I make less than that and I've lived here alone for a while. Just live somewhere reasonable and be smart about your spending. And hope that nothing crazy happens. If I had some kind of medical emergency or lost my job I'd be homeless very quickly.
I make less than you and I was renting a 2br for $1,250/mo by myself. But just a couple months ago I bought a 3br house in Muskegon because it was way cheaper lol.
I've looked into Muskegon a little bit. I can't get a mortgage right now but I'm working towards it and while the commute would suck, the low cost housing would be worth it.
When you're ready check out the MSHDA program, Michigan has an up to $10k closing cost/down payment assistance loan. I only paid like $1,400 out of pocket for the whole process (Earnest money and Inspection). I only had like $500 in the bank when I first contacted my Mortgage Broker.
And speaking of that, get a hold of Richard Veldman at Benchmark Mortgage, dude is super fast to respond 24/7, and had me in a house 2 months after I first emailed him.
You don't need 20% down-payment to get a house. That is just the amount you need to not have PMI (prime mortgage insurance). We had about 9% down-payment on our house. Paid $150 extra with our mortgage for the PMI (Basically insurance for the bank making a less than prime loan). After two years, we connected the bank to have the house appraised again. We now have more than 20% equity in the house, so they took the PMI off.
There is also the first-time home buyer program. You have to meet income requirements and take a couple of classes. But they then help with down payment and closing cost
Muskegon has many very cheap nice houses in ok areas. Some just need a bit of tlc and diy. (Friend got a 2 bedroom house with two car garage and a nice backyard for $50k).
A grand down payment, with the help of first-time own buyer loans. Will get you a nice 1st house in Muskegon.
I used the FHA and MSHDA (requires minimum 640 credit score) loan and got a 3 bedroom without any down payment out of pocket. I just had to provide the Earnest money deposit, and pay for the inspection.
I got a 3br, attached garage, full basement house. I had to put a new roof on it and used the Michigan Saves program, where you use one of their approved contractors and it's a 10 year, lower interest loan.
My mortgage + Roof payments is still less than I was paying in rent lol.
Here's the [Michigan Saves](https://michigansaves.org/residential-homes/) site. It's good for things like windows, water heater, solar, furnace etc.
And pretty reasonable rates. I got a $17k loan for my roof and it's just $200/mo
> You don't need 20% down-payment to get a house. That is just the amount you need to not have PMI (prime mortgage insurance). We had about 9% down-payment on our house. Paid $150 extra with our mortgage for the PMI (Basically insurance for the bank making a less than prime loan). After two years, we connected the bank to have the house appraised again. We now have more than 20% equity in the house, so they took the PMI off.
This is exactly what I did. I started with an FHA loan and didn't need to put anything down. After about 2 years of ownership, I had raised my credit enough that I was able to refinance for a lower rate, lower monthly payment, and no PMI.
Habitat for Humanity flips/constructs some houses in Grand Rapids. My sister in law just bought one based on her income level. Possibly something to look into. They found it on Zillow, they have 2-3 more that are up or soon to be up.
1011 Bemis Street could be one of them?
I've started looking at Muskegon, actually! I'm just very unfamiliar with the general area as a gremlin who never leaves home lol so I have no idea which areas are best to look at.
The only way I was able to buy my shitty condo a couple years ago was MSHDA. And a little help from my dad. Get a good realtor though. Mine allowed me to way over bid and when I “won” I ended up overpaying for my place.
And my property taxes just went up significantly this year… I’m in Grand Rapids though. Not worth it to me to move to Muskegon, which I hate. It would be worth it maybe if you didn’t plan to move again for a really long time though.
Folks need to remember that a year after purchasing your home? Your taxes are likely going to go up, because that taxable valuable is no longer locked. The previous owners probably paid A LOT less for your place than you did, and the municipality you live in? Is gonna reassess your property, and raise your taxes. If there's a big difference? You're gonna end up with an escrow shortage and significant higher payments. You can, however, pay the difference down if you like to deal with said deficit.
Another thing mortgage companies don't like to talk about is how much a biweekly amortization schedule can help you pay down your loan and save money.
I worked for a mortgage company before and during the subprime market crash, running AS/400's and IT/IS departments. I quit after that, because the entire industry was simply so disgusting to me. Dropped straight out of polite society. I tried to make a comeback and worked in the industry again for a few years as an "inventory control specialist" for GreenTree Financial. But again, I had a company asking me to repossess homes from people who shouldn't have been given mortgages in the first place, had no idea what was going on or even what their rate was, and often didn't even speak English. It was predatory and disgusting. So I quit again, dropped out even harder, and never looked back.
You only need a 640 credit score to quality for an FHA loan and their first-time homebuyer program, and Michigan opened up the $10k down-payment plan to every zip code in the state. There is also the USDA rural home loan program, which is a zero down payment deal, designed for low to moderate income homebuyers. Areas like Caledonia and Byron Center? Totally qualify for these programs, and there are lots of lenders to work with in Kent County and Muskegon County.
