Hi, I'm 29 and live alone in a high cost of living area in the US. I'm currently paying $2,700/mo. in rent and utilities. Monthly take-home pay is $7.5k and I spend on average about $2.5k/mo. on all non-housing expenses. I have no debt, $400k saved, good credit.
I'd really like to own a home with a backyard for my dog and a garage to put a woodworking shop and some gym equipment. Small 1,000sqft starter houses where I want to live are going for $1m. I'm getting serious anxiety at the idea of paying $5k/mo. in mortgate/tax/insurance since I do not want to resort to dipping into my savings to cover monthly expenses.
Is a house a reasonable purchase at this point? The market is hot and I'm concerned about rising prices and inflation and think it makes sense to buy in now.
Submitted March 27, 2022 at 11:22PM by TadpoleOk9413 https://ift.tt/QTCSEl7
