By the time I move I'll be married with plans to start a family. I have a total of $100,000 USD in my US checking account. No investments or saving accounts. I have no loans to pay. No debts. I'm guaranteed a job in Toronto for two years, but it will most likely be four years if not even more. My salary will be around $6K/month after taxes.
I feel that paying $2K/month rent for 2 years ($50,000 down the drain) is a bad idea if I'm staying that long. In the same time, I feel I don't have enough money to be a home owner. How do I get around having a house in the expensive GTA, with a reasonable mortgage, without blowing away all my savings?
Edit: My wife might find herself in a job that pays $3K/mo, but that's not guaranteed and won't happen before a year into my stay at least.
Edit2: I'm Canadian
Edit3: Most condos that interest me are in the 300-500k range....
TL;DR: I have $100k saved. My income will be $6k/month. Average rent would be $2k/month. Average Condo price is $300-500k.
Edit: this amazing "Rent vs Buy" calculator solved my dilemma. It's a close call.
Thanks!
Submitted May 24, 2017 at 04:57AM by TareXmd http://ift.tt/2qV4ifh
