Nursing salary and buying a home?

1 I start school for my BSN in the Summer of 2015 after I have my second child. I'm not picking nursing for the salary, I've always had a passion for nurses and what they do and couldn't see myself doing anything else with my life!
BUT I'm a planner, dreamer, and have big goals and like to know what I'll be able to expect after I become a nurse. So is it any way possible to have a $400,000, maybe even $500,000 home on a nurses salary? I want a new styled home that I'll be happy to live many many years in so I don't mind it being one of my biggest investments and I don't want to wait late in life for it since my kids will already be growing older by the time I start house searching! So having my house (and student loans) as one of my first financial priorities (we don't need brand new expensive cars) would I be able to afford to pay a $500,000 30 year mortgage?
Where are you located? Home prices vary drastically from region to region, as do nursing wages. For instance, the RN in Arkansas only earns $19 hourly but lives in an area where nice houses are $90,000. On the other hand, the RN in Manhattan earns $45 hourly but lives in an area where a brownstone costs close to $1 million.So to answer your question, we need more information.

Thank you! I didn't think about that. I live in Alabama. A RNs salary in alabama is estimated to be about 67,000 a year plus my husbands income of just 25,000 a year

Other things to consider are location location location.Family size. How much are your student loan payments.I am in the process of buying my first home right now. I was preapproved for a modest amount. The house we are trying to buy is 4bed 2 bath move in ready. It is not a $500,000 house but it works for us

Very true. A lot of the homes in Alabama, although big, are the older style houses, like Antebellums, which their gorgeous homes but not my taste. So a good 4 br 2 bath, new styled, brick house like I would like, from what I've seen browsing around, are $400,000 to $500,000. Sometimes less! And sometimes more.

Quote from mariah96Thank you! I didn't think about that. I live in Alabama. A RNs salary in alabama is estimated to be about 67,000 a year plus my husbands income of just 25,000 a year

Thank you for giving me a realistic financial frame! Maybe after becoming a nurse and talking to realtors, I'll find an affordable cheaper house that comes close to the style of house I'm looking for (A house built in 2004 sounds perfect). I really didn't know in any means how much I would be able to afford as a nurse and that helped a lot! Thank you!

Commuter is spot on. 400-500K for a house is a LOT of money. Especially in AL. You'd be better off to stick to 100-200k. I'm sure that would still afford you a nice place. (Land is a huge factor) That really doesn't matter now, though. When you're ready to purchase a new home the bank will let you know what you can spend. Just some advice, I too used to look up houses and dream about the tiny details that are so far away. Recently I decided my time would be much better spent learning school and nursing stuff rather than dreaming...

Quote from mariah96Thank you for giving me a realistic financial frame! Maybe after becoming a nurse and talking to realtors, I'll find an affordable cheaper house that comes close to the style of house I'm looking for (A house built in 2004 sounds perfect). I really didn't know in any means how much I would be able to afford as a nurse and that helped a lot! Thank you!

That's alot of good advice for you to consider, don't get in over your head

Thank you for the advice. This is apart of my research actually. I believe from doing my own online searching i was receiving a lot of over the top and unrealistic answers of salary and home pricing and wasn't looking in the right places because I don't really know where to look. In no means do I want to get in over my head, that's why I wanted to know somewhat where I would stand financially as a nurse and after answers from you knowledgable people, I know a $400,000 house would be over my head.

Generally your housing shouldn't be more than 1/3 of your income...also, if you make one extra mortgage payment a year, a 30 year mortgage is paid off in 20 years.

Quote from nursemeanieGenerally your housing shouldn't be more than 1/3 of your income...also, if you make one extra mortgage payment a year, a 30 year mortgage is paid off in 20 years.