I bought a smaller home for a reasonable price (just over $109k) and pay way less in mortgage payments than most of my friends pay in rent. At the time, I was making right around $21/hr. But....I have no credit card debt, no children, and a very reasonable amount in student loans. My reasonable mortgage payments allow me to have plenty of disposable income while still keeping an appropriate emergency fund in savings just in case. But could/should I have purchased a 4 bed/3 bath McMansion? Absolutely not.

[jj224]

Whoa! Where do you live where you can get a newer 4 bed 2.5 bathroom house for that low? Thatd cost me 850k + in my hood!

[calivianya, BSN, RN]

A lot of people are talking about PMI, so I just have to mention that my PMI is $29/month. Would I save $29/month if I didn't have it? Sure, but I don't see how $29/month is a real deterrent to buying a house. If you can't afford an extra $29/month you shouldn't buy a house in the first place. It usually falls off after you hit 80% loan to value anyway, assuming you don't do that too quickly for the mortgage company's liking.

[NurseSpeedy, ADN, LPN, RN]

It really depends on your overall financial situation and the cost of housing in your area. Honestly, I'd make sure that the home you buy is something that you wouldn't mind staying in for a very LONG time. If you need more space later you could end up like my family, tripping over each other and the cat because the house value went WAY down and now owe way more than its worth. It's not easy to sell a property like it used to be and if you owe more than its worth and want to move, the only way to do it is to put cash on the table at closing or make two mortgage payments unless you want to trash your credit and then...well...who's going to give you a decent mortgage then?

[elkpark]

Yes, twice so far.

[PauperRN]

Foreclosure and the housing industry happened because of $15.00 thinking they could own a house. What happened next does not need reiterating. That is a risk too big regardless of how u spend that money. Mortgage is not a piece of toy one can return. A higher education in the right field is safety net most of the time.

[Jules A, MSN]

Foreclosure and the housing industry happened because of $15.00 thinking they could own a house. What happened next does not need reiterating. That is a risk too big regardless of how u spend that money. Mortgage is not a piece of toy one can return. A higher education in the right field is safety net most of the time.

I would disagree that this was the only or overwhelming reason. It was largely because people who couldn't afford the home they purchased were not able to pay for it, no surprise there. What ever happened to saving for a down payment? Does "interest only" even remotely sound sensible? How about adjustable rate mortgage in a time when rates are historically low? Did they think the rates wouldn't go up?

It almost reminds me of the student loan debacle now.

[PauperRN]

I would disagree that this was the only or overwhelming reason. It was largely because people who couldn't afford the home they purchased were not able to pay for it, no surprise there. What ever happened to saving for a down payment? Does "interest only" even remotely sound sensible? How about adjustable rate mortgage in a time when rates are historically low? Did they think the rates wouldn't go up?

It almost reminds me of the student loan debacle now.

The variables are too many, therefore the longer u stay in that mortgage the higher your chances of defaulting or something happening is great. Now as a BSN floor nurse, ur chances of anything happening is always high. That is my rationale

[KelRN215, BSN, RN]

Foreclosure and the housing industry happened because of $15.00 thinking they could own a house. What happened next does not need reiterating. That is a risk too big regardless of how u spend that money. Mortgage is not a piece of toy one can return. A higher education in the right field is safety net most of the time.

Well floor nurses start out making twice that in my area. I know more MSNs who can't find jobs than BSNs. My area is saturated with NPs. Actually, I have a former colleague who got her MSN 4 years ago and is still working the floor.