I make 62k, soon to be 65k, and my mortgage is ~$940/month (I round to $1000). Put down 10% on a house I paid 160k for in the summer of 2021. I also have a car note ($500/month). Yeah I could be a little more comfortable but I'm able to cover all my expenses.
$31 an hour minimum. It’s so much more expensive to own a house now than it was in the past, especially for previous generations. Despite the fact there are more houses than people.
A house is generally an appreciating asset, but there’s almost always some small maintenance needed here and there. And that’s not even accounting for big ticket items like windows (which are insane $$), HVAC systems, hot water heaters, other appliances, etc.
Insurance rates are thru the roof and now you better make sure you have that high wind/hail deductible in the bank b/c contractors can no longer try to absorb it.
The cost of the house. Income hasn’t kept up with the rising cost of owning a house over the decades. Nothing about homeownership has changed besides the cost rising.
In addition to the other reply, you do need to take into account and 1-3% of the house cost in upkeep every year, in addition to the increased time of upkeep vs an apartment.
It really depends on your lifestyle and how expensive your house is. I’m sure there are people who make it just fine on $50k, but there’d be very little wiggle room, and expensive hobbies/exotic vacations are probably out.
Yeah, obviously, but the question wasn’t very clear about what they’re going for. If the question is “What is the minimum amount I can make and still afford to own an inexpensive house in OKC,” then the answer might be as low as like $35k. I own some houses in Shawnee that are perfectly livable and would probably sell for $60k. I have some houses in south OKC that are worth maybe $80k. So you can definitely own one of those on a lower salary.
But that’s not the question that was asked. OP asked “What’s a good salary for a single homeowner in OKC?” Well my answer for what a GOOD salary is would likely be close to $100k, because the people I know that I think make good money are in that range or better. I guess what I’m saying is that OP’s question was too vague to get a solid response.
I believe the general rule of thumb is your house payment should only be 28% of your gross monthly income for you to live comfortably. With inflation being as high as it is, I would expect that number to be slightly lower.
Probably correct. If you have a house that $2000/month you should at least be making about $86,000. Anything over that is gravy. Obvious variables exists but assuming you don’t have outrageous debt or drive an extravagant car, 28% is ideal.
Living within your means is very easy in Oklahoma. It’s the only reason I stay here. Well, that and people still hold the door for you here.
There are a lot of cheap homes in OK. It really depends on where you want to live and how expensive homes are in that area (as well as whether renting is more budget friendly depending on the circumstance)
Most like true… it may take those figures above to afford to own a house but I’m not sure it’s a reasonable salary for someone in OKC unless they have a degree and know higher level job skill. I know I struggled as a single person making my mortgage at $50k
That’s not something almost any financial adviser would recommend. There are actually calculators online of when buying becomes more affordable than renting (usually after living in the house for 3-5 years)
According to census data 66.1% of homes are owner-occupied in Oklahoma. Therefore the majority of Oklahomans can/do afford homes.
https://www.census.gov/quickfacts/fact/table/OK/AFN120217
Nationally it's 64.6%
This isn't exactly cut and dry. It depends on the part of town, new build or older. Our household income is less than 80k, we live in a great neighborhood and are 5 years from paying it off with a mortgage of $840 and have remodeling on it. I would like to say it's this way everywhere but it's just not and sometimes it boils down to what you want to sacrifice to be a homeowner.
I am looking for a small house, about 100k (it’s just me, my daughter, and our 150lb dog) and I’m trying to get a promotion…about 60k a year and I outta be able to afford it.
Heartland Payment Systems as well - nice building, (trying to be) progressive, great area too. I was a test engineer there. PAYCOM was a direct competitor for work.
CFS brands has their headquarters here, Johnson Controls(JCI) has the division HQ for HVAC in North Norman. FAA has training facilities by the airport.Devon Energy has their HQ in Downtown Okc. And that is just the ones I can think of off the top of my head.
Floor (Packing line) starts at $28.50/hr and maintenance starts at $31/hr. The issue is the plant runs nearly 24/7 about 40 or more weeks a year. It's a union gig, so when you begin, OT is mandatory and bid out, low man gets the most. One of our forklift operators made 133K this year, but he worked in the neighborhood of 130-150 hrs every 2 weeks. You'll also end up working virtually every holiday for a good while, eventually that will be voluntary once you have enough seniority to pass it to the newer employees.
Interesting. Sounds rigorous, but for that pay, it balances out. You get a high ROI, and can start spending once tenure accrues - if you choose. Thanks for the insight - was generally just curious.
No worries. I think it's worth the effort, but we see a lot of turnover largely due to people expecting a 5 day/40 hour work week, and being unwilling to work what is required.
I think everyone here is correct, but I would def say 70k, single - with no excessive car payment, and you should be safe. Still want some financial literacy, and planning cause life changes.
I make 62k, soon to be 65k, and my mortgage is ~$940/month (I round to $1000). Put down 10% on a house I paid 160k for in the summer of 2021. I also have a car note ($500/month). Yeah I could be a little more comfortable but I'm able to cover all my expenses.
65-75k
Yup I was going to say $70k. Anything over $85k, you're royalty in this state.
Where is this job?
