Family of 5 and we are renting in one of the highest COL in the US. Median homes here costs over 800k . Which is sad because my partner grew up here and we will probably never be able to afford a home in his home state.
We have gotten to the point where we need to find a house and truly settle down to raise our three kids.
Our income is 150k and are paying $2200 in rent. Our lease is up next month and if we re-sign it. Our rent goes to $2500. We have looked at some lower COL areas that are closer to the in-laws where rent is about 1900-2100. Houses are much more affordable as well and we want to seriously consider buying a house in this area.
We have 15k saved for a house and both feel that we just don’t quite have enough yet. We are currently putting 2k a month into our house fund but are considering moving to the lower COL area to save on rent as well. The only problem is that it’s on the other side of the country and I’m concerned that moving costs could reduce our saving rate. On the flip side, saving $400-$500 a month on rent would help use get a down payment a little faster. What’s the best way to make this decision? Stay for $2500 rent, or move to save $500 and closer to houses we want to buy in the next 2-3 years?
Submitted July 13, 2022 at 11:42PM by EmbarrassedTable184 https://ift.tt/qkdw5Ya
