I’m 23, been doing residential service plumbing for about 5.5 years, making $30/hr + commission. I’ve hit over $80K this year, but my paychecks fluctuate between $1200-$1500. Found a house I love—3 bed, 1 bath, no neighbors, $1685 a month + $1800 deposit. With $10K in savings, I’d need to spend about $5K upfront for rent, furniture, washer/dryer, etc. After all bills, car payment, insurance, groceries, I’ll have $275 a week left. Is this enough, or am I cutting it too close? Half of me says go for it, but the other half feels iffy. Anyone have advice? 
I can tell you from experience you’d be cutting it too close. We lived in a HCOL area and would generally be left with around $200-$300 per week after putting away for rent, paying on other expenses, and buying groceries. That $200-$300 can go FAST. $5k left in savings would not be much at all. You would be in a quick financial bind should a true emergency arise and wipe you out. I’d save more and look for some place a bit cheaper.
@Tan
Thanks for the reply. It’s been so hard to find a place with all of my requirements for less than $1500 a month. I have a work van with about $30K worth of tools and parts in it that I own and so I’m very reluctant to live in an apartment or any shared buildings. Hell, even the rooms for rent that I’ve seen are still over $1000. Crazy times we’re living in.
I read recently ‘I will work hard until I save up for a home’ has turned into ‘I will work hard with two jobs to afford rent’. Mortgages anymore are more than rent and those who rent are unable to afford to save for a home. It’s totally nuts.
Exactly. It seems like generational wealth is the only way someone can buy a home today. That’s the whole reason I made this post is because I have no clue what other peoples situations in this economy, but I feel like I’m in a pretty good situation at work but still can’t afford something decent. I’ll keep looking I guess. I really appreciate you taking the time to read and reply.
welcome and best to you
As someone who works two jobs, makes over 6 figures and is a two person household… this is accurate. We just got to a point where we are financially ‘comfortable’ but rent is also double what it was 4 years ago when we were struggling. Can’t win for trying right now. Maybe in another 8 years 
You can do it !
As someone who has left myself only that much per week because I thought it was ‘doable’, it IS but it was hell. Any major issues (car breaks down, new tires, replace washer and dryer or need repairs, or even just want something expensive like a new TV), there’s no wiggle room and it doesn’t leave much for a savings cushion. You’ll end up eating the rest of your savings if anything major comes along. This is just MY experience. I’d recommend something a little cheaper. I understand that’s not what you want to hear but if you can sacrifice one ‘want’ in exchange for $300 or so less per month, it’ll make a huge difference.
@Brenner
That’s very helpful advice. I kinda figured the $1700 home was a stretch but I thought I’d ask this forum and see how other people’s experiences have been. I’m going to tour a few more next weekend that are $1200 and $1350. Hopefully everything works out. Thanks for the reply.
It sounds like you’ve already done a lot of the heavy lifting by crunching the numbers and really thinking through your expenses. Moving into your first rental is exciting, especially when it ticks all your boxes like this one does. Based on what you’ve shared, it seems like you’ll have some breathing room with $275 a week left over, but it’s still tight—especially since unexpected expenses always seem to pop up when you least expect them. What helped me when I was in a similar spot was using Habit Money to really keep tabs on my spending. It connects to all my accounts, so every expense is tracked automatically, and the weekly reports are a lifesaver for seeing where my money’s going.