$30k/year gross, $75k in savings: Insanity to try to find a house?

 In RealEstate

About to hit the big 3-0 living with my mother. It’s something she makes sure to make me feel deeply ashamed about despite me paying her rent for the past three or so years. Of late she’s getting fed up having a son at home. I’ve been living like a monk throughout the pandemic, traveling nowhere and buying nothing save food and health insurance. I’ve been watching the market like a hawk, only to see it get worse and worse and worse.

She’s told me now is the time to get a mortgage, despite rates floating near 6% here. She keeps trying to strongarm me into locking one in, telling me there’s “loads of programs” for a first-time homebuyer and that if I look I’m sure to find somewhere I can move. (We live in New Jersey, where prices are obscene)

Am I just not looking at this from the right perspective? I don’t want to buy some boomer’s house for 3x markup at 5% interest. I don’t even think I can AFFORD it.

submitted by /u/Hatewatch
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