this post was submitted on 07 Nov 2024
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A Boring Dystopia
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So taking Iowa as an example:
So total monthly payment (with insurance and taxes ) is $1770 or $21,240/year. The downpayment is needed, of course.
Rule of thumb says your housing shouldn't be more than 28% of your income.
So that would mean $75,857/year income to live comfortably. That would be $36/hour working full time.
That seems doable by a single guy. This is even with a very comfortable percent of only 28% going to housing. If you go to the uncomfortable 50% of income for housing that would bring down the required annual income to $42,480/year or about $20.50/hour.
I can't claim to have looked at every town in every state, but the vast majority of places I go to look don't have work even remotely close to where a house at that price would be located. To make matters worse for my specific situation, I'm "uneducated" and rapidly approaching 40 so my employment prospects are severely limited.
I had also wanted to stay within 5ish hours of family but beggars can't be choosers and all that... I'll have to give Iowa a better look. Thanks for the info!
This is where there isn't great translation when looking at macro numbers (like the chart that lists median house prices) and trying to apply that info to the micro numbers, like one specific person.
Even the median home listed here in Iowa at $204k doesn't mean thats the cheapest house. There are houses cheaper (and those that are more expensive), but the median represents a closer number when looking at large numbers of houses.
Its never too late to bolt on additional education. It can be a college degree, but it doesn't have to be. It can also be trade school or industry specific certification. I highly recommend looking at your options. I too was a non-traditional student and complete get my Associates degree until was in my early 30s and Bachelors just before 40. Having those let me leapfrog several income levels in a short time. Its not the degrees alone, but the other skills I (and probably you) have that wouldn't be considered without that degree. I now have trade school, college degrees, industrial certifications, and decades of experience. All of these together made employment very manageable.
I'd be happy to share my experience as a full time working adult and part time college student in their 30s if you want that. The short version is, being an undergrad college student as an adult is easy mode compared to doing it when you're right out of high school.
You're going to be 45 years old in the years ahead irrespective of what you do. Wouldn't you prefer to still have that "uneducated" status then or would you like that to be different?
I appreciate the confidence! I definitely have my own issues to work out. I never chose a direction because I never felt capable of anything more than menial labor. All of my interests are in either sectors with severely limited employment opportunities, or just simply way above my capabilities. As you say though, I'll be 45 regardless. I just have to figure myself out. Thanks again!
Thanks for doing the math but, Iowa? I’ve been to Iowa many times growing up and not a place I’d wanna live. But valid point that it is affordable there if you enjoy trump fascists
I was picking a lower priced state to show home ownership is possible for a single person in the USA. Luxuries or preferences wasn't in the equation.
Yea I understand. Just pointing out its a significant factor in the house price being low in the first place