Buying a House on a Nurse's Income: How Do Nurses Afford $450,000+ Houses?

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One of my goals is to eventually be able to purchase a house.  Many of my nursing colleagues are purchasing homes that are worth $450,000, $500,000 or even more.  Sadly, my budget is about half of that or even less, which means the houses I have to choose from are not appealing.  Most of them are small, old, or both. 

I am just curious how other nurses manage to purchase decent houses? I've been looking through my income, and I just can't find a way to make it possible to incorporate such a house into my budget.  I am salary, so there are no opportunities for overtime.

What are other nurses' experience with buying houses? How did you make it work? Did it require switching jobs? Inquiring minds want to know!

Thanks ? 

Specializes in Psych (25 years), Medical (15 years).
Just now, Hoosier_RN said:

Great minds think alike!

As do rats and swine!

It took us a long time to build equity. My first house was a 988 square foot ranch that we lived in for 5 years. It was outdated, but we only replaced the necessities (shingles, furnace) and did some cheap cosmetic fixes like paint and one room of carpet. After that, we bought a newer (but still small) 2 story with a one car garage and lived in that for 7 years. It took us 12 years to get the the above home price. Are you able to move to an area with a lower cost of living? My first home was very reasonable for that reason. 

Specializes in Med-Surg, NICU.
12 hours ago, SilverBells said:

Yes, it probably adds up to about $400/month.  Yeah, I probably could save that money for a house,  but even if I did so, I wouldn't be able to afford the kind of house I'm looking for anyway.  Therefore, I enjoy my pop since it brings me joy and helps me get through my demanding work shifts.  As posters have said, a $450,000 + house likely isn't realistic for a single nurse to begin with.

Yeah but you could save it for other important things...like retirement. An emergency fund. Or international vacation.

$400/month invested with a conservative 5 percent return would yield you almost 320,000 in thirty years and that is if you started with absolutely nothing today.

4 hours ago, Davey Do said:

We accept your apology, Curious, but we need to remind you to stay on topic.

We are asking questions, sharing our experience, and networking with licensed nurses about how to afford $450,000 homes and we are not  asking questions, sharing our experience, and networking with licensed nurses about splurging on an experience that we will remember for the rest of our lives!

Now, if you desire to ask questions, share your experience, and network with licensed nurses about splurging on an experience that we will remember for the rest of our lives, start a new topic.

Davey the OP wants to spend $450k on a house which is her aspiration and she's unfairly taking flack for. It's her goal and she walks in her own shoes and no one should be judging her for it. I saw some posts about someone drinking lots of soda and she was given grief for it unfairly IMO. It's her money and her life. Another poster collected expensive books and another historic buildings. 

I think people should spend their money that they worked for as they see fit. The OP just wanted advice but people were quickly dissecting her situation as if they knew her. People's aspirations and dreams are their own and apparently the same help we lavish on our patients doesn't apply to our own. 

My post was about how I feel spending my money that I work for. It might be considered lavish but so to is a historical house. Everyone splurges in their own ways. I don't understand the concept of shoes or why my mother and sisters feel the need to have so many and apparently all uncomfortable judging by how they walk in them and complain and then hit you if you don't pretend they are actually nice when they are just really ugly. 

People spend their money however they like because it's theirs and they shouldn't be judged for it!

Specializes in Specializes in L/D, newborn, GYN, LTC, Dialysis.

Many of us don't spluge cause we were not born to wealthy families and have to pay for everything for ourselves. And we had to since 18. So I can't take seriously an opinion where a person can fly a jet to a concert and is born wealthy as far as affording a new home. Sorry.

1 minute ago, Curious1997 said:

Davey the OP wants to spend $450k on a house which is her aspiration and she's unfairly taking flack for. It's her goal and she walks in her own shoes and no one should be judging her for it. I saw some posts about someone drinking lots of soda and she was given grief for it unfairly IMO. It's her money and her life. Another poster collected expensive books and another historic buildings. 

I think people should spend their money that they worked for as they see fit. The OP just wanted advice but people were quickly dissecting her situation as if they knew her. People's aspirations and dreams are their own and apparently the same help we lavish on our patients doesn't apply to our own. 

