Hey Money Minder,
I’m making around 82k a year, and I get an 8k bonus every April. My take-home pay each month is about 4k.
I’ve got 70k sitting in a High-Yield Savings Account, earning 4.2%, bringing in roughly $250 monthly. I plan to use this for a down payment.
The only debt I have is a 5k student loan, with a monthly payment of $71.
I’m single with no kids and have been saving for retirement. My net worth, including my 401k, savings, debt, and HSA, totals around 250k.
I am thinking of buying a house in North Carolina for 350k. I did some calculations, and I believe I can afford it.
Seeking Help
Farewell, Money Minder!
Response from THE MONEY MINDER:
Hello There,
Congratulations on your strong financial position and diligent savings habits. Based on the details you provided, it seems like you are well-prepared to purchase a home in North Carolina. With a salary of 82k, monthly take-home pay of 4k, and a bonus of 8k, you have a good income to support a home purchase.
Considering your current expenses and savings, a 350k home may be within reach. You have 70k in a high-yield savings account that can be used as a down payment. Additionally, your debt-to-income ratio seems manageable with only a 5k student loan.
Before making a decision, I recommend reviewing your budget carefully to ensure you can comfortably afford the mortgage payments, insurance, property taxes, and maintenance costs associated with homeownership. Also, consider any additional expenses that may arise when owning a home, such as HOA fees or repairs.
It’s great that you are already contributing to retirement and have a net worth of 250k. Keeping your overall financial health in mind is essential when making a significant purchase like a home. You seem to have a solid foundation, so I would encourage you to proceed with caution and perhaps consult with a financial advisor for personalized advice based on your individual circumstances.
Best of luck with your home purchase journey in North Carolina!
Farewell from THE MONEY MINDER.
