We're all addicted to Zillow now
Heather McIlhany doesn't peruse Instagram or X when she's looking to kill time online. She got rid of all her social media accounts. Instead, she heads to Zillow.
McIlhany, a marketing consultant in Arlington, Virginia, is not actually in the market to buy a home right now. That's irrelevant to her real estate browsing, which she describes as 'free, upbeat fantasizing.' She tends to start with nearby listings, but 'then you kind of end up a little bit down the rabbit hole.' What homes are available in Denver, where her sisters live? What could she afford in her hometown of Tulsa? What if she picked up and moved to a Vermont farmhouse or to Scotland? She can try on all the lives she could have had or still might have, without ever leaving the couch.
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CNET
4 hours ago
- CNET
Buying a Home on a $100K Salary: Here's What You Can Actually Afford
Tharon Green/CNET In today's expensive housing market, it's not a mystery why someone making $100,000 a year would see homeownership as out of reach. With more than two decades as a real estate professional, I tell my clients to be honest about what fits their financial reality, not just the bank's formulas. Unless you're buying a home with cash (unlikely), it's valid to ask if you can afford to take out a mortgage on an above-average salary. Let's start by making a key distinction. The amount you borrow for your home loan and the amount you qualify for are different. Although a lender may approve you for a large loan, that doesn't mean it's a smart financial move for your life or budget. The key is understanding how much you can borrow, your monthly budget and home prices in your local market, not just nationally. You'll also need to understand debt-to-income ratios and what goes into your mortgage payment beyond your interest rate alone. What is gross salary vs. disposable income? If you earn $100,000 per year, that breaks down to $8,333 per month in gross income. Lenders will use your monthly gross income when calculating how much house you qualify for. This figure doesn't reflect what you actually take home. Your net pay is closer to $6,561 per month, depending on your specific tax deductions and benefits. When budgeting for homeownership, look at your disposable income, i.e., the amount of money you have available for spending, saving or investing after all mandatory deductions and taxes have been subtracted. Mortgage lenders don't factor in what you spend on groceries, child care or your car lease, either. Their math is entirely based on your gross pay, which can make your budget look stronger than it actually feels. What kind of mortgage makes sense, conventional or FHA? Most first-time buyers use either a conventional loan or a Federal Housing Administration loan. The right option depends on your credit score, savings and long-term goals. Conventional loans are best if you have good credit (typically 680 or higher) and can put down at least 5 to 20% upfront toward the home's purchase price. With a 20% down payment, you skip mortgage insurance and may qualify for a lower interest rate. FHA loans let you qualify for a mortgage and buy a home with as little as 3.5% down and with a credit score as low as 580. These government-backed loans often have more favorable average interest rates than conventional loans but you'll have more fees to pay. FHA mortgages allow higher debt-to-income ratios, which makes them more flexible if you're pushing your budget. The trade-off with an FHA loan is being stuck with mortgage insurance premiums unless you refinance later. Both loan types are common if you're starting your homeownership journey. It just depends on your personal situation and how much you can realistically afford to pay off in monthly mortgage debt. With a smaller down payment, you'll be taking out a larger loan with more debt to pay off over the long term. Do you want to play it safe? Understand your risk tolerance The safest approach when purchasing a home is to borrow less than you qualify for. Many realtors recommend the 28/36 rule, a solid target for long-term financial stability. That means keeping your housing costs under 28% of your gross income and your total monthly debt under 36% of your gross income. With $8,333 per month in gross income, that would cap your total monthly payment at $2,333. More cautious buyers often follow the rule recommended by the personal finance author Dave Ramsey. Ramsey recommends keeping your mortgage at less than 25% of your take-home pay (not your gross income). Looking at your net salary of $6,561 per month, that would cap your total monthly payment at $1,640 -- a tough number to hit unless mortgage rates are low, you have a large down payment or are buying in a low-cost market. How much down payment can you make? Your down payment percentage has a direct impact on your loan, monthly payment and whether you'll need mortgage insurance. Let's take a more detailed look at what this would mean for a $400,000 home, which is less than the average home sales price in the US. Down payment