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

[SilverBells]

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 ? 

[londonflo]

13 hours ago, SilverBells said:

I’ll probably end up having to settle for something I’m not pleased with while watching others somehow purchase more desirable homes.  With the hours I put in at work, this is very frustrating 

You are not alone in feeling this way at some time in your life. Just keep plowing ahead in your home quest. It is frustrating, I get it and have been there. 

[CommunityRNBSN, BSN, RN]

On 3/6/2021 at 5:09 PM, SilverBells said:

Otherwise, if I want my own house, the only options are old, small houses built in the 50s-70s.

Oh I did not realize you had this perspective— it will invalidate my response.  My home, which I love and hope to retire in, was built in 1885 and is small-to-medium sized. Yes, if you want a brand-new, large house, you’ll obviously pay more for it!  I think new, large houses are overrated, and I think mine has character and charm, but alas, human taste does vary. 

[Hoosier_RN, MSN]

On 3/7/2021 at 3:14 PM, CommunityRNBSN said:

I think new, large houses are overrated, 

Most new homes are built with the disposable/replaceable attitude. Old homes were built to last, and generally need just a little upkeep to keep them livable 

[LovingLife123]

3 hours ago, LibraNurse27 said:

If you come to the Bay Area you can make $11,000 - $13,000 a month after tax, more with OT. But, cost of living is super high. I've seen some nurses from the South and Midwest travel here, work for 13 weeks and have enough to not work the rest of the year where they're from. One nurse from Arkansas did one contract and bought a BEAUTIFUL house near the Arkansas River for $150,000. Not that I facebook stalked her or anything LOL.

But, I wasn't jealous of her, just amazed at what she could get over there and happy for her; she was SO nice, Southern hospitality to the max. If you are happy for others' success, you will in turn be happier. She sacrificed 3 months with her family to do it. Some people can't leave home for months at a time, but if you want quick money that may go far where you live, come work with us! Plenty of travel positions available! @SilverBells maybe something to think about too. I see travel positions at nursing homes. Set hours, if you work extra you will be paid for it. If being alone in a new place isn't too scary for you, maybe some time in a different place will be refreshing, like a reset. Plus make lots of money toward that dream home! Just a thought. The one travel contract I did made me feel more independent, so it may help your confidence = )

If I didn’t have a family, I would consider it.  And honestly, I’m happy with my lifestyle.  But I do feel I’m severely underpaid for what I do.  My husband owns his own company.  His employees who most don’t even have a GED make what I do.  And I’ve got numerous years of experience under my belt.  But I do have decent benefits and good coworkers.  It kind of evens out??

[LovingLife123]

On 3/7/2021 at 3:14 PM, CommunityRNBSN said:

Oh I did not realize you had this perspective— it will invalidate my response.  My home, which I love and hope to retire in, was built in 1885 and is small-to-medium sized. Yes, if you want a brand-new, large house, you’ll obviously pay more for it!  I think new, large houses are overrated, and I think mine has character and charm, but alas, human taste does vary. 

I’ve owned both.  And I do agree with you that older homes have charm, they are a pain when they go bad!!  LOL.  A plumbing issue ended up costing me over $20k out of my pocket after insurance paid their part.  The new owners though got a brand new plumbing and septic system on my 1961 home.  ?

My home now is newer-ish.  About 15 years old at this point.  It’s so nice not having to worry about the big things going bad, yet!!  We did replace the air conditioner last Summer and a few appliances.  The old one were original to the home.

But, like I stated in one of my previous posts, I think the OP needs to adjust her view and stop trying to keep up with the joneses.  There’s much to be said for personal happiness over material happiness.

[MunoRN, RN]

3 hours ago, londonflo said:

Does this include property taxes and home insurance? Those last 2 can go up every year and impact your budget. Many home buyers roll taxes and maybe insurance into their payment. 

My suggestion is to buy a house with a good address that is not the best one on the block. If you have to update, do so over time. Beware of over improving your home and don't buy into the newest, must have kitchen, bathroom. Also think about reading 'Home and Antiques Magazine' from the UK. The magazine features how to make a house your home, comfortable and with character...and maybe timeless. These designs have a wow factor that nothing in granite, vinyl flooring. bathroom tile, bathroom sinks and the colors gray and griege could ever match. Other countries are not throwing thousands of dollars to home renovation companies for the newest counter top, fridge and flooring. 

That's including property taxes and insurance, which is about $400 of that $1800 per month for a $400k 30 year mortgage at current rates.