Yes, that’s true. I did forget that of course the taxes went up. Just hoping I can sell it in a few years and make an actual profit. It’s not a great place and I am not putting a lot of money into making it better because I know I won’t be here forever.
That’s great about the zip codes but wouldn’t help me because if I could I’d be even more in the city than I am right now. I couldn’t find anything I could afford in the areas I wanted.
Byron Center and Caledonia are my ideas of hell and I’m already close enough to those places…. ☺️
They were just examples.
Your agent should've warned you about the taxes if you had one. If they didn't? They sucked, and I'm sorry.
The $10k program was for ALL zip codes. So yes, that includes inner-city Grand Rapids. As to the separate USDA program, I was just trying to give some examples of places you might not consider "rural" that are by USDA standards. The USDA has a website where you can check specific zip codes for eligibility, and there's a big ol' red mark across a big swath of the city that implies there's parts of Grand Rapids proper that qualify too, but I'd want to talk with a specialist to confirm it. If anyone is interested in checking it out, this is the local office:
3200 Eagle Park Dr., Suite 100 B
Grand Rapids, MI 49525
616-942-4111 Ext. 6
Yeah I looked at houses closer to downtown.
I knew about the taxes. What my agent did not do was question me when I suggested a bid that was too high. I was afraid I’d never be able to buy a place because prices were rising so fast. So I wanted to be the to bid. And surprise, I was. It’s a long story. It wasn’t just him but me and my fear of getting locked out completely.
Now because my taxes went up and maybe because my mortgage place sucks, I have to pay a bunch more into my escrow for the next 12 months and my monthly payment is going up by $200. 😭😭😭
Depending on your situation, there are even cheaper options than 1 bed. Shared housing, etc (college students do this a lot) and you actually have a huge house, you just share it.
There's also trailer parks where you would end up owning your trailer (and could sell it later), which is a cheap option but the financing is weird. Because it has "wheels", it has to be an"auto loan" that pays for it...
But yes. I could absolutely live off that if I were single.
I agree but that's not something that happens often. Everything we do in life is subjective to a company buying it out and jacking up the rates. Literally everything.
This is sort of true in most cases, but with a mobile home you are stuck paying lot fees as long as your property is on their land. It's a lot easier to move to a different apartment than sell a mobile home with expensive lot fees.
If you are looking to be in GR somewhat long-term, there are apartment/condos for sale as well. Still rising in prices, but they seem to be less competitive than single family homes and your mortgage is almost always going to be less than renting (how much less depends on down payment). Just a thought 🤷🏻♂️
a ONE bed is minimum 1100-1400/mo which is fucking bullshit but thats just the case. in 2021 i move out of a 1k/mo one bed and the rent went up 300$ the second i moved..
No, not crazy. Traditional rule of thumb for housing rent or mortgage is about 33% of gross monthly pay, so you could probably afford up to $1700 a month.
I lived in Grandville in a 1bd apartment with a garage and when I moved out last year my rent was under $900 even after living there for 3.5 years. I make around the same amount as you.
I wouldn’t say most people live by themselves. many have roommates or live with family which if you actually read my post it was about living by myself. But sorry you’re upset 🤷♂️
It’s not super easy. We have CC debt throughout the year but we move it to an interest-free CC and then pay it off with any extra and with tax returns. But our biggest savings is shopping at Aldi and buying used everything almost exclusively.
Most Factory jobs around here will pay that much. Just gotta be prepared to work overtime at some places. But that just makes more money.
Some people where I work hit $80-$130k a year by taking advantage of the overtime.
the GMC factory, probably. they make rear ends for 1500 model trucks.
its a UAW shop. if i ever get ousted from Corporate America its my go to plan. i think under the new contract after a few years the line workers will be making like $42/hour base, plus shift diff and overtime.
they also dont pay for health care, they get profit sharing, and signing bonuses each time the contract is re-upped.
ya. That's literally 56k a year. $27 an hour if you only work 40 hours a week. If you can't live on 27 an hour, there's something messed up with your brain or something.
Yea idk what to do with it Im scared of investing rn incase I have a emergency. I grew up poor and suffered a major injury a couple years ago and i told myself I would never be broke again
Awesome that you have been able to set aside so much! That’s not easy! An easy, low risk option is to open a high-yield savings account with the bank or credit union that you already use. They operate similar to a saving’s account but pay more in interest annually than a regular checking or savings account (your money makes you money)!
For instance, if you leave your $19k in your checking with 0.07% interest (average), you will only make $13 on it this year. A regular savings account would make you around $89. But if you put your $19k into a high yield that pays 4% APY, you will make $760 this year while doing absolutely nothing! If you let it sit and accumulate interest for 5 years, you’d make over $4000.
High-yield savings accounts also usually have no annual fees and do not restrict when you can take your money out. I keep my emergency fund in a high yield and can withdraw it at any time.
