Hey everyone,
TLDR; Getting a place for myself at 22 with ~100k(70k post tax) income in South Florida?
For some context: I will graduate in a month or so, no debt, have a full time and remote position lined up in a different state making 100k though it dilutes to ~70k post taxes by every calculator I have seen. I have some small investments (~8k) . I have a reliable though old car going on 10 years now, I love cars but I am holding off on that purchase.
However I am at a crossroads unsure of what to do regarding housing. My parents would love for me to move back home, I'd have my own space in the form of a trailer in the backyard (my purchase) that we can always resell. The other is to rent an apartment. A goal of mine is to BUY a place soon-ish but looking at the market, it wont be soon. Not trying to time it or anything - the monthly on a cheap place down here through FHA and mortgage insurance would be insane for me right now. Deep inside I feel like rent is throwing money away so I don't want to do it. But I have a SO of a few years that I am already accustomed to living with while we were in college. They will be pursuing a law degree and will need to maintain a car payment as well so I am doubtful (and feel bad in asking for more) that they can contribute more than 400 a month for rent. This means I would be left with about 1200, or ~15,000 that first year in rent payment. I hope the market or my position improves to favor me over that year.
They are willing to make our relationship work regardless, I just want to get a feel about what I am getting into. I realize how fortunate I am, I am the first one in my family to go to college but reading it back I sound like I had life set up, I worked odd jobs for a college student to pay my own living expenses in college. I want to know if I am being overly cheap and cautious because of what I have done to be in this position and my background? I'd like to know if either option seems to be smart? If I am going against the best interest of my real estate investment goals and creating a large setback? Thoughts, feedback, advice - all is appreciated!
Submitted July 04, 2021 at 11:06PM by throwmeaway240423 https://ift.tt/3yoULhQ
