it seems like the average cost of a house would be about 500k (we need at least 4 bedrooms, 2 baths min). (i’m in NC).
currently, i (21), my husband (27), our toddler, and soon to be second child live with my in laws.
we desperately want to get out. but don’t know how, or if it’s even possible.
we have no savings and live paycheck to paycheck. only my husband works right now, and i don’t see me being able to work again at least for another year and a half.
we pay $1200 a month for transportation (insurance+car), and have $6500 in credit card debt (which result in monthly minimums of about $200). no other bills.
where do we even begin to start saving or planning for a house? how do we even buy a house? do we need 10% of 500k in cash??
please help us see the light at the end of the tunnel.
we want to be out of my in laws IDEALLY by the time my 1.5 year old goes to kindergarten, but the absolute latest, in 5 years (i don’t even think we can last 5 more years here).
the thought of being stuck here until my in laws die, is haunting my husband and really causing a huge stress on us with such low income and NO idea how to get out of this situation.
original posted by Dull-Ad357 to r/personalfinance on Mon, 08 Apr 2024 15:48:24 GMT.