I've read and commented here for a while, but I'm using a throwaway, as this post contains some personal information. My wife and I live in the Houston area. Luckily, we were personally unaffected by the floods, but it has made us question our long term plans. We were saving up for a down payment on a house, and we would have had the full 20% in about two years.
With the floods it seems that house prices are set to inflate dramatically over the next few years. Our current savings rate could mean that we may never have enough to put 20% down on a house in a reasonable location. By closing time we would have enough to put about 10% down on the houses in our price range.
Is it reasonable to accelerate our plans? Should we just take the PMI in anticipation of being able to save money in the long run?
A better breakdown:
We bring home about 6,000 after all taxes, insurance, and retirement accounts. We put about 2500 of this directly into a savings account, of which around 1800 is saving for a house. We also put most extra money from overtime and other projects into the general savings account.
We already have about 13,000 saved right now beyond our emergency fund.
Is it feasible to start looking now, and try to be closing on a house in the next 6-9 months?
One source, but I've read a few others: http://ift.tt/2iTvxXf
Sorry if the formatting is wonky, I'm on mobile.
Submitted September 03, 2017 at 03:58AM by 1951210213003 http://ift.tt/2euLkGY
