I am in the process of getting ready to move back to the West Coast from Winnipeg Manitoba. I left in 2001 for a job out here, and the winters have started to get to me. Since then I have been able to purchase a house (100k) and live very comfortably in a mid 80s job. I have just started to look and find that housing is 3-4x the amount I Currently pay and wonder how are everyone else doing it and getting by? I am out of debt, with the exception of the mortgage, and don't understand people are to keep ends meet, let alone purchase aquarium related stuff, let alone raise a child like I am thinking about in the near future..
If I was to purchase a house at $300,000 (it would be something meager and a fixer upper no doubt I would assume) - at a 25 year term, that would equal out to about 1850 as a mortgage payment at current 5% rates. Thats 500 dollars per month towards my principal and 1250 on interest alone!
While I do not want to rent, I see no other choice - I will be throwing my money away at interest all together, when I could potentially invest that money and hope to get a return on it.
What is the average income that someone requires to actually live now?
Confused, about trying to make potential ends meet.
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04-17-2006, 05:07 PM
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