Oh, well if you're looking at it from the point of view of a mortgage.
Around here, we have some cheap houses in the country. (Ours is actually $68,000! It's really livable as is, but we want to do some work on it)
Ok, so hypothetical situation based on estimates and past experience.
Mortgage of $65,000 @ 15 years with 2.55% interest = $434. 5%=$512. Let's just say $500
Imagine if you went for 25 years! I did the math but can't remember, is it $291/mth?
If you owned your car, either a decent one that's paid off or a $500 clunker, you have no car payment.
Car Insurance $35
Home insurance $45 (cheaper house=cheaper insurance)
Cable Let's go tv free to save money!
Total of $1160
With $6 left over for a couple chocolate bars and a bag of chips.
So it would be very tight, and like I said, anything unexpected would go on credit cards. Possible, but not ideal.
I would want to buy clothes at thrift stores or get hand me downs from friends and family, not eat any meals out, always pack a lunch, patching things up instead of buying new... Yeah, it would be pretty tight.