Buying house

[rajvinder kaur 6]

Can I buy a house with 29000 annual income in california?

[steveblue 12]

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Edited January 27, 2020 by steveblue
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[cyclone27 710]

Doubtful

[Ahmed&Freda 628]

With the cost of living in California I would think it would be rather difficult.  It might be worth looking into bank owned property but you will most likely need to put money into the property to make it livable.  Having a large savings would be helpful.

[aznhouston 132]

Depends on how much saving you have. Providing you have no debts, banks will allow up to 45% in mortgage payment which is equal to roughly 14k per year or a bit more than 1k per month. You may need a huge downpayment. 

[databit 328]

Maybe a condo in Bakersfield, Fresno, Salinas or Lancaster

[carmel34 3,638]

It would be very difficult to even live in California with an income that low.  Maybe one or two people in an old mobile home in a low cost housing market, but in most large cities like Sacramento, you would have a very hard time getting a mortgage loan approved.  Check out mobile homes to buy in Merced.

[rajvinder kaur 6]

49 minutes ago, carmel34 said:

It would be very difficult to even live in California with an income that low.  Maybe one or two people in an old mobile home in a low cost housing market, but in most large cities like Sacramento, you would have a very hard time getting a mortgage loan approved.  Check out mobile homes to buy in Merced.

Ok. Thank u. So I much I need to earn annually for buying single family house in california? Any idea please?

 

[Cyberfx1024 7,980]

35 minutes ago, rajvinder kaur said:

Ok. Thank u. So I much I need to earn annually for buying single family house in california? Any idea please?

 

Where in California?

[rajvinder kaur 6]

1 hour ago, Cyberfx1024 said:

Where in California?

Sacramento.

Thank u.

[Orangesapples 1,954]

22 hours ago, rajvinder kaur said:

Can I buy a house with 29000 annual income in california?

You would find it hard to even afford rent on that income. Of course, it depends on where exactly in California you want to live in but $29k a year is basically a poverty wage in California. 

[Orangesapples 1,954]

3 hours ago, carmel34 said:

It would be very difficult to even live in California with an income that low.  Maybe one or two people in an old mobile home in a low cost housing market, but in most large cities like Sacramento, you would have a very hard time getting a mortgage loan approved. 

If banks start approving mortgages in California at that income, the next recession will be inevitable. 

 

OP, it's really hard even for people making $100k to afford a house on a single income in California. Do you have a job offer? 

[SalishSea 17,916]

22 hours ago, rajvinder kaur said:

Can I buy a house with 29000 annual income in california?

No way.  That income will barely pay rent in California.

[rajvinder kaur 6]

On 1/27/2020 at 8:40 PM, Orangesapples said:

If banks start approving mortgages in California at that income, the next recession will be inevitable. 

 

OP, it's really hard even for people making $100k to afford a house on a single income in California. Do you have a job offer? 

Yes, I have a job now. This is my husband income.

 

[Orangesapples 1,954]

10 minutes ago, rajvinder kaur said:

Yes, I have a job now. This is my husband income.

 

You should be looking at your combined income if you're going to buy a house anyway. $29000 might just be the starting salary, eventually he might be able to find a better job.