Prices are way out of wack and need to come back down to earth, but with 100K income you can buy a home. You just have to be resourceful. I don’t recommend buying a home right now, might want to wait at least a while. I make about 30K a year and so do my co-workers. Many of whom, including myself purchased homes when they were 150k-250K. We were also only making 20K a year at the time, but worked as much overtime as we were given. Some of us rented out extra rooms and or lived with extended family members. I also ran a booth at the local swap meet on weekends to save for a down payment. So if you really want a home it’s possible. At first I was scared to buy, but now it all seems to be easy. As long as you can afford a fixed 30 year loan, and you don’t see yourself getting laid off anytime soon, it’s possible. Also your payments will stay the same, but your income will rise along with inflation. The people that are losing their homes took loans that they couldn’t afford. They also tend to spend more then they can afford. You see a lot of forclosures with Hummer’s or BMW’s in the driveway and wonder are these people nuts or what. So be patient, save your money for a down payment, and the market may just play into your hands.
