Joined: Mar 2009
Posts: 5038
housing
4/7/2019 at 9:43 PM
Housing is a perennial issue. Although with Fishing Guy suggesting she qualify for a mortgage, that's not realistic either if she's a student. You need a down payment, and you need money for maintainence, etc. That $1400 would likely be her total housing costs... once you subtract $200 for utilities, $200 for property tax and $200 for a slush fund for maintainence and emergency fund (if that fridge breaks, you are the one replacing it!!), that brings her down to only $800 for mortgage. That might buy her a $180,000 property, once she coughs up the $10K in down payment and costs.
But what house is $180K? In Brandon, you *might* find a condo, but most likely a trailer. Then you likely can't amortize it for 25 years, but might be limited to 10 or 15. That just dropped you down to the $130K-ish range.
It's easy for us homeowners to look at a rental price and say, "oh, you should get a mortgage, you pay more than my mortgage!", that may very well to true, but the cost to rent i:ncludes many other expenses that you would cover out of pocket as a homeowner.
Winnipeg ->: Not necessarily better off. We recently decided against relocating there because we found housing is so much more expensive there than here. Yeah, you can buy or rent for less than Brandon, but those are pretty dodgy areas (and Brandon-dodgy isn't the same as Winnipeg-dodgy....). To get decent housing, you're looking at probably 20% more vs. Brandon if I had to guess.
Hopefully things will start to look up for you once you finish school. Good on you for getting an education and I wish you good luck!!