I currently make $35 an hour (with benifits) in LA area. My wife and I just had a baby, so she stays at home and takes care of him. We are planning to have more kids and are outgrowing our 2 bedroom 800 sq ft condo that we rent for $2000 a month. I'm in an apprenticeship program and am set so make $55 an hour by the end of 2021.
Right now we have worked it out that we could comfortably afford to pay ~$2500 a month towards a mortgage (we've been pre-aproved for more but dont want to make payments that big). That price doesnt get you much in LA so we would have to compromise a lot on the house we buy (no yard or RV parking, really close to neighbors, less bedrooms than we want, or an area we dont like). However, in 2 years we figure we could comfortably afford a home that we dont have to compramise on.
The issue isn't whether I'm patient enough to wait for the better home. What I would like to know is if financially it makes more since to buy a smaller home and sell it in 5ish years to upgrade to a bigger one, or continue paying rent for 2 more years and then buy.
Additional information: we are 24 years old. We have two paid off vehicles and 0 dept. we have about $100k in a fund from my parents to help us make a down payment at any time. We would like to buy just outside of the border of LA county (eastvale/chino hills/chino/ontario/corona). We like the place we rent no, but our family is outgrowing it. My benefits include for medical, dental, vision, and 401k.
Submitted April 08, 2019 at 09:34AM by Cptn_Moroni http://bit.ly/2WTd6AU
