Is my plan to own a home by 35 realistic? : personalfinance

I am 28 years previous. I simply began a brand new job that comes with a fairly important pay bump from my earlier (60k to 80k).

I’ve $10k in financial savings in my Ally account (emergency fund) and have a $13k steadiness on my pupil loans. The month-to-month fee on my loans is simply $122/mo so I am at the moment planning to only auto-pay that for some time till I determine what else to do.

My tentative plan at this level is to save lots of at the very least $500 each single month for the subsequent 7 years which might imply I might have $52k+ in money by that point. I picked 35 as an arbitrary age as a result of if I take a 30 yr fastened mortgage at 35, I’ll personal my residence by retirement age.

I do know 7 years is a very long time. Who is aware of what rates of interest will probably be, what home costs will probably be, or if I am going to even nonetheless be alive? I am simply making an attempt to provide you with a practical long run plan for my future that is not simply doom and gloom.