How do young couples afford $100,000-$300,000 homes?

My Fiance and I work hard but I cant see being able to afford a mortgage like that. and buy groceries, get a hair cut, buy shoes etc.How do young couples afford $100,000-$300,000 homes?
In theory, you should be looking to buy a home that is 2 1/2 times your combined annual salary. Also, you should save approximately 10-20% of the cost of the home as a down. This will help reduce the monthly payments.





Buying a home for a young couple is dificult these days, given the rising costs of new and existing homes. However, if you are looking to own, and cannot afford a traditional home yet, look into buying a condo. That way, you are not wasting your money on rent, but instead accruing equity in an appreciating investment.





As your finiancial situation improves, you can sell the condo and use the profits to fund the home of your desire. If you do that, you can forgo some (or all) of the taxes on the sale of the condo, as long as the money is going to buying the new home.How do young couples afford $100,000-$300,000 homes?
If you two make $6,000/month combined, your taxes, health care, social security etc probably comes to about 25% of that which leaves $4,500. Take out a car payment of $500 and you have $4,000. A $2,000 monthly mortgage payment would easily purchase a $100,000+ home and still leave you $2,000 a month to live on.





Using the above figures you should be able to come up with a 20% down payment in less than a year.





I suspect your question is based on you presently spending all of what you earn. Simply stated, to get into today's housing market for the first time, young wage earners must be willing to accept a reduced life style for a period of time.
I'm 25 and just bought my first home, had it built. I have a ver good paying job and live in a city with a very low cost of living. I am not that good at budgeting but still get the bills paid and am able to buy nice things. It's all a matter of where you live, and how much you make basically. And banks look at your debt to income ratio, if it's low then you can get a house well provided you have decent enough credit.
Budget, you have to decide what is more important to you. Brand name everything, or a nice house.
Budget, cut back, save, get a 2nd, 3rd job, go to school and get a better job, invest, buy the house on interest only and then resell and move again.
how does a single mother affords a home of 500,000??


education, good job, good finance skills babe...
Some companies are offering interest only loans-don't recommend. My son-in-law and daughter both have good jobs and they bought a condo first and them sold the condo for twice what they paid for it-Just lucky the condo prices went way up in the area where they live-Bought a house with the down payment from the profit on the condo-They both work hard plus have an at home business on the side. It takes planning,budgeting and sacrifice.
Most young couples afford it because their families contrbute to make their down payment larger which cuts their monthly payments by a lot.
what's more important, shoes or a home? i know what you mean though. some couples have good jobs, some have connections at the bank, some have parents that are still buying them whatever they want even though they're married. my advise would be don't worry about what other people are doing, do what's best for you and yours.