My post was about how I feel spending my money that I work for. It might be considered lavish but so to is a historical house. Everyone splurges in their own ways. I don't understand the concept of shoes or why my mother and sisters feel the need to have so many and apparently all uncomfortable judging by how they walk in them and complain and then hit you if you don't pretend they are actually nice when they are just really ugly. 

People spend their money however they like because it's theirs and they shouldn't be judged for it!

EXCEEEEPT when they default and the rest of us pay for it. Then it becomes our business.

Specializes in Dialysis.
11 minutes ago, Curious1997 said:

People spend their money however they like because it's theirs and they shouldn't be judged for it!

Your comment would make sense if the OP wasn't on here whining about not being able to afford the house of her dreams due to other expenditures, of her own choice-she is the soda person, explains that she spends over $400 a month on just the sodas. Advice given is met with reasons of can't, which translate to reasons of won't. If the OP was truly open to suggestions, the constant excuses or laughing about reasons wouldn't be present. If OP wanted this situation to not be judged, they shouldn't post it/ask for opinions

Specializes in Specializes in L/D, newborn, GYN, LTC, Dialysis.

And it's not their money when it's borrowed. It's everyone's until the mortgage is paid.

3 minutes ago, SmilingBluEyes said:

Many of us don't spluge cause we were not born to wealthy families and have to pay for everything for ourselves. And we had to since 18. So I can't take seriously an opinion where a person can fly a jet to a concert and is born wealthy as far as affording a new home. Sorry.

EXCEEEEPT when they default and the rest of us pay for it. Then it becomes our business.

Myself or my brother wasn't given a penny. We've been working since we were fifteen years old because my parents were raised that way. You may not know this but being exposed to something forces you to want it. So you work for it. Acquiring wealth is a process like everything else. I don't reinvent the wheel. I saw what other people did and simply replicated it with some minor modifications. 

Someone said somewhere, You covet what you see! I coveted what I was exposed to and to get it, you have to work optimally! 

Specializes in Specializes in L/D, newborn, GYN, LTC, Dialysis.

Then why mention you were born into a wealthy family? Just curious myself. I still say, most of us don't take jets to concerns. Hell, most of us can barely afford the concert, let alone a jet.

 

I don't covet; I made mention cause you did. I take pride in earning every single thing I have, as you clearly do, Curious.

1 hour ago, Curious1997 said:

Davey the OP wants to spend $450k on a house which is her aspiration and she's unfairly taking flack for.

Nobody's giving her flack for wanting a 450K house, heck, I'd live in a million $ mansion if I could. It's the attitude that is rubbing people the wrong way. My small, old house is not reflective of my lack of success as a person. But honestly the OP seems to like starting controversial topics so why not play along with her?

Specializes in Dialysis.
1 hour ago, Curious1997 said:

You may not know this but being exposed to something forces you to want it.

Not so. I was exposed to abuse from a ( now ex) husband multiple times. I can assure you that I don't want it. 

I grew up in an extremely wealthy household and can assure you that I don't want any of that either. Dad cut me off at 18 because I dared to join the military (gasp). But I've lived very well both prior and after his cut off. I've traveled the world. I've had designer clothes, the best of furniture, cars, etc. Nowadays, none of that means a thing to me, as I've come to learn, you can truly lose it all in a heartbeat. With maturity comes the realization that material things can be replaced. Those you love cannot

My 3 brothers that work for the family company all hate it, in that they are expected to answer to the family for every little thing. They do love the idea of job permanence, as long as the company continues to exist. I love the freedom of never having to answer to anyone but myself, and hubs (in certain situations).  

 

ETA: family has a company jet, 2 helicopters, and multiple limos. Yes, makes it nice for travel, but makes me no better, or worse, than anyone else here on AN

Specializes in Specializes in L/D, newborn, GYN, LTC, Dialysis.

Being exposed to chicken pox and other things never made me want them. I don't understand this line of thinking at all.

When we were kids our parents used to take us through the ritzy part of the north suburbs. These folks lived in MANSIONS. I never wanted those mansions, I just liked to look. It was a trip from our very middle class lives,  to see such wealthy dwellings. Fun especially at Christmas.

I don't want a 2ct diamond ring either. I love to look, be exposed to the beauty. I don't want to pay for such a thing.

I guess I don't covet as much as others do. and that brings me peace.

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