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 ? 

[SilverBells, BSN]

House ended up not being a match.  I'm not overly disappointed, but a little frustrated.  It would be nice if something would work out.  Things seem to work out for others; looking forward to the day when something works out for me, although I am doubtful that day will ever arrive.  

[amoLucia]

Look at it this way -  you've gained some invaluable information and experience re home purchasing.

Keep on looking & good luck for the next one.

[Lunah, MSN, RN]

Maybe a condo or townhome vs. a single-family home? I don't know where you are in the county, but maybe a condo in a fun part of your city would be nice. We almost bought the most awesome condo when we lived in Savannah, but unfortunately we were using my VA loan benefits and all condos have to be "VA approved," and this one was not. Still bummed! LOL. Good luck! When one door closes, another opens. 

[MPKH, BSN, RN]

1 hour ago, Lunah said:

Maybe a condo or townhome vs. a single-family home? I don't know where you are in the county, but maybe a condo in a fun part of your city would be nice. We almost bought the most awesome condo when we lived in Savannah, but unfortunately we were using my VA loan benefits and all condos have to be "VA approved," and this one was not. Still bummed! LOL. Good luck! When one door closes, another opens. 

If you read through the thread, you’ll learn that the OP finds anything but a large, new house to be settling for less. A house (but not one that is small and old) is a symbol to her that she’s “made it”, and anything less than that is settling. 

On one of her other threads, she fears that she’ll be an apartment owner at the rate she’s going, so while the suggestion of a condo or townhouse is a reasonable one, it’s not one that the OP finds reasonable. 

[Lunah, MSN, RN]

4 minutes ago, MPKH said:

If you read through the thread, you’ll learn that the OP finds anything but a large, new house to be settling for less. A house (but not one that is small and old) is a symbol to her that she’s “made it”, and anything less than that is settling. 

On one of her other threads, she fears that she’ll be an apartment owner at the rate she’s going, so while the suggestion of a condo or townhouse is a reasonable one, it’s not one that the OP finds reasonable. 

I responded earlier in the thread. I am familiar with the OP's issues. I will still make suggestions, even if she never takes them. 

[Rionoir, ADN, RN]

Multiple incomes, inheritances, gifts from family, ability to budget and save, living outside of their means, working overtime instead of complaining, the list goes on and on.

[amoLucia]

Rionoir - I think you meant living 'inside/within' one's means. Yes?

Quite comprehensive.

[brandy1017, ASN, RN]

On 11/25/2021 at 2:08 PM, SilverBells said:

House ended up not being a match.  I'm not overly disappointed, but a little frustrated.  It would be nice if something would work out.  Things seem to work out for others; looking forward to the day when something works out for me, although I am doubtful that day will ever arrive.  

This is probably for the best, especially as you are still dealing with a toxic job where you are now concerned that you will have to work every Friday and they haven't even bothered to give you a raise in two years.  I know nursing homes have had financial problems esp with covid, but two years and no raise would be a deal breaker for me!  I hope you find a better job soon. 

Also I think living in an apartment by yourself would be a good step for your own independence before buying a house with all the responsibility and maintenance that involves.  I think of living alone or with roommates in an apartment, flat or dorm a rite of passage.  And with roommates I was never lonely and always had friends to do things with and also learn to deal with different personalities and resolve inevitable conflicts.   It would also give you time to explore the city and figure out what you really want for a house and where you want to live.  Plus decorating your own place is so much fun and having a pet is so wonderful! Also if you don't like the neighborhood or get a new job farther away, it is much easier to move than selling a house which costs a fair sum of money too!

In the meantime I would learn all I could about personal finance, budgeting, the home buying process and home maintenance.  There are so many books out there on these issues, some I've mentioned in the past.  Also free money info on internet sites like Yahoo and MSN to Youtube sites. 

It was buying a house that turned my life around re personal finance, but prior to that I had lived in my cute little apartment by the lake for ten years, had lived in several dorms, flats and apartments with roommates before that.  I don't regret that time at all! 

But it was during the home buying process that I really took the time to learn about personal finance, budgeting and the home buying process to make sure I got a good home and a fair mortgage loan.  I was aided by a home counselor thru a non profit free of charge from my employer.  We reviewed my credit, made a budget and she walked me thru the whole process including the loan and insurance.  She was a godsend. 

I would check out if your city offers such assistance.  If not do your research and I advise using a credit union, not a broker as they are a non profit and will give you a good fixed rate mortgage and you shouldn't have to worry about being taken advantage.  Also they usual offer free programs re personal finance and  the first time home buyer and offer low to sometimes no closing costs.  Some cities or states have programs for low to moderate income with special loans and even grants as well.  I would look if your city or state offers this and see if you qualify.  As a nurse I did, but later I made too much thru overtime.  I could have still qualified, but I didn't want to ask my boss for a letter saying I don't normally make this much.  It was too personal and invasive for me, but I still got a fair, market rate loan from a bank the home counseling non profit worked with.

You have time to find a better job and explore what you really want in a home.  There is no need to hurry.  I didn't buy my house till I was 38 and I'm content with it.  I wish you the same peace, joy and happiness!

[ReordonaSRN]

Well I make well over 500k/year and there many other nurses that do the same…. I have a 1.3 mil home…

 

[SilverBells, BSN]

Of note: It appears that the $500k didn't work out for one of my nursing colleagues after all.  She just moved into a much more modest house. 

[klone, MSN, RN]

On 5/15/2022 at 4:41 PM, SilverBells said:

Of note: It appears that the $500k didn't work out for one of my nursing colleagues after all.  She just moved into a much more modest house. 

There ya go! My wife and I bought a house last Summer. She's a welder, and makes about 70% of what I make, which is in the upper 5 digits. We COULD HAVE bought a $450,000 (our income actually qualified us for up to $500,000. However, we did not WANT to live paycheck to paycheck, slaves to our mortgage. So instead, we bought one for just over $300k, and still have money to put in the bank every week, and eat out regularly, can take vacations, etc. Being a slave to one's mortgage is something that has never appealed to me.

[Davey Do]