How I Successfully Purchased a Home on My Target Salary and Side Hustle Income

How a Target Employee Bought a Home on a Modest Salary

Source: MailOnline

Unlocking Homeownership at 23

Kaitlin Sonday, a 25-year-old employee at Target in Nebraska, managed to purchase a $205,000 home despite earning an annual income of only $30,000. This accomplishment, made possible with a $10,000 loan for a down payment and an additional $15,000 grant for repairs from Neighborworks, a housing non-profit, illustrates how strategic planning can lead to homeownership.

Additional Income Strategies

To supplement her income, Sonday leverages her social media presence, particularly on TikTok, where she shares tips and experiences related to her job at Target. This side hustle has the potential to bring in an extra $35,000 annually. By carefully budgeting, she has been able to save a total of $20,000 for her home purchase.

Living Within Means

Even with her side income, Sonday's total earnings remain below the median income for Lancaster County. Her hourly wage of $16.50 does not meet the estimated living wage of $19.71 according to MIT research. However, she has effectively managed her expenses, further aided by a lower cost of living in her area.

A Dedication to Financial Goals

Prioritizing financial goals over material desires, Sonday continues to drive her mother's car instead of investing in a new vehicle, allowing her to focus on saving. Her success story reflects the possibility of achieving financial milestones even in challenging economic times.