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Aug
29

Is it possible to buy a home making minimum wage?

By MSC

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Is it possible to buy a home making minimum wage?

i live in a city called burlington in ontario, canada. the current minimum wage is at 10 dollars an hour. is there any way some one making 10 dollars an hour working 40 hours a week could afford to buy a home? even a condo for 170 000?

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Comments

  1. MSC says:
    August 29, 2009 at 3:41 pm
    No – not in this economy. Sorry. Unless you have a partner that also works full-time, or some asset(s) that you can put a lien on (to get a home equity loan), then it'll be tough for you to get a mortgage. I work at a bank, so from my perspective it would be too risky to give someone making min wage 30 thousand for a down payment, or any kind of loan for that matter.
  2. MSC says:
    August 29, 2009 at 3:41 pm
    A condo at 170K is way beyond your means — even with a 20% down payment, you'd be looking at a mortgage of $1000+ a month, meaning 75% of your monthly pay would go to housing costs alone (assuming you could get that kind of loan on your earnings, and in this market, there's no way). Generally speaking, the cost of your home should be 2.5 – 3x your yearly pay, putting your max price @ $62,400.
  3. MSC says:
    August 29, 2009 at 3:41 pm
    I don't think you realize how much mone $170k is. Unless you have a huge down payment there is no way that you alone on minimum wage could buy a home and keep up with all the other expenses of living and keeping the property in good repair.
  4. MSC says:
    August 29, 2009 at 3:41 pm
    down here in St Paul MN they are selling homes for a buck. Catch is your required to live in them AND renovate…. The other catch is its such a bad area that you would probably get shot trying to move in…. other wise hell no. The bank will giggle when you apply….
  5. MSC says:
    August 29, 2009 at 3:41 pm
    Not possible at all. Home buying is a privilege for those who make the money to actually afford it……..except for the past 5 years or so. Thankfully, those days appear to be over.
  6. MSC says:
    August 29, 2009 at 3:41 pm
    Anything is possible you just gotta work your as s off. Get a second job if necessary. Cut down on little luxuries such as cell phones, going to the movies, etc. Its easily possible.
  7. MSC says:
    August 29, 2009 at 3:41 pm
    With a down payment, yes. You are expected to save up all that minimum wage and buy down the loan so that you can afford the mortgage.
  8. MSC says:
    August 29, 2009 at 3:41 pm
    yeah sure if you want to live in the USA with a minimum wage of 10.00 you could probably afford a house in a 80,000-120,000 dollar range! good luck
  9. MSC says:
    August 29, 2009 at 3:41 pm
    nope. even if u could the only thing you could pay for Would be the rent or mortgage and nothing else. no food no gas no necessities.
  10. MSC says:
    August 29, 2009 at 3:41 pm
    Sure. That's exactly how everyone got into this financial mess. Buying way above their means.
  11. MSC says:
    August 29, 2009 at 3:41 pm
    probably with decent credit and a good down-payment, check into lease purchase options…Good Luck!

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