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Can I afford a new home on my salary?

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Owning a home of your own is within reach and it doesn’t mean your income has to be six (or more!) figures to make it happen. Are you ready for your a-ha! moment? For example, a salary of $53,000 will allow you to purchase a Surge Homes loft with a balcony for $145,624 at Museum BLVD with a 5 percent down payment.

As a prospective home buyer, you should understand just how affordable a new home can be and this online affordability calculator will help you do just that. It will estimate the price of a home that may work within your budget based on the details you enter that are specific to your annual household income. Simply populate the tool with the requested information, which takes into account income, debts and new home information (down payment, taxes, etc.), and you may be surprised to learn how much home you actually can afford.

Buying Makes Sense
Often, consumers elect not to buy a home and continue renting or living with family because they are unclear or have misconceptions about the salary necessary to obtain a mortgage in order to purchase a home. This affordability calculator lets you know – in actual dollars – that renting is not your only option, and in many cases, it’s not the most financially savvy one either. With today’s low interest rates, loan-friendly banking environment and a wide variety of available homes at various price points, the time to buy a condo, townhome or single-family home is now.

Houston’s Red-Hot Affordable Home Market
Experts around the nation laud the affordable housing environment in Houston, calling it a “Hell of an Opportunity.” This is precisely why condos at Parc at Midtown sold so quickly and the community was recognized as the third top-selling residential subdivision in Houston in the first quarter of 2016 and the fastest-selling “attached new residential subdivision” in Harris County. Even more affordable is Surge Homes’ brand new mid-rise condominium building, Museum BLVD, which recently launched the sale of its VIP Reservations for this Museum District development where homes are priced from $139,826. 

The reality is that homeownership offers many benefits. Take a few minutes to see for yourself by giving the affordability calculator a try and you’ll have the information necessary to determine how much home you can afford with your annual income. Then you’re better able to decide why owning your own home is a fantastic opportunity to make a long-term investment in your future.

Online calculators are, of course, fun and interesting tools but they should be used as a guide only. It is a good idea to speak with a lender who can conduct a free and proper evaluation of your ability to purchase a home. Please contact one of Surge Homes’ preferred lender to better understand what your salary will allow: Chris Kelso of Fairway Independent Mortgage Corporation – The Kelso Group at 713-256-9138 or chris.kelso@fairwaymc.com.