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 ? 

[Wuzzie]

On 3/7/2021 at 5:44 PM, 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. 

I think that’s extremely short-sighted, not necessarily true and more reflective of your own insecurities. 

Personally, my “symbol” of success is the memories I’m making with good friends and family in my old, small home. 

[lacombma, BSN]

Some of your answers are very rude!!

[Hoosier_RN, MSN]

1 minute ago, lacombma said:

Some of your answers are very rude!!

Maybe read the many posts by the OP. Not rude at all

[SilverBells, BSN]

7 minutes ago, lacombma said:

Some of your answers are very rude!!

Thanks, but I don't necessarily see anything particularly rude that was posted.  There are some differences of opinion, but that is to be expected when you ask for feedback or suggestions.  For some people, buying a new house within a certain price range (that might be considered expensive or unnecessary to some) isn't a priority, so this thread simply might not be relatable.  I'd love a brand new house, but for others, this isn't as important. 

[LibraNurse27, BSN, RN]

8 hours ago, I Am ReadyRN said:

I'm sorry, $11,000-13,000 a month after tax? What would it be before tax then? ? Is this for an APRN role or staff RN role? Sorry for the questions, just that NYC doesn't pay anywhere close to that and the cost of living there is pretty darn high as well.

SilverBells, what the others are saying is true. You don't know how other people are living. A lot of young people get help from their parents for the down payment and some parents even help with the monthly payments. And I think condos are great, perfect for a nurse on the go ?

We do get travelers from New York too! I haven't met any from NYC yet, but many from upstate NY. Those salaries are for staff RNs with experience at places like Kaiser and Sutter. I know a night shift nurse in Oakland Kaiser who's been working there 30 years and makes $100/hr. Holidays time and a half so... $250/hr! Not all Bay Area nurses make that much, and not right away. I would say average RN hourly pay would be in the 30s-40s/hr for SNF and community clinics, 50-60s for county hospitals/clinics and smaller local hospitals, 70s-80s and even more for UCSF, Stanford, Sutter, and Kaiser. I know some of our covid crisis rate travelers made a LOT of money. But a small home is usually at least $900,000 in the "cheaper" areas, in SF or the peninsula you need multiple millions, so even $100/hr isn't enough to compete with those who work in tech. I'm completely priced out of my home town as it is next to Google, facebook, and Apple.  

I agree with what you that having help from parents is what makes it possible for a lot of people, and that condos are a great option! (as long as HOA fee not high!)

6 hours ago, LovingLife123 said:

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??

I think it evens out for sure! Happiness is worth more than anything else. But of course you deserve to be paid more! Nurses work so hard and it involves so much critical thinking. 

[klone, MSN, RN]

I just want to know, what the hell is wrong with a house built in the '50s-'70s? Seriously, why is that a thing?

On 3/6/2021 at 10:02 PM, 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.  

This is the root of your problem. Quit watching what other people are doing. 

[klone, MSN, RN]

On 3/6/2021 at 10:02 PM, SilverBells said:

With the hours I put in at work, this is very frustrating 

So find a different job that pays hourly where you can actually get compensated for your overtime hours.

[klone, MSN, RN]

As far as the meta-conversation about areas with good pay - Minneapolis! Most of the hospitals here are union, and the pay is pretty phenomenal, particularly compared to the COL. With 15 years of nursing experience, I could make $96,000/year as a floor nurse, 36 hours a week, on night shift. (it was tempting)

And you can get a decent house in Minneapolis proper for under $350,000. Granted not NEW and SHINY, but in my opinion, new and shiny is not desirable. Give me a Craftsman built in 1910 with original woodwork, built in buffets and bookshelves, and stained glass windows any day!

[DesiDani]

I heard of stories of nurses purchasing a home that they can't afford so they work 2 jobs and countless overtime.

[LibraNurse27, BSN, RN]

2 hours ago, klone said:

As far as the meta-conversation about areas with good pay - Minneapolis! Most of the hospitals here are union, and the pay is pretty phenomenal, particularly compared to the COL. With 15 years of nursing experience, I could make $96,000/year as a floor nurse, 36 hours a week, on night shift. (it was tempting)

And you can get a decent house in Minneapolis proper for under $350,000. Granted not NEW and SHINY, but in my opinion, new and shiny is not desirable. Give me a Craftsman built in 1910 with original woodwork, built in buffets and bookshelves, and stained glass windows any day!

That actually sounds like a better deal than the Bay Area! Thanks for sharing. The pay is much higher if you factor in cost of living. A decent home for $350,000 in Prince's home town! If I only I knew how to drive in the snow...

[Golden_RN, MSN]

In the early 2000s, it felt like everyone was real estate crazy and many nurses I worked with bought big, expensive new houses or expensive houses in affluent areas.  After the 2008 crash, MANY had to walk away from those houses and do short sales.  There is nothing wrong with a starter house that is old or small.  The most important thing is being able to afford it.

[LibraSunCNM, BSN, MSN, CNM]

7 hours ago, klone said:

As far as the meta-conversation about areas with good pay - Minneapolis! Most of the hospitals here are union, and the pay is pretty phenomenal, particularly compared to the COL. With 15 years of nursing experience, I could make $96,000/year as a floor nurse, 36 hours a week, on night shift. (it was tempting)

And you can get a decent house in Minneapolis proper for under $350,000. Granted not NEW and SHINY, but in my opinion, new and shiny is not desirable. Give me a Craftsman built in 1910 with original woodwork, built in buffets and bookshelves, and stained glass windows any day!

That sounds awesome, except...BRRR! ?  I could never get used to that weather.