on a $400,000 home: FHA loan: 3.5% = $14,000 down payment Conventional loan minimum: 5% = $20,000 down payment Conventional without mortgage insurance: 20% = $80,000 down payment A 20% down payment means lower monthly payments, no mortgage insurance and less debt and interest paid over time. It also increases your odds of getting your offer accepted in a competitive market. But if putting 20% down drains your savings, that's not the best move either. You still need reserves for closing costs, maintenance and emergencies. What else goes into a monthly mortgage payment? A mortgage payment is more than just the loan. Lenders often refer to PITI, which stands for principal, interest, taxes and insurance. Many homes also include HOA fees. Here's what makes up your full monthly payment: ☑️ Principal: The amount you're paying off each month toward your mortgage loan balance. ☑️ Interest: The cost of borrowing, based on your mortgage interest rate. Average rates are currently in the 6.5% to 7% range and they're expected to be there for a while. ☑️ Property Taxes: Depending on your location, a good estimate is between 1% and 1.5% of your home's value annually, divided into monthly payments. ☑️ Homeowners insurance: Usually $100 to $150 per month, although this will vary a lot by region. ☑️ Mortgage insurance: If you put down less than 20%, this can add up to a few hundred dollars per month based on your down payment, credit score and the number of borrowers on the loan. ☑️ HOA Fees: Common in condos or planned communities, ranging from $100 to $500 or more. Real example: An initial calculation for a $2,000 monthly mortgage payment might actually be closer to $2,700 to $3,000 when everything else is factored in. Always run the full numbers, not just the loan payment. What is debt-to-income ratio? Debt-to-income ratio, or DTI, is how lenders measure your ability to repay a loan. It's a simple formula: monthly debt payments divided by gross monthly income. Two numbers matter. The front-end ratio is the percentage of your income that goes toward housing expenses only (mortgage payment, property taxes, insurance, etc.). The back-end ratio is the percentage that includes all monthly debts (from housing, credit cards, student loans, car payments, etc.). Most conventional loans allow up to 49.99% on the back-end ratio, although many lenders aim lower. FHA loans are more flexible, with lenders often allowing DTIs above 50% if your credit and income support it. Keep in mind that these are maximum limits. Just because you can borrow that much doesn't mean you should. A lower DTI gives you more breathing room in your monthly budget and can make life feel a lot less stressful after you move in. Can I afford a $400,000 home with a $100,000 salary? Over the years as a realtor, I've worked with buyers of varying financial backgrounds who find ways to buy a home, even in an unaffordable market. My main advice is to remember that no home-buying budget is ever the same. Each household has different needs, expenses and financial padding. Always look at the full picture, including other expenses, before you take out a mortgage. If you're stretching with a low down payment or have debt already, consider a less expensive home or a more affordable location. In these instances below, your housing expenses will be about 40% or 50% of your take-home pay. It may look safe on paper but in real life, you will have little left over for anything else. At the same time, this might be manageable for some buyers who have minimal debt, a second stream of income or additional savings. Enlarge Image Enlarge Image Is it impossible to buy a home with a $65K salary? Purchasing a home with a lower salary is definitely riskier and harder for most people. Your options will be limited by loan size and monthly debt caps. In most cases, you'll need a large down payment, a second income or family support to make it work. In more affordable regions, you can still buy modest homes or condos with help from FHA loans or grant programs. But in places like California or New York, homeownership options will be very restricted without assistance. Will home prices go down anytime soon? While home prices may cool in some areas, a major drop is unlikely. Waiting for a price crash could mean missing out on the right home. Housing inventory is still below pre-pandemic levels, with current homeowners holding tight to their cheaper mortgage rates. Demand for homes remains strong, maintaining the supply/demand imbalance and keeping prices elevated. Do I really have to do the math? Yes, you should always do the calculations but you don't have to do it alone. Before you start home shopping, speak with a mortgage loan adviser. They'll help you understand exactly how much home you can afford based on your income, credit and debt. They'll also break down your full payment so there are no surprises. Taking out a mortgage is one of the biggest commitments you'll make. Getting the numbers right, especially in a high-priced market and an unpredictable economy, helps you prepare for the costs of homeownership and avoid regret.
