25 making 100k a year before tax in South Florida. Credit 700+
Debt 25k car loan 4 years left, 3k student loans.
Savings 20k emergency fund, house, travel
Monthly expenses without rent ~2k (includes car payment, insurance, utilities, food, beer, basically everything not rent)
Rent $1600/month
With rent, my expenses are 3.6k a month. On average I save $700 a month. If I budget/cut back I can do 1k or more.
My lease is up in the summer. If I were to buy a house it would be in the 2:2 200k range +- 50k. This is South Florida so houses aren't cheap and rent will crush you.
Should I look to buy a house over the summer FHA or 8%+ downpayment? Continue to rent and pay off debt and save for 20% downpayment. I would be open to renting a room in my house or moving to a cheaper apartment.
Every month when I pay rent I feel that the pay could be going towards a house. I am planning on being in Florida for the next 5 years. With a long term SO planning on getting married in the next 2 years. Also posted of personal finance and got some good answers so I made a few tweaks to the question. For this example assume that SO will not contribute to household income.
Submitted December 18, 2018 at 07:53AM by UncleWally954 https://ift.tt/2QAdGF7
