Home ownership just feels so out of reach

Finances

My husband and I are both 30 and have been looking at houses the last year and even put in a few offers on some but I’m starting to realize now that maybe we aren’t even close to being ready to buy. We make about $107K a year and take home about $6,200 a month after retirement/insurance/taxes. We each try to save about $1k a month but unfortunately hit some financial hardships recently and only have about $7k total in our savings. Our only debt is student loans and our fixed expenses are about $2200 a month.

I thought we were in an ok place to buy a house for under $300k if we were to get an FHA loan, but after reading posts on here and in some finance subs, I’m realizing that we are not in a position to buy and are not as well off as most I see on here. It’s an unfortunate realization because I’ve been dying to get out of apartment living and start a family, but that looks to be very far off. It doesn’t help that costs for everything keep rising and that with current interest rates a mortgage in our budget would just about double what we currently pay for rent.. I guess I’m just frustrated and venting, I wish it was easier for the average person to be a home owner these days :/

Posted Nov 2, 2023, 1:22 AM UTC

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