6 Tips If You Make Less Than $75K and Still Want To Buy a Home

Arianna Valencia of Santa Clarita, California, is a longtime renter who yearns to own a home .

“I want to buy a house for my son to grow up in,” Valencia told GOBankingRates. “We have had a lot of changes in the last three years, with his father and I ending our marriage and a lot of other difficulties that we have endured. It’s really important for me to provide stability for him. I dream of watching him play in a backyard and hosting his birthday parties.”

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Even Working Three Jobs May Not Provide Enough Income To Buy a Home

Valencia, 29, works two jobs — sometimes three — and pulls in about $54,000 a year.

“My income is definitely a factor in not being able to purchase a home,” Valencia said, adding that she pays $3,158 a month for a two-bedroom apartment. “It feels like I work so hard and never really get to see it pay off. It’s something that eats at me everyday, because I spend most of my time missing out on the days with my son and still can’t give him what I’m working for. It’s easy to feel like giving up, because owning a home and providing that stability for him seems impossible.”

Is it impossible? Can you afford to buy a home if you make under $75K a year? It won’t be easy, not by a long shot. But there are some actionable tips to consider.

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Get Your Finances in Shape

Anyone looking to buy a home needs to get their finances in shape, no matter how much they earn.

“Make sure you have savings in place for a down payment of at least 3%-5% of the purchase price — saving more will help you be more competitive, but it’s not necessary,” said Coldwell Banker Realty sales associate Laura Kaplan . “Assess your financial situation, calculate monthly income and expenses to determine how much you can afford and, most importantly, want to afford to live comfortably. Your real estate agent can help you with some scenarios to help you decide your budget.”

Set a Realistic Budget

Creating a budget you can stick to is essential. To do this, Kaplan recommended considering the local market and whether you will have to offer above asking price when determining your budget.

“Look for neighborhoods that are within that budget and have potential growth in property value,” Kaplan said.

Be Flexible

You may have your picture perfect dream home in mind. Let go of this image, to an extent, so that you can be open minded and embrace opportunities where you may not expect them.

“The more flexibility you have in terms of cosmetic work needed, etc., the more options you will have with potentially less competition,” Kaplan said. “Don’t overlook an ugly duckling. Sometimes simple and inexpensive upgrades can bring huge equity returns.”

Be Open to Other Locations

You may have your heart set on one particular neighborhood, but being attached to just one location limits your search. The difference of just a few blocks could mean the difference of tens of thousands of dollars.

“Consider being flexible in the location of the home, if possible,” said Seamus Nally, CEO of TurboTenant. “This is where working remotely really comes in handy! Home prices are vastly different in different areas of the country, so while a person making under $75K a year may not be able to afford a home where they currently live, they may be able to more realistically afford one elsewhere.”

Look Into Mortgage Assistance Programs

“I would also look into mortgage assistance programs,” Nally said. “There are many options on the local, state and federal level that may be able to help. It never hurts to check and see what’s available for you and your financial situation.”

Stay Committed

This isn’t an expert tip so much as a true story. Stay committed to making your dream of home ownership come true, even if it can’t happen for a while.

Valencia is currently in the process of finishing a degree in business finance, which is “another thing added to my plate,” she said. “But I am doing it so I can grow within my full-time job and hopefully achieve the dream of owning a home for my son.”

This article originally appeared on GOBankingRates.com : 6 Tips If You Make Less Than $75K and Still Want To Buy a Home