[PollywogNP, ADN, BSN, MSN, LPN, NP]

I paid $85,000 for 3BR/2BA double garage on 1/3 acre in 1997/8. It had been on market for over 1year, the owners were divorcing & not selling the house was holding up the divorce. They had painted very poorly each room a different color, the carpet was gross with animal pee stains! They were asking $95,000 originally & had dropped the price to $88,000. They didn’t even know they had a septic tank that they poured concrete over to put a hot tub on. 7 years/5 people and septic not emptied. I paid it off 3 years ago & paid $10k for new roof, $4k new windows, $10 to restucco,, $12k for refrigerated air & new furnace. $600 for porcelain tile & $5k to remodel guest bathroom. Luckily as a veteran didn’t need down payment.

If you can’t afford new & don’t need large McMansion, look at fixer upper that you gradually fix over time. My goal was to have it paid off before retirement. Goal met & now will be moving to a smaller house upon retiring in 4 years.

It was walking distance to parents house was big factor in buying the house.

[SilverBells, BSN]

15 minutes ago, PollywogNP said:

I paid $85,000 for 3BR/2BA double garage on 1/3 acre in 1997/8. It had been on market for over 1year, the owners were divorcing & not selling the house was holding up the divorce. They had painted very poorly each room a different color, the carpet was gross with animal pee stains! They were asking $95,000 originally & had dropped the price to $88,000. They didn’t even know they had a septic tank that they poured concrete over to put a hot tub on. 7 years/5 people and septic not emptied. I paid it off 3 years ago & paid $10k for new roof, $4k new windows, $10 to restucco,, $12k for refrigerated air & new furnace. $600 for porcelain tile & $5k to remodel guest bathroom. Luckily as a veteran didn’t need down payment.

If you can’t afford new & don’t need large McMansion, look at fixer upper that you gradually fix over time. My goal was to have it paid off before retirement. Goal met & now will be moving to a smaller house upon retiring in 4 years.

It was walking distance to parents house was big factor in buying the house.

Technically, I don't need a larger or brand new home, especially since it would just be myself (at the moment) and any pets I may have.  For me, it's just that buying an older or smaller home would be another source of disappointment in my life as larger or newer homes are usually a symbol that one has been successful. 

[Rose_Queen, BSN, MSN, RN]

31 minutes ago, SilverBells said:

larger or newer homes are usually a symbol that one has been successful. 

Appearances can be deceiving. A big house but no money for the enjoyments of life are not a success in my book. A smaller, more modest house with an affordable payment that leaves extra in the budget is more of a success. You seem fixated on appearances. 

[londonflo]

42 minutes ago, SilverBells said:

the owners were divorcing & not selling the house was holding up the divorce.

I have heard that the 3 D's (death, divorce, debt) are the way to get a house cheaper.

42 minutes ago, SilverBells said:

For me, it's just that buying an older or smaller home would be another source of disappointment in my life as larger or newer homes are usually a symbol that one has been successful. 

Oh, I do now think know you may need some counseling to work through this. Bigger and newer are NOT the symbol of success. Being happy is the way to judge success. You can't hug a house, it won't ask you what's wrong and it will take a lot of your time (when you don't want to give it) and no matter what you pay it may be a source of disappointment also, It will require $$$  and attention when you don't have it to give.  If new is the only way for you to be happy, try a new condo. BTW, big house means big bill for roof in 25 to 30 years, big property taxes, big time (or cost) to keep lawn up and maybe big HOA fees!

[londonflo]

5 minutes ago, Rose_Queen said:

Appearances can be deceiving. A big house but no money

I was volunteering for a house tour and was thrilled to get a position at a house in the newest, most expensive subdivision. Outside it was lovely. The owner owned a popular nail salon. Inside the furniture was sparce. His dresser/TV stand was a stylist's table (I went to his salon). The group holding the tour (for charity) had to bring lots of things in. It was the address that sold the tickets.

Meanwhile, 20 years later, that subdivision is dated, lots of homes for sale and most show their 30 year lifespan.

[PollywogNP, ADN, BSN, MSN, LPN, NP]

37 minutes ago, SilverBells said:

Technically, I don't need a larger or brand new home, especially since it would just be myself (at the moment) and any pets I may have.  For me, it's just that buying an older or smaller home would be another source of disappointment in my life as larger or newer homes are usually a symbol that one has been successful. 

I didn’t need a 3br2ba house for just me & my daughter. One she had friends over in middle school and one girl asked her how many people live here? It was investment & it was great price. I had accountant do my taxes when I had a part time job as 1099 independent contractor job. He told me he rarely sees someone that owns the house. Rose Queen is right. You are letting an image of what success might look like determine your image of what successful people buy. Reminds me of the show Weeds where everyone drove a leased fancy car and no one owned the homes they lived in.