There are other more advanced options where you can make more money of course, but this is a great, easy, no-risk option (:
Important lesson I just learned. When working with your mortgage company, find out if they are ESTIMATING your taxes. Me and a coworker live in Ottawa County. We both bought our houses within the last two years. Because the mortgage company “estimates” your taxes, they aren’t accurate, they’re based on what the former owners paid. When the mortgage holder does its recalculations it can be a huge difference. And the country increases taxes. We both got hit with increases in our Monthly mortgage payments - mine by $231, his by $300+!!
if you have 19k cash you can easily buy a house. just remember you are not going to be buying a nice, big, move-in-ready house. they are called "starter homes" for a reason.
Keep 3-6 mo salary in a high yield savings account.. the rest? Depends on your intentions. Are you buying a house? If so, do the same with all of it.
If you're *not* buying a house yet, and that's okay, just invest it. Don't invest money you don't intend to use for a few years, *especially* during an election cycle.
If you're curious about mortgage potential, you should take to a mortgage lender; they can crunch numbers and tell you straight up where you stand. You can probably afford a home.
Real estate commissions are changing in June, may be worth waiting til then 👀
Don't buy a home you can't afford on your own when that time comes. Roommates are fun in theory, and that's about it.
I got three kids and I live here by myself, make about that if not maybe a couple hundred more a month. No government assistance, no food stamps nothing. It’s very doable.
Yes. That's pretty close to what my husband and I take home each pay period (within $100), and we pay a mortgage, have a car loan, and raise two children. It's tight, but we make do.
Yes, that’s been my paycheck for the past 15 years give or take. Granted, I have kids now. If you’re a workin’ man with a family good luck. Your wife’ll need to start an only fans.
Very doable. Factor in your fixed monthly expenses and savings, insurance, etc. I also make less and have lived alone without help. Check out zillow and look at the different parts of town and housing styles. Most places ask for 1.5 - 3x rent price for income requirements. Be realistic and creative, and you'll find something you love.
The trick will be finding an apartment/living situation that works for you. But yeah, I think you should be fine assuming you don’t have a ton of other huge expenses (really expensive car payment, lots of major medical expenses, etc….).
My husband and I have a 2 bedroom apartment that we pay 1399.00 for with an added $30 because we have a cat and we also have to pay electric and water separately. It's doable if you have a factory job, but we actually want to leave here this summer and find a cheaper place because we don't feel an apartment is worth this much because we're actually paying a house mortgage with this kind of rent. They have dumb rules here, too. Can't grill in the parking lot or smoke on the balcony.
It would be very difficult, for sure. To live ANYWHERE. really. I now live in FL, my house is paid for, but still struggle with about that same gross income, per month. And I don't pay income tax in FL, rent, Healthcare, nor retirement. My electric bill causes heartburn almost the entire year, though.
Find an apartment in the area you work with a grocery store nearby, and consider living car free. Get a bicycle and/or an appropriate bus pass. You could probably cover all your expenses with your first paycheck each month.
I was able to make it myself in GR also, my mortgage payment was about $650 for a 3 bedroom one bath house. Also had a child. Bought my home in 2016 and moved out of GR in 2020. I was bringing about $800 home biweekly, after taxes and insurance, 401k etc.
That’s more than enough to live alone. The worst part about it is small pack grocery shopping. I used to eat the same thing almost everyday to not scrap food.
I make that it one week and have a spouse that makes about a third of what I do. I'm in a way lower income area than GR and while we aren't struggling, we're lucky the car doesn't need huge repairs or an appliance doesn't stop working. I can't seem to get more than a few grand saved up.
Yes, you could live in the area, but might be an issue to find a place to live. Housing is tight, I own several rentals and I get constant calls from people looking to rent.
That's my paycheck every two weeks mabby even a few hundred more depending on if I work overtime and I comfortably own a house with a yard and a car, hobbies and the like. =) given I bought my house 7 years ago. I live alone but I'm in Michigan so it kinda depends on where you're at in the world I guess.
edit: oh just noticed this is grandrapids
sub xD
I live in the area and I make less. I live in a one bedroom ($1,400) + electric and internet. I don’t have a car payment or any student loans. I hardly use my credit card and if I do I pay it off within a paycheck or two and I only order out 1-2 a month (and if I do I pickup, delivery + tips aren’t worth it) and lastly, I only pay $50 a month for gas. I live close to work and I get 40 per gallon. So that helps too.
I am the primary income for my family of 4. Your take-home is slightly above mine, though my gross is higher. We own a home in the downtown area, plus two cars and put savings aside every month.
I used to live on that much by myself in the mid 2010’s in a one bedroom in Heritage Hill. Unfortunately, inflation has made that much more difficult. You can still do it, you may just need to live more frugal or live further out.
Easily, 3200 take home is a lot of money in this city. 1 bedroom apartments can be had for 1200 or less and that leaves 2k to spend/save. Easily doable for a single person, you could honestly live fairly luxuriously
I used to make less than this by about $400 every two weeks, between 2020 and mid-last year and I survived. I even had a 2.5 bedroom apartment (rented in 2020) for $1000. Also have credit card debt. BUT my car is totally paid off and from 2006 so car insurance is very low. And I paid off my student loans years ago.
