Ep. 163 – Let’s Hear From Another REAL Home Buyer: Amber’s Story

Ep. 162 – How Much Home Can You Afford With Your Salary
Ep. 162 – How Much Home Can You Afford With Your Salary “Hey David, I make more money now. What kind of house can I buy on my new salary?” – A Lot of First-time Home Buyers “There’s an equation for that!” – David Sidoni, #1 First-time Home Buyer Advocate & Data Chart Enthusiast Yes, it’s true. There is indeed an equation that can help you determine how much home you can afford based on how much you make. David will spill all the tea in this episode… but you HAVE to promise to listen to the whole podcast. He’s not kidding. There’s more to the numbers than meets the ears.

Here are some topics from today’s discussion:

  • How the equation works
  • How determining your monthly payments can help you buy a home
  • All the warnings and cautions that come with this equation

Episode Highlights:

[02:21] Let’s Look at the Numbers

Before we dive in, there’s one important caveat: every buyer has extenuating circumstances that will affect this number. This is a GUIDE. First thing’s first. When it comes to getting approval for buying a home, it all comes down to the monthly numbers. While your salary might be measured by an annual sum, it’s all measured monthly in real estate. So, take a look at how much a monthly payment would cost for your home, how much you bring in each month (pre-taxes), and then do the math from there.
You can’t use a one-size-fits-all formula to know how much home you can buy. Period.
You can’t use a one-size-fits-all formula to know how much home you can buy. Period.

[19:23] Here’s the Catch

If you made it this far in the episode, great! You’ve kept your promise. David made all of his calculations based on very rounded, very average numbers. Know that interest rates, home prices, and the overall market will ALWAYS change. Always. You can’t just walk away with the numbers from this equation and assume you’ve got it all together. Instead, take this equation, get a ballpark estimate, and then get in touch with a highly qualified real estate agent and allow them to help guide you the rest of the way.

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Here More Episodes

Single women are the highest and fastest-growing sector of first-time homebuyers. Today, David speaks with Eliza as she shares her journey to becoming a homeowner, finding a unicorn real estate agent, as well as finding the right lender and the right home.

David Sidoni dives into research and data to give you the REAL story behind the bank failures and how this could affect the housing market for this year. Also, he throws it into a handy-dandy cheat sheet to help you understand this mess.

Today’s How-to-Buy-a-Homie interview is with Joelle, a single woman who bought a house on her own. Accomplishing this feat was no easy task, but hard work and dedication led her to her first house in Florida! Now, she has the keys to her first house instead of relying on the unsteady rent market.

I hope you are getting your questions answered about this crazy process. I know there’s not a lot of clear information out there on the internet, so that’s why I started this podcast. To demystify the whole thing and get you first timers the help you deserve!  Help me spread the word to other people just like you, dying for answers. Tell your friends, family, and perhaps that random neighbor you REALLY want to move out about How to Buy a Home! A really easy way is to hit the share button and text it to your friends. Go for it, help someone out.  And if you’re not already a regular listener, please subscribe.  If you are a regular and learned something, help me help others – give the show a quick review in Apple Podcasts or wherever you get your podcasts. Let’s change the way the real estate industry treats you first time buyers one buyer at a time – and make sure your favorite people don’t get screwed by going into this HUGE step blind and confused.  Viva la Unicorn Revolution!

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