CNN
4 hours ago
- CNN
Representing nation is one of the ‘greatest honors,' says history-making Palestinian soccer star Oday Dabbagh
Not many players could take a more perfect penalty: the ball confidently drilled into the top-left corner, a near-impossible save for any goalkeeper. That was how Palestinian forward Oday Dabbagh executed one of the most high-pressure scenarios of his career to date, helping his Aberdeen side to a shootout victory over Celtic in the Scottish Cup final. This was the first time in 35 years that Aberdeen had lifted the Scottish Cup, and for Dabbagh the victory was a moment of instant, undiluted joy. The sight of his penalty flying into the back of the goal, he says, is one that will 'stay with me forever.' A month earlier, Dabbagh had played an even more crucial role in Aberdeen's Scottish Cup campaign, prodding in a goal against Hearts during the final minutes of extra-time. Despite only being at the club for a four-month period, on loan from Belgian side Charleroi, the 26-year-old had quickly earned legendary status. 'It's a big one for me,' Dabbagh told CNN Sports, 'and the excitement and atmosphere here in Scotland is an unforgettable feeling. It means a lot … and at the same time, it motivates me even more for what's next.' As for what comes next in Dabbagh's club career – after his loan spell with Aberdeen ended on a spectacular high, he is set to return to Charleroi, with his current contract reportedly running until 2026. But at the forefront of his mind right now will be the Palestinian national team's attempt to qualify for the 2026 FIFA World Cup, jointly hosted by the USA, Canada and Mexico. Palestine is recognized as a sovereign state by 75% of all United Nations members, but it is a non-member observer state of the UN General Assembly as the United States has consistently blocked full UN membership. As a soccer team though, Palestine has been recognized by the sport's world governing body FIFA since 1998. Despite three Asian Cup appearances since then, the national team is yet to qualify for a World Cup, but the current players, including top-scorer Dabbagh, now have a chance to make history. Up next for the Palestinian national team are two crunch World Cup qualifiers against Oman and Kuwait. Currently fifth in its qualifying group, the team needs to finish third or fourth to enter the fourth round of qualifying. The odds of leapfrogging above Oman in the group are long, but the team will be well supported by those back home. For the people of Gaza, seeing its soccer team qualify for the World Cup would be a beacon of light in an otherwise harrowing period of war and bloodshed. In March, the Palestine Football Association told CNN Sports that 408 athletes have been killed in the conflict with Israel – players, officials and the majority children, including 270 soccer players. Susan Shalabi, vice president of the Palestine FA, said at the time that the organization's offices in Gaza have been either destroyed or severely damaged, and what remains is now being used to accommodate families who have lost their homes. As for home games, they have been switched to locations all over the world – Jordan, Qatar, and even Malaysia. 'In spite of the genocide our people are subjected to in Gaza,' Shalabi told CNN Sports in March, 'the will to live as a nation remains. The national team has become a symbol of our national aspirations, of the longing to live in peace like other nations under the sun.' Dabbagh is a crucial player in the Palestinian national team's bid to qualify for the World Cup. The all-time top scorer with 16 goals, including a hat-trick against Bangladesh in the first round of qualifying last year, he embraces every opportunity to represent the Lions of Canaan, long dreaming of doing so on the biggest stage. 'It's one of the greatest honors in my life,' he says to CNN. 'To wear the Palestine shirt, knowing what it means to so many people, my family, my team, and myself … it is powerful.' Dabbagh is reluctant to see himself as a trailblazer, despite being the first home-grown Palestinian player to appear in a major European league – first with Arouca in Portugal before moving to Charleroi in 2023. 'I do hope what I can achieve helps make the path a little clearer for others,' he says. 'I know how much football means to everyone back home, and I don't take that lightly. Everyone has a dream. If a kid back home sees me and starts to believe it's possible, that means everything. And I do carry that with me every time I play.' Dabbagh made his professional debut for Hilal Al-Quds in the West Bank Premier League, aged only 16. He went on to win three league titles before representing a series of teams in Kuwait, winning another title with Al-Arabi in 2021. Moves to Portugal, Belgium, and then Scotland followed – an unprecedented career arc for a player who grew up kicking a ball on the streets of Jerusalem. He hopes to send a clear message to other young boys and girls now in the same situation he once was. 'Never stop believing,' says Dabbagh. 'Work hard, stay focused, and never lose your passion. You belong on the world stage.' Dabbagh and his teammates could be on the biggest stage of them all should the Palestinian national team qualify for the World Cup. For the forward, that would surely be the high point in an unlikely and trophy-laden career. CNN's Don Riddell contributed to reporting.