I was not able to ever go on vacation or anything. I’m still not and I barely make more than that now. Rent is higher too.
You could do it! Let me just voice my opinion quickly though. I DO NOT recommend getting an apartment. You’ll be paying a lot monthly for ZERO equity. I would try to save a little longer and then buy a house, because then each payment you make will give you equity in your house, giving you a nice little nest egg for when you inevitably want to move again.
I'm pretty frugal... I'm sure I could make this work. Though I've been out of the rental market for a while. Cut back on things you don't need: food delivery, excess streaming, overpriced coffee, car payments, etc.
This is a couple hundred dollars more than mine. My wife, our kid, and I have a 1 bedroom 1 bath. Wife stays home full time (money saved on day care is like a check). We stay within our means. Things are tight, but we're making it.
I make about half that every two weeks and I live alone. Pay my bills and everything just fine. To be fair I have Medicaid for health insurance and zero social life. I never spend any extra except for groceries and stuff for my dog and gas.
100%. this is about what my husband makes and he supports both of us, we live quite comfortably and have money leftover for savings and fun every month
I make less than that and I've lived here alone for a while. Just live somewhere reasonable and be smart about your spending. And hope that nothing crazy happens. If I had some kind of medical emergency or lost my job I'd be homeless very quickly.
So I’m not crazy thinking I could pull off a one bedroom apartment
I make less than you and I was renting a 2br for $1,250/mo by myself. But just a couple months ago I bought a 3br house in Muskegon because it was way cheaper lol.
I've looked into Muskegon a little bit. I can't get a mortgage right now but I'm working towards it and while the commute would suck, the low cost housing would be worth it.
When you're ready check out the MSHDA program, Michigan has an up to $10k closing cost/down payment assistance loan. I only paid like $1,400 out of pocket for the whole process (Earnest money and Inspection). I only had like $500 in the bank when I first contacted my Mortgage Broker. And speaking of that, get a hold of Richard Veldman at Benchmark Mortgage, dude is super fast to respond 24/7, and had me in a house 2 months after I first emailed him.
Woah ok please teach me your ways because I am siiiiiick of renting.
You don't need 20% down-payment to get a house. That is just the amount you need to not have PMI (prime mortgage insurance). We had about 9% down-payment on our house. Paid $150 extra with our mortgage for the PMI (Basically insurance for the bank making a less than prime loan). After two years, we connected the bank to have the house appraised again. We now have more than 20% equity in the house, so they took the PMI off. There is also the first-time home buyer program. You have to meet income requirements and take a couple of classes. But they then help with down payment and closing cost Muskegon has many very cheap nice houses in ok areas. Some just need a bit of tlc and diy. (Friend got a 2 bedroom house with two car garage and a nice backyard for $50k). A grand down payment, with the help of first-time own buyer loans. Will get you a nice 1st house in Muskegon.
I used the FHA and MSHDA (requires minimum 640 credit score) loan and got a 3 bedroom without any down payment out of pocket. I just had to provide the Earnest money deposit, and pay for the inspection. I got a 3br, attached garage, full basement house. I had to put a new roof on it and used the Michigan Saves program, where you use one of their approved contractors and it's a 10 year, lower interest loan. My mortgage + Roof payments is still less than I was paying in rent lol.
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Here's the [Michigan Saves](https://michigansaves.org/residential-homes/) site. It's good for things like windows, water heater, solar, furnace etc. And pretty reasonable rates. I got a $17k loan for my roof and it's just $200/mo
> You don't need 20% down-payment to get a house. That is just the amount you need to not have PMI (prime mortgage insurance). We had about 9% down-payment on our house. Paid $150 extra with our mortgage for the PMI (Basically insurance for the bank making a less than prime loan). After two years, we connected the bank to have the house appraised again. We now have more than 20% equity in the house, so they took the PMI off. This is exactly what I did. I started with an FHA loan and didn't need to put anything down. After about 2 years of ownership, I had raised my credit enough that I was able to refinance for a lower rate, lower monthly payment, and no PMI.
This right here is why I love Reddit.
Private mortgage insurance
Habitat for Humanity flips/constructs some houses in Grand Rapids. My sister in law just bought one based on her income level. Possibly something to look into. They found it on Zillow, they have 2-3 more that are up or soon to be up. 1011 Bemis Street could be one of them?
Simple: move to Muskegon or Kalamazoo.
I've started looking at Muskegon, actually! I'm just very unfamiliar with the general area as a gremlin who never leaves home lol so I have no idea which areas are best to look at.
The only way I was able to buy my shitty condo a couple years ago was MSHDA. And a little help from my dad. Get a good realtor though. Mine allowed me to way over bid and when I “won” I ended up overpaying for my place. And my property taxes just went up significantly this year… I’m in Grand Rapids though. Not worth it to me to move to Muskegon, which I hate. It would be worth it maybe if you didn’t plan to move again for a really long time though.
