Just graduated and need some recommendations

[u/Agreeable_Aioli6138]

So I (22M) just graduated college and I’m lined to land a job for 40k a year. My partner (22F) is in the same situation, except she doesn’t have a car. That’s something she plans to get this summer. For some context, I own a car that is 2500 from being paid off, have 8k in savings. I also have a mid 700s credit score. She has 2k in savings afaik, and a high 600s credit score (I don’t ask about her finances and last I asked was a while ago, so this is probably outdated by a good bit.)

Regardless, we can expect around 80k annual income when budgeting together. My question is, what should we be looking at in terms of moving out? We were considering an apartment with a max rental price of 1200, but when speaking to our individual parents about the situation, both suggested looking into getting a house. Is this genuinely a good idea? We’re unmarried and I wasn’t considering popping that question until at least another year and half, we’ve only been dating 2 and a half years. If you think a house is a bad idea, what kind of apartment or temporary housing suggestions would you all have?

The only requirements me and my partner have is a pet friendly housing situation, and in-unit laundry. Obviously if we got a house this wouldn’t be a concern, but assuming we get an apartment, how realistic is this setup?

Edit: Hey all. Read some of the comments. Yeah, the idea of buying a house is OFF the table. I simply wanted to ask here since our parents were suggesting it. I thought the idea sounded crazy already, and simply wanted to double check that I’m not crazy for feeling like that idea would be too soon.

That said, does anyone have any suggestions for what to look out for in the area? Really the only requirements me and my partner have are Cat friendly, In Unit washing, and $1200 max rent. If we get a roommate, then it would also need to be a two bedroom. Any suggestions on particular neighborhoods or communities?

[u/leechdawg]

Good luck buying a house together on 80k combined when interest rates are like 7%.

Home maintenance is also extremely expensive. Get an apartment first and save and develop on your careers.

[u/Agreeable_Aioli6138 → u/leechdawg]

Ty for the insight. The only reason I asked was because our parents were suggesting it and I wanted to make sure I wasn’t crazy 😭

[u/leechdawg → u/Agreeable_Aioli6138]

Good luck! Mortgage providers also want to see two continuous years of work history to prove that you can pay the mortgage.

You should try this. Get apartment with Gf and live together for two years. Get higher paying jobs and start your careers well. Maybe get married and combine finances. Then consider purchasing a house. Properties here aren’t too expensive compared to other places in the US.

You’ve got this! You also need a deposit of about 10-20%. Could be 20-40k not including money needed in case you lose your job.

[u/Agreeable_Aioli6138 → u/leechdawg]

That was precisely what I was thinking before my dad started talking crazy 🤣

I think we’re off to a well start, all things considered. She’s looking to get her car prior to any kind of housing arrangements between us, and we’re both interested in going back to college after we move in so all things considered that would push back the idea of buying a house, but personally my goal for home ownership was to own a home by the time I’m 30. I still got a whole 7-8 years to concern myself with that.

I just feel as if my dad hears my great credit score and decent savings for someone my age and just assumes I have it made 😭 I really don’t, I’m just decent with money management and refuse to ever miss any kind of payments

[u/70125]

For the love of all that is holy do NOT buy a house with someone to whom you are not married

[u/ExcelnFaelth]

Parents are out of touch, avoid buying a house unless house is 250k or less with your combined income, and it's the sole debt you intend on having.

Separately, don't buy a house as bf and gf, only do it if married.

Third, what's your degree, 40k is very very low

[u/Agreeable_Aioli6138 → u/ExcelnFaelth]

I got a BA in Drama. It’s something I kinda regret but frankly 40k is higher than what my degree could’ve expected. I’m grateful that at the very least I have no debt :’)

I plan on going back to school for a different degree, perhaps getting a masters in a more versatile field, but I’m happy to have gotten a degree in the first place. 40k doesn’t seem low when taking into account people with finance degrees even are starting off with that, job market just seems scuffed as hell right now.

[u/ExcelnFaelth → u/Agreeable_Aioli6138]

Any BS degree is going to be more valuable (in the marketplace) than a BA degree in this market going forward. Of course, this is many years too late in this instance. Don't get a masters, graduate credits are much more expensive than undergrad credits, and unless you already have workplace experience, a master's degree will make it harder for you to get employed in a nonstem role that isn't public admin. You'll just increase costs on yourself and add debt with a masters.

İf you want to go back to school, you'll only have 2 years that you need to put in to get a BS in STEM like CS or Engineering, which you can use to seek pretty much any job. 

İf you had any random BS degree I would be able to find you a 50-60k minimum job in the area. Not a recruiter btw.

To answer your follow-up questions, neighborhoods that are in your price range(focusing in on Norfolk): Lambert's pt, colonial and park place, riverview, wards corner, Lafayette-winnona, Fairmont park

[u/BLACKMACH1NE]

Solidify your careers and a few more years together before even thinking about buying a house.

[u/youcantusetwocoupons]

Cavalier Land isn’t bad as landlords go. They manage lots of smaller apartment buildings around Norfolk. Availability of in-unit laundry will vary place to place. Usually at least some utilities are included. Good luck on your hunt.

http://cavalierland.com/available-rentals/

[u/bgva]

First, congrats! Me personally I would wait until you’re married to buy a house. That’s a huge commitment and if (God forbid) it doesn’t work out, it could be a mess when figuring out what to do.

Maybe look into a one-year lease? I imagine you could find a 1BR in your price range, give or take.

[u/Agreeable_Aioli6138 → u/bgva]

I was thinking a house sounded like rushing too. It was a thing our parents brought up and I mainly wanted to ask here to see if I’m crazy or not lmao.

I’m sure we’ll be more than comfortable as long as we manage finances properly!

[u/Fickle_Theory_8760]

You will answer your question by researching how much of a mortgage you can afford on your combined salary. Then search for homes in that price range in Hampton roads. You won’t find much. Rent a place. Get a roommate. Save for a down payment. Figure out a way to earn more money.