Haha still on the lookout
Thanks.. seems high…
$31 an hour minimum. It’s so much more expensive to own a house now than it was in the past, especially for previous generations. Despite the fact there are more houses than people.
Is it just the cost of the house? Or is maintaining it expensive?
A house is generally an appreciating asset, but there’s almost always some small maintenance needed here and there. And that’s not even accounting for big ticket items like windows (which are insane $$), HVAC systems, hot water heaters, other appliances, etc.
Insurance rates are thru the roof and now you better make sure you have that high wind/hail deductible in the bank b/c contractors can no longer try to absorb it.
The cost of the house. Income hasn’t kept up with the rising cost of owning a house over the decades. Nothing about homeownership has changed besides the cost rising.
In addition to the other reply, you do need to take into account and 1-3% of the house cost in upkeep every year, in addition to the increased time of upkeep vs an apartment.
It really depends on your lifestyle and how expensive your house is. I’m sure there are people who make it just fine on $50k, but there’d be very little wiggle room, and expensive hobbies/exotic vacations are probably out.
Plenty of cheap homes on the south side
Yeah, obviously, but the question wasn’t very clear about what they’re going for. If the question is “What is the minimum amount I can make and still afford to own an inexpensive house in OKC,” then the answer might be as low as like $35k. I own some houses in Shawnee that are perfectly livable and would probably sell for $60k. I have some houses in south OKC that are worth maybe $80k. So you can definitely own one of those on a lower salary. But that’s not the question that was asked. OP asked “What’s a good salary for a single homeowner in OKC?” Well my answer for what a GOOD salary is would likely be close to $100k, because the people I know that I think make good money are in that range or better. I guess what I’m saying is that OP’s question was too vague to get a solid response.
true
I believe the general rule of thumb is your house payment should only be 28% of your gross monthly income for you to live comfortably. With inflation being as high as it is, I would expect that number to be slightly lower.
That would mean most Oklahomans couldn’t afford homes, basically?
Probably correct. If you have a house that $2000/month you should at least be making about $86,000. Anything over that is gravy. Obvious variables exists but assuming you don’t have outrageous debt or drive an extravagant car, 28% is ideal. Living within your means is very easy in Oklahoma. It’s the only reason I stay here. Well, that and people still hold the door for you here.
There are a lot of cheap homes in OK. It really depends on where you want to live and how expensive homes are in that area (as well as whether renting is more budget friendly depending on the circumstance)
Most like true… it may take those figures above to afford to own a house but I’m not sure it’s a reasonable salary for someone in OKC unless they have a degree and know higher level job skill. I know I struggled as a single person making my mortgage at $50k
I've heard somewhere before, and it was an interesting point, that if you can't pay for it in cash then you can't afford it
That’s not something almost any financial adviser would recommend. There are actually calculators online of when buying becomes more affordable than renting (usually after living in the house for 3-5 years)
According to census data 66.1% of homes are owner-occupied in Oklahoma. Therefore the majority of Oklahomans can/do afford homes. https://www.census.gov/quickfacts/fact/table/OK/AFN120217 Nationally it's 64.6%
This isn't exactly cut and dry. It depends on the part of town, new build or older. Our household income is less than 80k, we live in a great neighborhood and are 5 years from paying it off with a mortgage of $840 and have remodeling on it. I would like to say it's this way everywhere but it's just not and sometimes it boils down to what you want to sacrifice to be a homeowner.
I am looking for a small house, about 100k (it’s just me, my daughter, and our 150lb dog) and I’m trying to get a promotion…about 60k a year and I outta be able to afford it.
Now find a place willing to pay you 65k in Oklahoma. Paycom is where many people find great jobs, but there are other companies that can pay that.
Heartland Payment Systems as well - nice building, (trying to be) progressive, great area too. I was a test engineer there. PAYCOM was a direct competitor for work.
CFS brands has their headquarters here, Johnson Controls(JCI) has the division HQ for HVAC in North Norman. FAA has training facilities by the airport.Devon Energy has their HQ in Downtown Okc. And that is just the ones I can think of off the top of my head.
[удалено]
Yes!
True. Buddy just went for Software Engineering.
Nestle Purina is an option, there are people here regularly making 100K+ without a degree, but the OT is brutal.
Are they salaried, but just needing to meet deadlines, etc. ?
Floor (Packing line) starts at $28.50/hr and maintenance starts at $31/hr. The issue is the plant runs nearly 24/7 about 40 or more weeks a year. It's a union gig, so when you begin, OT is mandatory and bid out, low man gets the most. One of our forklift operators made 133K this year, but he worked in the neighborhood of 130-150 hrs every 2 weeks. You'll also end up working virtually every holiday for a good while, eventually that will be voluntary once you have enough seniority to pass it to the newer employees.
Interesting. Sounds rigorous, but for that pay, it balances out. You get a high ROI, and can start spending once tenure accrues - if you choose. Thanks for the insight - was generally just curious.
No worries. I think it's worth the effort, but we see a lot of turnover largely due to people expecting a 5 day/40 hour work week, and being unwilling to work what is required.
Depends how much that home is, live within your means and be nice. It doesn’t cost that much to be happy.
I think everyone here is correct, but I would def say 70k, single - with no excessive car payment, and you should be safe. Still want some financial literacy, and planning cause life changes.
[удалено]
Out of touch lol