I was recently offered a promotion (going from about 48k a year to a little over 60k- not including yearly bonus which based on performance is anywhere between 2-4k) which involves relocating to the Houston market, so I'm looking for a place to live. I've fallen in love with a luxury apartment complex in the Montrose/museum district of Houston. My job is in Katy, but thanks to podcasts I have no problem with commuting and because I'm fairly young (26) and moving to a city where I know absolutely no one I'd prefer to live in the city itself rather than out in suburbia.
I understand paying that amount for rent isn't frugal, but is it reckless? I am splurging based on the location and the apartment itself- it has a gorgeous kitchen with a gas range and I am HUGE into cooking (I don't spend much on going out to eat typically, just a few drinks at happy hour once a week or so then home to cook my own meal- I find it therapeutic).
Other 1b apartments in the same area run between 1090-1300 (and obviously there are plenty waaaaay out of my price range as well). None of them are nearly as nice.
If I lived outside of the city the prices range from 700-1100, but again even ignoring location the apartments themselves are not nearly as nice.
I've lived with roommates in the past, but I'd prefer to live alone this time around.
Other factors to consider: I have a 2014 Ford Focus with less than 12k miles on it that I'm currently paying 290 a month for. It will be paid off in a little under 2 years. I have 4K saved as an emergency fund, and have been contributing 6% (maximizing company match) to my 401k for the past two years, which I plan on continuing. I also have student loan payments of 300 a month, but no other debt to speak of.
Is this a justifiable splurge, or am i recklessly going down the path of financial unsustainability?
Edit: UPDATE: I work retail in management so I don't have all that many coworkers, and most are direct reports which technically speaking I shouldn't fraternize with outside of work (it's rarely enforced, but still policy). Additionally, I rarely commute during rush hour, and often have one or two weekdays off.
Submitted January 11, 2017 at 06:53PM by btonic http://ift.tt/2j9j94i
