I live in Northern California where home prices are really high. I am currently 26 years old and single. I make $85,000/year and the only debt I have right now is $12k on a car (the car is worth about $22k, so there is some positive equity). My total assets (cash, 401k, etc.) is a little over $100k. I just got pre-approved for $500k mortgage with 5% down (No PMI required). However, I think at this point that might be too much. I get taxed like a SOB due to the fact I’m single and have no dependents. I expect my salary to increase a bit next year, but my whole life I’ve seen my parents make terrible financial mistakes and I don’t want to be in any financial mess in the future. Also my parents will be living with me since they are unemployed (my mom due to health issues and my dad company shut down during COVID pandemic). $500k doesn’t get you much here in California, but I don’t want to overextend myself since I have no other support but myself financially.
Submitted February 20, 2021 at 05:46AM by Many_Zookeepergame96 https://ift.tt/3pGee90
