The goal
is to become self-supporting and that requires a plan to earn and save.
Single
Family Home Ownership allows owners to invest in an asset that appreciates in
value. Renting is a bad idea.
Substituting a monthly rent payment with a monthly mortgage payment
requires saving a down-payment.
The US is
affordable for individuals who can earn $40,000 per year with a net pay of
$36,000 or $3000 per month. Monthly expenses might include the following:
Rent
$1500 - $1900
Electric
$100
Phone $50
Internet
$50
Water $50
Gas Heat
$50
Car
Payment $300
Car Ins
$100
Food $400
Maintenance
Savings $400
Total
Monthly Expenses $3000
A
one-bedroom apartment in Atlanta costs $1500 per month.
A
two-bedroom apartment in Atlanta costs $1900 per month.
If two
income earners can share the basic costs, things get a little easier. Two
earner renters whose total net incomes total $3000 per month, can use the same
budget model, but can share the cost of rent, electric, phone, internet, water
and gas heat that totals $2200 per month. This cuts those expenses to $1100 for
each room-mate.
Single
Family Homes are available in Atlanta GA from $50,000 to $100,000.
Mobile
Homes cost $50,000 to $80,000 plus Trailer Park lot fees of $100 to $300 per
month.
Trailer
Parks are located in Marietta, Acworth and Kennesaw.
Monthly
mortgage costs for buying a low-cost Single Family or Mobile Home
Home
Price $100,000
Down-Payment
$10,000
15 year
fixed 3.7% Loan
Monthly
Payment $739 per month
Source:
mortgage calculator
Mortgage
payment on a $100,000 home with a 15-year 3.7% loan is $739 per month. Renting
a 2 bed-room apartment costs $1900 per month. Buying is $1161 per month cheaper
and you get your money back as the home appreciates in value.
Norb
Leahy, Dunwoody GA Tea Party Leader
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