I'm 23 and living at home, I want to move out but am worried I'm overlooking something or am overestimating my financial abilities. I have a full time job as a developer and have been in the job for 6 months and am in a program that gives me good job security for at least 3 years.
Some more relevant information about me:
- Graduated last year debt free
- Going for my master's at a state university starting next semester (employer paying 80%)
- I can get about 45% of the price as a down payment (of course depending on the amount)
- Looking at houses in the range of $130k-$240k
- My car is paid off
- Live in US (citizen)
- I pay $100/month for car insurance, and $110/month for cell phone/service
- My monthly income is about $3000 after tax and deductions (401k, health insurance,etc.)
- I'm in a relationship but plan on the house being completely in my name and she only helping out with the bills
- I have a decent credit score (not sure exactly but the few times I've had someone check it, I've been approved for everything I've applied to)
My questions are:
- Does it sound like a good idea for me to get a mortgage of about $600/month?
- What is an average cost for bills, utilities, and insurance in the US?
- Is it smart to get a house while going for a degree?
- What are some of the risks of having someone help with bills who isn't my spouse (yet)?
One of the biggest motivators I have for wanting to buy a house at this time in my life is because I'll be gone from 6:45AM until about 10:45 PM if I drive home every night after my night classes and that sounds awful compared to coming to a home close to the area that I'd work/go to school at. Also the housing market has improved and I would like to get a house during a more favorable market.
If I have left off any important information, please let me know!
Thanks for any and all advice.