This isnt really a question where im looking for an exact number or dollar amount, just curious as to other mindsets and what you would do in this situation:
My wife and I live in a HCOL area and I got a side-gig as the apartment manager where we live. 2br units in my building go for $2000-$2500/month and my wife and I pay a combined $525/month. And that includes electric, gas, trash, water, and internet. Each year our rent will decrease $50/$100 month, and eventually be free, but I cannot do this forever (dealing with residents is annoying as fuck and being “on call” all the time also sucks).
The way things are going with our incomes, we could afford a home in the area, but then all of our extra money (that currently goes towards 401k and IRAs) would be going towards mortgage costs.
I guess I’m just uncertain as to what mentality I should have for an exit plan. The primary factor is the housing market. If it continues to soar, we will be priced out and never afford to buy. But i also don’t want to overpay, sucking up all of our income, and then it crash and we would have been better off just renting for next to nothing...
Submitted May 27, 2021 at 06:41PM by conradical30 https://ift.tt/3oYtBLa
