Comments on: You Know You Shouldn’t Buy A House When….

By: Hazzard

Hazzard — Wed, 16 May 2007 18:59:50 +0000

I stand corrected. I guess I’m so exposed to such high real estate prices in the NW that it seems amazing to me that you can still buy a house for that price in other areas. I may have to move when I retire.

By: Susanna

Susanna — Wed, 16 May 2007 17:31:54 +0000

I don’t know of anywhere in the country that housing is so affordable that someone could safely cover a house payment and all the additional expenses on $7-10 per hour.

I just did a search on Realtor.com for the city I live in and found 198 homes for sale under $75,000. For example, $40,000 will buy a 880 sq. ft. 3BR/1BA in an OK (not great, but OK) neighborhood.

By: Not Made Of Money : Carnival of Personal Finance - The 100th Edition!

Not Made Of Money : Carnival of Personal Finance - The 100th Edition! — Tue, 15 May 2007 10:09:05 +0000

[...] Everybody Loves Your Money has some wisdom – You Know You Shouldn’t Buy A House When…. [...]

By: Carnival of Personal Finance #100 Recap - Part 1 at Clever Dude Personal Finance & Money

Tue, 15 May 2007 01:54:42 +0000

[...] Everybody Loves Your Money gives us a list of “You shouldn’t buy a house when…“. [...]

By: PT

PT — Mon, 14 May 2007 21:45:25 +0000

- You’re Not A Regular Reader of Everybody Loves Your Money!

By: Carnival of Personal Finance » Carnival of Personal Finance #100

Carnival of Personal Finance » Carnival of Personal Finance #100 — Mon, 14 May 2007 04:16:31 +0000

[...] You Know You Shouldn’t Buy A House When… [...]

By: Hazzard

Hazzard — Tue, 08 May 2007 13:17:47 +0000

Alex,
There are exceptions to just about every one of these. Statistically, someone who is working in fast food has a much lower chance of being able to afford to buy a home. If they are very good with their money and have moved in to management etc, then obviously their chances are much better.

I don’t know of anywhere in the country that housing is so affordable that someone could safely cover a house payment and all the additional expenses on $7-10 per hour.

By: alex

alex — Tue, 08 May 2007 10:53:51 +0000

“Anything at your workplace is deep fried”

Does this mean that people who work fast food cannot afford a home? If so, that’s an awful assumption. Many people in the food service industry make great money. And you don’t know how one manages their money based on where they work.

By: savvy

savvy — Mon, 07 May 2007 22:26:03 +0000

- You had to have a cosigner on your car loan.

- You have had anything repossessed in the last three years.

- You think leasing furniture and/or electronics is a good idea.

- You aren’t contributing enough to your 401(k) to get the full company match.

By: broknowrchlatr

broknowrchlatr — Mon, 07 May 2007 16:52:06 +0000

…you are not able to save money each month while renting.
…you have declared bankrupcy in the last 3 years – obviously you need to learn how to manage money.
…you have less than 5% to put down – PMI is terrible and 80/20 loans are risky (for most)
…your savings ratio matches the national average (