CNN
4 hours ago
- CNN
Representing nation is one of the ‘greatest honors,' says history-making Palestinian soccer star Oday Dabbagh
Not many players could take a more perfect penalty: the ball confidently drilled into the top-left corner, a near-impossible save for any goalkeeper. That was how Palestinian forward Oday Dabbagh executed one of the most high-pressure scenarios of his career to date, helping his Aberdeen side to a shootout victory over Celtic in the Scottish Cup final. This was the first time in 35 years that Aberdeen had lifted the Scottish Cup, and for Dabbagh the victory was a moment of instant, undiluted joy. The sight of his penalty flying into the back of the goal, he says, is one that will 'stay with me forever.' A month earlier, Dabbagh had played an even more crucial role in Aberdeen's Scottish Cup campaign, prodding in a goal against Hearts during the final minutes of extra-time. Despite only being at the club for a four-month period, on loan from Belgian side Charleroi, the 26-year-old had quickly earned legendary status. 'It's a big one for me,' Dabbagh told CNN Sports, 'and the excitement and atmosphere here in Scotland is an unforgettable feeling. It means a lot … and at the same time, it motivates me even more for what's next.' As for what comes next in Dabbagh's club career – after his loan spell with Aberdeen ended on a spectacular high, he is set to return to Charleroi, with his current contract reportedly running until 2026. But at the forefront of his mind right now will be the Palestinian national team's attempt to qualify for the 2026 FIFA World Cup, jointly hosted by the USA, Canada and Mexico. Palestine is recognized as a sovereign state by 75% of all United Nations members, but it is a non-member observer state of the UN General Assembly as the United States has consistently blocked full UN membership. As a soccer team though, Palestine has been recognized by the sport's world governing body FIFA since 1998. Despite three Asian Cup appearances since then, the national team is yet to qualify for a World Cup, but the current players, including top-scorer Dabbagh, now have a chance to make history. Up next for the Palestinian national team are two crunch World Cup qualifiers against Oman and Kuwait. Currently fifth in its qualifying group, the team needs to finish third or fourth to enter the fourth round of qualifying. The odds of leapfrogging above Oman in the group are long, but the team will be well supported by those back home. For the people of Gaza, seeing its soccer team qualify for the World Cup would be a beacon of light in an otherwise harrowing period of war and bloodshed. In March, the Palestine Football Association told CNN Sports that 408 athletes have been killed in the conflict with Israel – players, officials and the majority children, including 270 soccer players. Susan Shalabi, vice president of the Palestine FA, said at the time that the organization's offices in Gaza have been either destroyed or severely damaged, and what remains is now being used to accommodate families who have lost their homes. As for home games, they have been switched to locations all over the world – Jordan, Qatar, and even Malaysia. 'In spite of the genocide our people are subjected to in Gaza,' Shalabi told CNN Sports in March, 'the will to live as a nation remains. The national team has become a symbol of our national aspirations, of the longing to live in peace like other nations under the sun.' Dabbagh is a crucial player in the Palestinian national team's bid to qualify for the World Cup. The all-time top scorer with 16 goals, including a hat-trick against Bangladesh in the first round of qualifying last year, he embraces every opportunity to represent the Lions of Canaan, long dreaming of doing so on the biggest stage. 'It's one of the greatest honors in my life,' he says to CNN. 'To wear the Palestine shirt, knowing what it means to so many people, my family, my team, and myself … it is powerful.' Dabbagh is reluctant to see himself as a trailblazer, despite being the first home-grown Palestinian player to appear in a major European league – first with Arouca in Portugal before moving to Charleroi in 2023. 'I do hope what I can achieve helps make the path a little clearer for others,' he says. 'I know how much football means to everyone back home, and I don't take that lightly. Everyone has a dream. If a kid back home sees me and starts to believe it's possible, that means everything. And I do carry that with me every time I play.' Dabbagh made his professional debut for Hilal Al-Quds in the West Bank Premier League, aged only 16. He went on to win three league titles before representing a series of teams in Kuwait, winning another title with Al-Arabi in 2021. Moves to Portugal, Belgium, and then Scotland followed – an unprecedented career arc for a player who grew up kicking a ball on the streets of Jerusalem. He hopes to send a clear message to other young boys and girls now in the same situation he once was. 'Never stop believing,' says Dabbagh. 'Work hard, stay focused, and never lose your passion. You belong on the world stage.' Dabbagh and his teammates could be on the biggest stage of them all should the Palestinian national team qualify for the World Cup. For the forward, that would surely be the high point in an unlikely and trophy-laden career. CNN's Don Riddell contributed to reporting.