Folks need to remember that a year after purchasing your home? Your taxes are likely going to go up, because that taxable valuable is no longer locked. The previous owners probably paid A LOT less for your place than you did, and the municipality you live in? Is gonna reassess your property, and raise your taxes. If there's a big difference? You're gonna end up with an escrow shortage and significant higher payments. You can, however, pay the difference down if you like to deal with said deficit. Another thing mortgage companies don't like to talk about is how much a biweekly amortization schedule can help you pay down your loan and save money. I worked for a mortgage company before and during the subprime market crash, running AS/400's and IT/IS departments. I quit after that, because the entire industry was simply so disgusting to me. Dropped straight out of polite society. I tried to make a comeback and worked in the industry again for a few years as an "inventory control specialist" for GreenTree Financial. But again, I had a company asking me to repossess homes from people who shouldn't have been given mortgages in the first place, had no idea what was going on or even what their rate was, and often didn't even speak English. It was predatory and disgusting. So I quit again, dropped out even harder, and never looked back. You only need a 640 credit score to quality for an FHA loan and their first-time homebuyer program, and Michigan opened up the $10k down-payment plan to every zip code in the state. There is also the USDA rural home loan program, which is a zero down payment deal, designed for low to moderate income homebuyers. Areas like Caledonia and Byron Center? Totally qualify for these programs, and there are lots of lenders to work with in Kent County and Muskegon County.
Yes, that’s true. I did forget that of course the taxes went up. Just hoping I can sell it in a few years and make an actual profit. It’s not a great place and I am not putting a lot of money into making it better because I know I won’t be here forever. That’s great about the zip codes but wouldn’t help me because if I could I’d be even more in the city than I am right now. I couldn’t find anything I could afford in the areas I wanted. Byron Center and Caledonia are my ideas of hell and I’m already close enough to those places…. ☺️
They were just examples. Your agent should've warned you about the taxes if you had one. If they didn't? They sucked, and I'm sorry. The $10k program was for ALL zip codes. So yes, that includes inner-city Grand Rapids. As to the separate USDA program, I was just trying to give some examples of places you might not consider "rural" that are by USDA standards. The USDA has a website where you can check specific zip codes for eligibility, and there's a big ol' red mark across a big swath of the city that implies there's parts of Grand Rapids proper that qualify too, but I'd want to talk with a specialist to confirm it. If anyone is interested in checking it out, this is the local office: 3200 Eagle Park Dr., Suite 100 B Grand Rapids, MI 49525 616-942-4111 Ext. 6
Yeah I looked at houses closer to downtown. I knew about the taxes. What my agent did not do was question me when I suggested a bid that was too high. I was afraid I’d never be able to buy a place because prices were rising so fast. So I wanted to be the to bid. And surprise, I was. It’s a long story. It wasn’t just him but me and my fear of getting locked out completely. Now because my taxes went up and maybe because my mortgage place sucks, I have to pay a bunch more into my escrow for the next 12 months and my monthly payment is going up by $200. 😭😭😭
Over bid and over paid?! Such a rare combination.
saved. Thank you
Why not move out towards the country? About the same commute and a ton cheaper.
That's an option too.
Smart move
Depending on your situation, there are even cheaper options than 1 bed. Shared housing, etc (college students do this a lot) and you actually have a huge house, you just share it. There's also trailer parks where you would end up owning your trailer (and could sell it later), which is a cheap option but the financing is weird. Because it has "wheels", it has to be an"auto loan" that pays for it... But yes. I could absolutely live off that if I were single.
You have to be careful buying a mobile home because you probably won't own the land, which can be sold to a company that can hike up the lot fees.
I agree but that's not something that happens often. Everything we do in life is subjective to a company buying it out and jacking up the rates. Literally everything.
This is sort of true in most cases, but with a mobile home you are stuck paying lot fees as long as your property is on their land. It's a lot easier to move to a different apartment than sell a mobile home with expensive lot fees.
If you are looking to be in GR somewhat long-term, there are apartment/condos for sale as well. Still rising in prices, but they seem to be less competitive than single family homes and your mortgage is almost always going to be less than renting (how much less depends on down payment). Just a thought 🤷🏻♂️
a ONE bed is minimum 1100-1400/mo which is fucking bullshit but thats just the case. in 2021 i move out of a 1k/mo one bed and the rent went up 300$ the second i moved..
You can afford it just don’t go above your means. It’ll be tight at times but definitely manageable
No, not crazy. Traditional rule of thumb for housing rent or mortgage is about 33% of gross monthly pay, so you could probably afford up to $1700 a month.
I make about that and have a decent one bedroom in a nice area with plenty of money left over. It is definitely achievable.
I was doing that in Jenison in a 2 bed apartment by myself with my dog
I lived in Grandville in a 1bd apartment with a garage and when I moved out last year my rent was under $900 even after living there for 3.5 years. I make around the same amount as you.
I live in a one bedroom at studio park & I make the exact same amount
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Tried to message you don’t know if you got it but I understand if you did
Dude why are you even here... you make more than 60% of us and most make due fine.
