What Can $380K Buy You? Let’s Find Out!

Explore how you can own a $380,000home with options for a 20% down payment or a smart house hack using rental income. Discover what $380K can get you and start planning your next move today!

Oscar De La Hoya

Dec 31, 2024

Informational Guides

TABLE OF CONTENTS

Let’s Break It Down!

Scenario 1: The Classic 20% Down Payment

Scenario 2: House Hack Your Way In (5% Down + Rent)

Here’s the Bottom Line:

Let’s Break It Down!

Buying a house doesn’t have to be complicated, especially when you know your options. Let’s take a look at two simple ways to own a $380,000 home. One’s the classic route, and the other’s a creative move where your home helps pay for itself.

Scenario 1: The Classic 20% Down Payment

This is your no-surprises, straightforward plan:

Home Price: $380,000

Down Payment (20%): $79,980

Loan Amount: $319,920

Estimated Monthly Payment (Mortgage + Taxes + Insurance): ~$2,300

To qualify, you’ll need your monthly income to be about 3x the mortgage payment. That comes out to:

Income Required: ~$6,900/month or ~$82,800/year.

If you’ve been saving and want to keep things simple, this is a great way to go. But if you’re open to being a little more strategic, let me show you something cool.

Scenario 2: House Hack Your Way In (5% Down + Rent)

Here’s where things get fun. Let’s say you buy the same house with just 5% down, and you let rental income cover a chunk of your mortgage.

This house is perfect for a house hack. It has a main floor duplex and a second-floor 2-bed, 1-bath apartment. You’ve got options:

Live on the second floor and rent out the main duplex for $2,000/month.

Or, stay in the duplex (it’s got plenty of room!) and rent out the second-floor unit for $1,650/month.

Here’s how the numbers shake out:

Home Price: $380,000

Down Payment (5%): $19,995

Loan Amount: $359,905

Estimated Monthly Payment (Mortgage + Taxes + Insurance): ~$2,750

With rental income coming in:

Adjusted Monthly Payment: ~$750–$1,100/month, depending on which unit you live in.

And the best part? Lenders will often count 75% of the rental income toward your approval. That means you could qualify with a much lower monthly income and cut your mortgage payment in half.

Here’s the Bottom Line:

With 20% down, you’re looking at a higher upfront cost but no rental income.

With a house hack, you can put less money down and let your tenants help pay the mortgage while you live for cheap—or almost free!

Buying a home doesn’t have to be overwhelming when you know your options. Whether you want a classic approach or a smart house hack, it’s all about finding what works for you.

Here’s what $380K can get you: Check out the listing here!

Let’s chat about how this home could work for you. I’d love to help you make it happen!

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Oscar De La Hoya