We bought in Austin at 5% interest rate, $110k downpayment and spent $40k in renovations. I was 8 months pregnant and we were living in an apartment swarming in cockroaches so I was desperate to move.
This mortgage is 30% of our income and it just feels too tight. We feel like we can barely save money with a baby in daycare ($2k monthly) and a 4 year old.
We haven’t felt like we in the neighborhood we wanted to have our kids grow up because we need a car to go everyday(suburban life). We spent about an hour round trip driving our kids to school in the AM and PM. It’s just not lifestyle we hoped to have (which would be more walking, more community, more diversity).
Anyway, we’re looking at options.
A) rent our place at a loss and we rent a smaller and cheaper place in a neighborhood we like = pay the same as our mortgage amount..
B) try to sell our place this year as interest rates go down
C) stick it out a few years here
I do think we can rent a place for 22% our income in a neighborhood we like and allow us to save more. Would it be worth potentially selling our house a slight loss?
Also, note we don’t plan to stay in Texas long term so we plan to move out of state within the next 3 years.
THANK YOU! This is keeping me up at night. I keep kicking myself for making such a big decision under so much stress. I’m worried I just messed up our family’s entire financial future.
Submitted January 19, 2024 at 09:50PM by ccarito https://ift.tt/WOlgRDX