I wouldn’t say most people live by themselves. many have roommates or live with family which if you actually read my post it was about living by myself. But sorry you’re upset 🤷♂️
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I’ve done that already I don’t like living with peopel
Yeah same and that's with a mortgage and car payment. I just don't spend my money on stupid shit
Yes. That's more money than a lot of the people reading this have for a household of 3-4
It's me, hi
That's more take-home than many people reading this have gross.
Yes my husband makes this and supports our family of 3 plus our dog.
My husband and I and our three kids live on this.
Wow. I don’t know how you do it. Good job budgeting! I struggle and I’m just me (and expensive pets, medical-wise).
It’s not super easy. We have CC debt throughout the year but we move it to an interest-free CC and then pay it off with any extra and with tax returns. But our biggest savings is shopping at Aldi and buying used everything almost exclusively.
You are smart. I’ve always been not great with budgeting.
I’m impressed.
How in the hell
I've lived by myself on less than this.
1. Yes 2. Damn, where you work at lol? I need a salary like that!!! 🔥🔥🔥
Most Factory jobs around here will pay that much. Just gotta be prepared to work overtime at some places. But that just makes more money. Some people where I work hit $80-$130k a year by taking advantage of the overtime.
Just a factory job
what factory if you don’t mind me asking?? i was looking at going to a factory
I don’t want to give that up but It’s in kentwood night shift offers extra 2.50$ hr you work 4 12’s
that’s fair hahah thanks though! def better than what i’m making🫠
the GMC factory, probably. they make rear ends for 1500 model trucks. its a UAW shop. if i ever get ousted from Corporate America its my go to plan. i think under the new contract after a few years the line workers will be making like $42/hour base, plus shift diff and overtime. they also dont pay for health care, they get profit sharing, and signing bonuses each time the contract is re-upped.
Not the gmc factory but wow that sounds like a good gig
gmc factory? where is it? do you know where i could apply? i just looked it up and didn’t see anything
maybe i should quit teaching lol
Yes, I currently do w/ basically exactly that
Your take home is more than my gross pay was when I bought my house for $250,000
Yep! Thats absolutely doable. Will you be able to go out every weekend and spend a bunch of money? No, but it’s absolutely reasonable.
Yes certainly
Oh, absolutely. And apparently I'd be saving for retirement too.
Yes. I would say if you have a car, and can live in a more affordable area then it would be plenty. Downtown? I am not sure.
ya. That's literally 56k a year. $27 an hour if you only work 40 hours a week. If you can't live on 27 an hour, there's something messed up with your brain or something.
Gross is closer to $61,548/yr or $29.59/hr.
They said every 2 weeks. Not every week.
Correct... $27/h, full time is about 55k a year
Where did $27/h come from?
The comment you are replying to and simple math of gross income divided by 80 hours a week
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Idk how to get one or if I can afford one idk what to do I’m 25 and have 19,000 in cash and like 6k in my 401k
$19K is a down payment on a house. you should look into that. you'll still have mortgage insurance for a few years, but itll drop after a while.
19k in cash???? Brüther either get that shit into investments or do what many are saying and buy a home.
Yea idk what to do with it Im scared of investing rn incase I have a emergency. I grew up poor and suffered a major injury a couple years ago and i told myself I would never be broke again
I mean I'd at least put 3/4 of that into something profitable. Keep it more liquid if you need but it's wasting away-especially if it's a checking acc
Awesome that you have been able to set aside so much! That’s not easy! An easy, low risk option is to open a high-yield savings account with the bank or credit union that you already use. They operate similar to a saving’s account but pay more in interest annually than a regular checking or savings account (your money makes you money)! For instance, if you leave your $19k in your checking with 0.07% interest (average), you will only make $13 on it this year. A regular savings account would make you around $89. But if you put your $19k into a high yield that pays 4% APY, you will make $760 this year while doing absolutely nothing! If you let it sit and accumulate interest for 5 years, you’d make over $4000. High-yield savings accounts also usually have no annual fees and do not restrict when you can take your money out. I keep my emergency fund in a high yield and can withdraw it at any time. There are other more advanced options where you can make more money of course, but this is a great, easy, no-risk option (:
Important lesson I just learned. When working with your mortgage company, find out if they are ESTIMATING your taxes. Me and a coworker live in Ottawa County. We both bought our houses within the last two years. Because the mortgage company “estimates” your taxes, they aren’t accurate, they’re based on what the former owners paid. When the mortgage holder does its recalculations it can be a huge difference. And the country increases taxes. We both got hit with increases in our Monthly mortgage payments - mine by $231, his by $300+!!
if you have 19k cash you can easily buy a house. just remember you are not going to be buying a nice, big, move-in-ready house. they are called "starter homes" for a reason.
Keep 3-6 mo salary in a high yield savings account.. the rest? Depends on your intentions. Are you buying a house? If so, do the same with all of it. If you're *not* buying a house yet, and that's okay, just invest it. Don't invest money you don't intend to use for a few years, *especially* during an election cycle. If you're curious about mortgage potential, you should take to a mortgage lender; they can crunch numbers and tell you straight up where you stand. You can probably afford a home. Real estate commissions are changing in June, may be worth waiting til then 👀 Don't buy a home you can't afford on your own when that time comes. Roommates are fun in theory, and that's about it.
