How do people buy homes??

Single, almost 42-yr-old female. Work in education. Masters degree. Dog mom. Renter. Looking to purchase my first home.

I’ve been saving money for years now, but it seems impossible to afford my own home with what I’m looking for. I have an apartment in the Valley Ranch area- 1 bed, 1 bath, attached garage, 778 sq ft. My rent is actually reasonable ($1205/mo + fees).

I was working with a realtor and lender, and they said I’m in a great position to buy. My credit score is 788, and my debt-to-income ratio is 29%. No student loan debt. My car is paid off, has been for years. I stash money away each month toward my own car savings, so whenever I do need to buy again, I can trade and pay cash (some that already).

I have many sinking funds (car savings, car maintenance, Christmas, special occasions, dog stuff, etc). I put $500 monthly into investments for house savings. However, my 403b contributions (to supplement TRS) are minimal…need to be more.

Also, my financial advisor who handles my 403b, investments, and Roth IRA suggested my take home pay should be 50% needs (mortgage/rent, bills, food, car insurance, etc), 30% fun, and 20% savings.

My take home pay is $4656/mo. I’ll never make a ton working in education, so it is what it is.

I was looking at a home priced at $239,900 in Euless. My lender is super nice and helpful and great…running different scenarios, answering all my questions…but the math just isn’t mathing for me even though she is confident I could afford it.

Half of my take home is $2,328. If I did a 3-2-1 buydown, that’s if I got $10k concessions to do the buydown, the first year would be right under $1400 and incrementally going up until payments would be between $1700-1800 by year 4. If I refinanced, that costs money too, which would be tacked onto my monthly payments.

All of my other necessities puts me well over the 50% / $2328 budget for “needs” like my financial advisor suggested.

Not to mention needing to save monthly for house repairs, too. The home I was looking at, the HVAC label said 2012 even though the listing said no floors, new patient, and HVAC recently. Then a period. Recently…replaced? Serviced? So that was weird. No idea of the roof’s age. Windows were meh. Could use replacing at some point. Plumbing was questionable (dry toilet). No outlets on one side of the kitchen countertops. Older home. So repairs would definitely be in the future.

The seller went with the other offer. I was crushed, but I don’t think I could’ve afforded the payment plus repairs.

Anyway, I’m looking to drive no more than 20 minutes from my school, which is in Las Colinas. Preferably the Euless area because close to family in south Irving. The couple of homes in South Irving are a dump. Don’t want an HOA.

HOW ON EARTH does a single person with my income afford a home on their own?? With these interest rates??? That will never come down.😭 A home that’s not a dump, in a safe area, and not have to commute too terribly far? I’m convinced what I’m looking for doesn’t exist, and I’ll be a forever renter.😔