Buying A $252K Townhouse In Georgia | Millennial Money
Krystal Anyang-Kusi, 30, bought her first home, a $252,275 townhouse, in Lawrenceville, Georgia with a down payment of $4,570, or about 1.8%. Until she moved in May 2020, Krystal lived in her parents' home in Virginia with her three sisters. This is an installment of Millennial Mortgage, which profiles first-time buyers across the U.S. and details how they purchased their homes.
Read more about Krystal's story here: cnb.cx/3k1xoTZ
In March, as Covid-19 spread across the country, Krystal Anyang-Kusi closed on her first home in Lawrenceville, Georgia.
Until she moved in May, Anyang-Kusi, 30, lived in her parents’ home in Virginia with her three sisters. But she was ready for some independence. “I knew back in 2018 that I wanted to move out of my parents’ house the following year,” she tells CNBC Make It. She didn’t expect to be moving during a global pandemic though.
Anyang-Kusi bought her 1,850-square-foot, three-bedroom, two-and-a-half-bathroom new build for $252,275, with a down payment of $4,570, or about 1.8%. She was sold on the property after seeing an online video tour of the townhome model and visiting the lot. Because the down payment was less than 20%, she pays for private mortgage insurance (PMI), which costs her an additional $171 per month on top of her mortgage payment of $1,461.
Anyang-Kusi also has about $78,000 in outstanding debt: $25,000 in student loans, $5,600 in credit card debt and $47,000 on her car note. Each month, she spends about $1,279 repaying the debt for all three: $250 for her student loan, $300 for her credit card debt and $729 for her car loan.
Yet despite her existing debt, she has no regrets about adding a 30-year mortgage.
“I did feel worried taking on an additional debt,” she says. “The thing that gave me solace was that I knew a home would be more of a long-term investment.” All in all, “I just trusted that this time is right for me.”
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Buying A $252K Townhouse In Georgia
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95k a yr is great money for a single person with no kids
This video is a shining example of how keeping up with appearances doesn’t make sense financially. With that level of student debt, car loan, and basically a nonexistent down payment she shouldn’t have bought this much house.
I make the same as her per year and I bring home $5158/month after taxes, health care, and 401k contributions. If her numbers line up with mine (I know they won’t be exact due to her taxes and other deductions) that would be 43% of her take home pay going towards housing. That kind of puts her in the house poor category; plus she has other debt repayments. It’ll make it hard for her to save for other goals like vacation, retirement, house maintenance, EF and etc. I have zero debt and I wouldn’t buy a 250k house on my own unless I had a big down payment to get the monthly payment below 30% of my take home pay.
This goes to show you that just because you’re making $95k doesn’t mean you’ll be successful financially.
She has done a great job with that house. Decor is on point and full of personality
On a positive note I really like her confidence and how much risks she took. You never really know the outcome of a decision until after you make it. Wishing the best for her and success!
Jesus her car loan is almost twice her student loan
Why do people waste so much money on a car. Just buy something cheap and used till you can actually afford to buy a new one in whole
Just downgrade the car and pay off the cc debt 💳 and you’ll be fine
GET RID OF THAT CAR!!!!!
Dave Ramsey would tell her to sell the freakin car and hurry up and start that debt snowball so she can build wealth plus live and give like no one else 🤣🤣🤣
Me- “man I wish I can be interviewed for millennial money!
Congratulations to this beautiful lady. Many are talking about her financial choices but our security and provider is not of and from things of this world. God will bless her with wisdom to maintain and she will be fine.
Good luck to everyone on their journeys! You got this! Sharing knowledge here!
Well, I appreciate the vulnerability that goes into this type of content and the individuals that participate.
Whew. A lot of unwise financial decisions going on here. Having a $47,000 car loan with a $90,000 salary when you have $25,000 in student loans, and $5,600 in credit card debt is a recipe for disaster.
When people wonder why the housing market crashed in 2008... this is why
“Owning” a home doesn’t mean you should put yourself so deep debt. This is the problem with America. Trying too hard to keep up with appearances and live that American dream. There’s no rush. Lower the debt first.
1.8 % down? she's financing THE FULL PRICE of the house. if you can't afford to put down at least 10% then you can't afford the place man. Put more money down!!