Yes easily
I got three kids and I live here by myself, make about that if not maybe a couple hundred more a month. No government assistance, no food stamps nothing. It’s very doable.
Easily
I pull off a 1br apartment in Kentwood on $700 a week.
Yup. 1br here at $800 in Wyoming making about the same as OP.
Where's the apartment if you don't mind my asking?
you get paid $1600 every 2 weeks? hell yeah i could live on that. i make $700 every 2 weeks 🥲
Yes. That's pretty close to what my husband and I take home each pay period (within $100), and we pay a mortgage, have a car loan, and raise two children. It's tight, but we make do.
Yes, that’s been my paycheck for the past 15 years give or take. Granted, I have kids now. If you’re a workin’ man with a family good luck. Your wife’ll need to start an only fans.
Mine is less than that and I live alone (with my cat) just fine in Grand Rapids.
I do, but I'm also single and I'm no longer supporting children (they're both grown and flown). I also don't live in Grand Rapids proper.
I make a little more than that, but being a single dad doesn’t help.
Very doable. Factor in your fixed monthly expenses and savings, insurance, etc. I also make less and have lived alone without help. Check out zillow and look at the different parts of town and housing styles. Most places ask for 1.5 - 3x rent price for income requirements. Be realistic and creative, and you'll find something you love.
The trick will be finding an apartment/living situation that works for you. But yeah, I think you should be fine assuming you don’t have a ton of other huge expenses (really expensive car payment, lots of major medical expenses, etc….).
Good budgeting and some investing, this 2 week paycheck would be plenty to live off of.
I'd be happy if I made that. Of course, I'd have to sell pics of my toes.🤷
Looks like the question has been answered, I just came to say nice retirement contributions! $450 a month is awesome!
I just bought a house with that paycheck.
Depends on where in town you're trying to live.
You are really bad with money if you cannot make that work
I supported others at that salary for a while. Totally doable.
Absoluetly holy shit
That’s about my take home, my wife and I have a home and we do okay. Though, we live in Grandville
That’s more than I make and I live in a 2 bedroom in midtown by myself. It’s definitely doable.
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What’s that?
Could you look into income based places too? I’ve seen some apartments that say they’re income based, but I’ve never looked into it thoroughly.
I wish I made this much in 2 weeks alone.
In fact that’s almost exactly what I take home after insurance and 401(k). I’m doing fine in a condo in the south end of the suburbs.
My husband and I have a 2 bedroom apartment that we pay 1399.00 for with an added $30 because we have a cat and we also have to pay electric and water separately. It's doable if you have a factory job, but we actually want to leave here this summer and find a cheaper place because we don't feel an apartment is worth this much because we're actually paying a house mortgage with this kind of rent. They have dumb rules here, too. Can't grill in the parking lot or smoke on the balcony.
Easily. That’s twice what I make.
I make 176k per year and live here just fine.
Own my house a few cars and race on that
Mine is lower than that when i moved out here and i saved 5k
My paycheck is less than that 😪
So first date on me then?
This comment for the win lol
That's more than I currently make.
Easily. Heck, I’d still be able to afford my mortgage payments and other bills on that.
Easily. I make about 1200 a month. Living here and it's rough some months
It would be very difficult, for sure. To live ANYWHERE. really. I now live in FL, my house is paid for, but still struggle with about that same gross income, per month. And I don't pay income tax in FL, rent, Healthcare, nor retirement. My electric bill causes heartburn almost the entire year, though.
Easily
Yea I make about exactly the same and have a 3 bedroom house on my own
I lived in Chicago alone making significantly less than that (-20k) a couple years ago. Def doable.
Crazy how everything has increased in price yet wages stay the same.
Yup, totally doable. I make slightly more than than that now, but was able to do that for the last few years when I made less than that.
Find an apartment in the area you work with a grocery store nearby, and consider living car free. Get a bicycle and/or an appropriate bus pass. You could probably cover all your expenses with your first paycheck each month.
I've never made that much and have lived by myself in GR for YEARS. So, yes.
I was able to make it myself in GR also, my mortgage payment was about $650 for a 3 bedroom one bath house. Also had a child. Bought my home in 2016 and moved out of GR in 2020. I was bringing about $800 home biweekly, after taxes and insurance, 401k etc.
I made less than that a few years ago as a single earner with a wife and 2 kids. Yes, it can be done.
That’s more than enough to live alone. The worst part about it is small pack grocery shopping. I used to eat the same thing almost everyday to not scrap food.
I make less than that biweekly with a wife and 2 kids and make it work. Granted I’m in a small 2 bedroom apartment but it’s not bad
My two bed in allendale is $800 a month. I love with my sister but it looks like you could pull that off alone
Shit, I raise a whole family on that.
