Hey all,
My family was lucky enough to be able to buy a home right as home prices were taking a break in 2020. We bought an 850k home in NYC which now currently has 650k remaining on the loan (mortgage $3300 a month). My dad is a Mechanical Engineer in HVAC Supply/Sales who made about $150k, my mom is a cashier. They previously owned an apartment which I refinanced to leverage cash against the house. The apartment that I'm in currently has $80k left to be paid off. I also have about $23k in savings.
I currently pay about $2600 a month but starting in January this will go down to about $1900 (due to a reassessment in my maintenance). I make $100k a year or about $1k a week after taxes and contributions (contribution amount 10%, ~$100 a week). I'm married and my wife pulls in about $500 a week. My dad was educated in India and worked in his job from the early 90's to now. As an engineering major educated here who had a tough time finding a job, I am genuinely worried for his job prospects. Is there anything I can consider doing to offset any issues?
I'm already spoke to my wife about moving into my parents house and renting out my apartment. It's just genuinely not big enough for five people (+1 younger brother, student), but she's still down. I'm thinking to rent out my apartment at that point and just basically go broke paying the house until I figure things out...not really sure what to do and definitely feeling a bit stressed. Thanks in advance!
Submitted November 15, 2022 at 08:51PM by i_eat_babies__ https://ift.tt/Prz5jEh
