Outside Boston, a nurse and a teacher say a $500,000 mortgage still isn't enough to buy a home

"Yeah, we're just going to stay at my parents' for a while."

For one couple, selling a condo in southern New Hampshire for $360,000 was meant to be a move toward their next home. Instead, they said they have found themselves stuck, even though their mortgage approval reaches only about $500,000.

Here's what to know

In a Reddit post in r/FirstTimeHomeBuyer, the original poster said they and their partner — ages 31 and 35, one a registered nurse and the other a teacher — had moved in with parents north of Boston after selling their condo, with $42,000 saved for housing and down payment costs.

They said that after 2.5 years in the condo, the sale left them with roughly $60,000 in equity. Part of that money went to paying off debt, and they also set aside $10,000 for emergencies. Living with family has kept their current housing expenses low, they added, at $800 a month total, including everything.

Even with those lower monthly costs, they said lenders would only approve them for about $500,000. "Tell me how as a Registered Nurse and a teacher we cannot even get a mortgage for more than $500,000, and houses are $500,000+," the poster wrote.

One commenter responded, "You're not crazy, the math around Boston is just completely detached from normal salaries and a $500k budget is basically the starting line now, not the finish line."

More background

The poster described the lower end of the market as discouraging, saying homes under $500,000 around Greater Boston or in nearby southern New Hampshire towns such as Salem and Windham either sell almost immediately or are little more than "piles of junk." They also said they were trying hard to avoid buying another condo.

They wrote that they want to "raise a family soon hopefully" while still staying close to family and work north of Boston.

The frustration struck a chord with readers in other markets as well. One commenter in Rhode Island said cash buyers had outbid them on six homes. In South Jersey, another commenter said that even with nearly $100,000 for a down payment, extra savings, and an 800 credit score, they were approved for just under $500,000.

The most direct responses focused on the same trade-offs: being near family, accepting a home's condition, and staying within budget.

What can be done?

After people suggested waiting, the poster replied, "Yeah, we're just going to stay at my parents' for a while." Commenters noted that with housing costs at $800 a month for two people, the arrangement could help them continue building savings.

Some commenters suggested renting as another temporary option, arguing that the couple should keep saving and wait until interest rates improve. The discussion centered on how to piece together a plan one town, one budget cut, and one delay at a time.

As the original poster put it, "It's just hard because it feels kind of impossible right now. It's just hard weighing our options right now."

Where can I learn more?

This couple's experience reflects a wider affordability squeeze. These stories look at national housing affordability and rising ownership costs tied to insurance and climate risk.

• Across the U.S., Harvard found the median home now requires about $120,000 in annual income.

• Across the country, rising home insurance costs are pricing out more buyers.

• In California, insurance premiums continue to climb, adding to the strain on would-be homeowners.

• Zillow found that climate risk and taxes are now shaping many buyers' searches.