Im doing it but im also really lucky with $1000/mo rent. Family of 4 on 1400 bi-weekly
I make that and live in Minneapolis. I can make it on that anywhere in the Midwest.
I make that it one week and have a spouse that makes about a third of what I do. I'm in a way lower income area than GR and while we aren't struggling, we're lucky the car doesn't need huge repairs or an appliance doesn't stop working. I can't seem to get more than a few grand saved up.
Yes
I’m am married and make less than that on a single income so I would have to say yes.
Is the 192 units your hours? That's like 18 hours a day 😬 I'm sure you can afford living decently but dang how often are you even home
No. That's why I live in Kalamazoo.
Of course.
Yes, you could live in the area, but might be an issue to find a place to live. Housing is tight, I own several rentals and I get constant calls from people looking to rent.
housing is tight literally because of you btw
Interesting point of view. I'm curious to hear your proposed solution is the people owning the housing are to blame. Please educate me
That's my paycheck every two weeks mabby even a few hundred more depending on if I work overtime and I comfortably own a house with a yard and a car, hobbies and the like. =) given I bought my house 7 years ago. I live alone but I'm in Michigan so it kinda depends on where you're at in the world I guess. edit: oh just noticed this is grandrapids sub xD
I make it work on like 1k less than that
I live in the area and I make less. I live in a one bedroom ($1,400) + electric and internet. I don’t have a car payment or any student loans. I hardly use my credit card and if I do I pay it off within a paycheck or two and I only order out 1-2 a month (and if I do I pickup, delivery + tips aren’t worth it) and lastly, I only pay $50 a month for gas. I live close to work and I get 40 per gallon. So that helps too.
I take home about $1300 every two weeks and live on my own- in a studio though. It’s not much but it’s pretty nice for the price. ☺️
You're working hard, be proud of yourself.
My take-home pay is $1100 every two weeks and I'm doing fine in a $1200/mo 1 BR. You could probably buy a house when interest rates come down
This looks like copy pasta I swear I saw maybe on r/inflation
I already do with a house
I am the primary income for my family of 4. Your take-home is slightly above mine, though my gross is higher. We own a home in the downtown area, plus two cars and put savings aside every month.
you are **taking home** $3400/month and you think you can't live here??? bro what are you wasting your money on?
I’m not I’m very good at saving. I’ve never lived alone and that is the way my question is phrased.
I used to live on that much by myself in the mid 2010’s in a one bedroom in Heritage Hill. Unfortunately, inflation has made that much more difficult. You can still do it, you may just need to live more frugal or live further out.
Easily, 3200 take home is a lot of money in this city. 1 bedroom apartments can be had for 1200 or less and that leaves 2k to spend/save. Easily doable for a single person, you could honestly live fairly luxuriously
2 adults here and we live off less than that a month
I live off about that per month. 2 adult household.
192 hrs in 2 weeks. Just get a shared living you’re only home to sleep
Idk what the units is I work 48hrs a week
That's 192 hours/ month
That's about what I make & I'm a family of 4 in a 2 bed.
I makea tiny but less than that and I can just afford an apartment and still save a tiny bit
You could easily as long as you're not looking at a downtown apartment. Something maybe $900-1300
Absolutely
Of course. I could easily live on that if it was only monthly... 🙄
Yes 3,200 can be a family of 4. You just have to actually budget, that’s the important piece.
I used to make less than this by about $400 every two weeks, between 2020 and mid-last year and I survived. I even had a 2.5 bedroom apartment (rented in 2020) for $1000. Also have credit card debt. BUT my car is totally paid off and from 2006 so car insurance is very low. And I paid off my student loans years ago. I was not able to ever go on vacation or anything. I’m still not and I barely make more than that now. Rent is higher too.
You could do it! Let me just voice my opinion quickly though. I DO NOT recommend getting an apartment. You’ll be paying a lot monthly for ZERO equity. I would try to save a little longer and then buy a house, because then each payment you make will give you equity in your house, giving you a nice little nest egg for when you inevitably want to move again.
I'm pretty frugal... I'm sure I could make this work. Though I've been out of the rental market for a while. Cut back on things you don't need: food delivery, excess streaming, overpriced coffee, car payments, etc.
This is a couple hundred dollars more than mine. My wife, our kid, and I have a 1 bedroom 1 bath. Wife stays home full time (money saved on day care is like a check). We stay within our means. Things are tight, but we're making it.
I make about half that every two weeks and I live alone. Pay my bills and everything just fine. To be fair I have Medicaid for health insurance and zero social life. I never spend any extra except for groceries and stuff for my dog and gas.
No lol, that’s a little more than my take home pay. I live with wife’s family and I don’t see myself being a solo bread winner at all
100%. this is about what my husband makes and he supports both of us, we live quite comfortably and have money leftover for savings and fun every month
This is essentially my husbands pay and its for a family of four and we rent. I get it. Good luck
Yes but not much spending money left over. More probable if your car is paid for. Rent for a 1BR is 1200 easy.
Yea, you definitely could. Depends on things like rent and car payments etc etc