Single Homeowners - How do you afford your mortgage and bills?

I'm 30 years old and I make a decent salary. I've been renting forever, and everyone keeps telling me I'd be better off to buy a house. So, I'm considering it.





But when I sit down and calculate what my monthly expenses will be with a mortgage, it seems I'll have NO "free" money left. All of my money will go to bills!





How do you single homeowners do it? Are you broke all the time? Did you take in a roommate? Do you work 2 jobs?





I know other single homeowners who make less money than I do, and they seem to be doing OK. But I don't want to seem nosey and ask them about their personal finances.





Ideas? Suggestions? Thanks!

Single Homeowners - How do you afford your mortgage and bills?
Heather, you are trying to buy a house you can't afford. Buy one that you can and you will come out ahead.





I am single and support myself just fine.
Reply:I concur with Ashley Kitty. I bought a condo when I was single, and I could afford it because the mortgage and assessment was equal to, or even lower than, the rent for a comparable apartment.


I see what the asking price is of the property you are looking at. You may have to consider something smaller, that might need a little work, to start you off. There should be some deals on property that, while is in decent condition, may not have been remodeled recently. I just sold the same condo I was talking about above for considerably lower than market value because it had no upgrades--old appliances and fixtures (though they are all in good working order). That buyer got a good deal, there is probably something like that in your area too.
Reply:When I bought my house, it was only about $100 more a month than my rent was.





FIgure it this way:





Your rent/mortage should equal one weeks' pay before taxes.





Single for 6 years and making it!
Reply:Talk with a lender who will help you determine a budget that will work for you. Typically they won't want your mortgage to be more than 25% of your total income. Which leaves you plenty to tithe and pay bills with.





You can still have fun, however, when given the choice between re-decorating vs. meeting your single friends a bar after work, the former choice may wind up winning.