What salary do I need to buy a house? I struggled with that question in my 20s and it probably kept me renting a year or so longer than I really needed to be. Then again, considering the housing crisis of 2007-2008, renting a year or so longer was a small price to pay to avoid potentially making the biggest financial mistake of my life.
One of the reasons for that financial crisis was not enough people asking that question. A second reason was banks being dishonest about the answer. For the record, I think buying a house is a good idea and it’s worth it. But you have to be sane about it to keep from getting into trouble.
David Farquhar is a computer security professional, entrepreneur, and author. He started his career as a part-time computer technician in 1994, worked his way up to system administrator by 1997, and has specialized in vulnerability management since 2013. He invests in real estate on the side and his hobbies include O gauge trains, baseball cards, and retro computers and video games. A University of Missouri graduate, he holds CISSP and Security+ certifications. He lives in St. Louis with his family.