Is buying a home affordable?

Have you been a repeat renter? Are you tired of making high payments (that increase each year) with virtually no return on investment? If so, homeownership might be the best financial and lifestyle choice for you.  Why continue to put money in your landlord’s pockets? You can use that same money on an investment: owning a home. You can pay less for a monthly mortgage payment than you do for your current rental and be part of the first time home buyers in Bloomington club! You can have price stability, be an owner, and have the power to make the home yours. If you are paying $800-$1200 in rent per month, the following homes can be within your budget.

  1. 2 beds, 2 baths
    Home size: 2,943 sq ft
    Lot size: 5,227 sqft
    Year built: 1920
    Days on market: 49
  2. 3 beds, 2 baths
    Home size: 1,827 sq ft
    Lot size: 6,534 sqft
    Year built: 1899
    Days on market: 175
  3. 3 beds, 1 bath
    Home size: 1,768 sq ft
    Lot size: 9,583 sqft
    Year built: 1899
    Days on market: 301
  4. 4 beds, 2 baths
    Home size: 1,248 sq ft
    Lot size: 18,295 sqft
    Year built: 1972
    Days on market: 32
  5. 3 beds, 1 bath
    Home size: 1,088 sq ft
    Lot size: 20,908 sqft
    Year built: 1983
    Days on market: 61
  6. 3 beds, 2 baths
    Home size: 2,063 sq ft
    Lot size: 28,314 sqft
    Year built: 1940
    Days on market: 62
  7. 2 beds, 2 baths
    Home size: 2,144 sq ft
    Lot size: 10,890 sqft
    Year built: 1940
    Days on market: 104
  8. 2 beds, 1 bath
    Home size: 2,112 sq ft
    Lot size: 1.82 ac
    Year built: 1963
    Days on market: 104
  9. 3 beds, 1 bath
    Home size: 960 sq ft
    Lot size: 13,068 sqft
    Year built: 1958
    Days on market: 176
  10. 3 beds, 1 bath
    Home size: 2,608 sq ft
    Lot size: 7,840 sqft
    Year built: 1920
    Days on market: 46
  11. 2 beds, 2 baths
    Home size: 2,256 sq ft
    Lot size: 28,749 sqft
    Year built: 1972
    Days on market: 19
  12. 3 beds, 2 baths
    Home size: 1,322 sq ft
    Lot size: 7,840 sqft
    Year built: 2009
    Days on market: 264
  13. 3 beds, 1 bath
    Home size: 1,000 sq ft
    Lot size: 17,336 sqft
    Year built: 1974
    Days on market: 17
  14. 3 beds, 1 bath
    Home size: 1,008 sq ft
    Lot size: 10,454 sqft
    Year built: 1994
    Days on market: 17
  15. 3 beds, 1 bath
    Home size: 1,088 sq ft
    Lot size: 5,227 sqft
    Year built: 1910
    Days on market: 21
  16. 3 beds, 1 bath
    Home size: 1,032 sq ft
    Lot size: 24,393 sqft
    Year built: 1972
    Days on market: 25
  17. 3 beds, 1 bath
    Home size: 1,056 sq ft
    Lot size: 12,632 sqft
    Year built: 1991
    Days on market: 69
  18. 4 beds, 2 baths
    Home size: 1,512 sq ft
    Year built: 2004
    Days on market: 74
  19. 2 beds, 1 bath
    Home size: 1,824 sq ft
    Lot size: 5.00 ac
    Year built: 1930
    Days on market: 173
  20. 3 beds, 2 baths
    Home size: 1,000 sq ft
    Lot size: 8,712 sqft
    Year built: 1992
    Days on market: 66

See all 120-155k range.
(all data current as of 1/22/2018)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

What are the financial advantages of home ownership?

Although home ownership might be daunting at first, if you think of home ownership as an investment in your financial future, then the idea makes a lot of sense. When buying a home, you’re investing in a physical, tangible asset that is not as unsure as, say, investing in the stock market. Additionally, every mortgage payment you make increases the equity of the home as opposed to renting, in which all of the money goes straight to the landlord and you never see it again.

The following visual breakdown and explanation of the financial advantages of owning a home give you some solid statistics on home ownership as an investment.
first time home buyers in bloomington

You’ve decided to buy…now what?

Financing: I have written about home purchase financing, which is a general outline of the steps you need to take to make sure you qualify for home buying. You should get pre qualified (an estimate of what the lender could offer you) and pre approved (a guaranteed offer from the lender) for a mortgage loan before starting the home hunt in order to know your budget. Additionally, you may qualify for USDA 100% financing, which means you could have no downpayment on a home.

House hunting: Browse the above Available Homes database to get a sense of what’s on the market in your price range in the Bloomington area. Consider a buyers agent. The buyers agent’s services are FREE (the seller’s agent pays the commission), and he has a wealth of knowledge and experience for your benefit. He can easily set up house showings and guide you through the entire process, educating you and advocating for you every step of the way. If you are a first time home buyer in Bloomington or Monroe County, contact me today. I represent more buyers than any other agent in the area! (812) 369-0785.

Other resources

I have written various blog posts that address different topics related to first time home buying. You can visit the “Blog” tab on this site, or I have listed them below for your convenience!

Home Ownership Help and Resources from The City of Bloomington

Tips for First Time Home Buyers: A Quick List to Get You Started

The Home Buying Process

The Advantages of Buying vs. Renting

Statistics on Sold Homes in Monroe County, Indiana

10 Red Flags to Watch Out for When Buying a Home

Weighing the Options of Buying a Bank Owned Property

Moving Checklist