Hey folks, I'm 28, and six months from finishing fellowship. I have a job in a reasonably high cost of living area, around 230k per year. No debt at all, but only about 10k in mutual funds (no other savings).
We made the massive mistake of buying a condo during residency. Its been a great place to live, but we sunk about $45k of equity into it and owing to construction issues and the market it is going to be very difficult to sell. We will likely be able to rent it out and come close to covering expenses.
We don't want to make the same mistake of buying to quickly when we move. However, the city appears to have a HUGE mismatch between rent and housing - we could buy a home that would meet our needs for around $250k. Apartments however run at $2500 if we want to be in safe area, have parking. So the New York times calculator would suggest buying... And yet if we haven't sold our other house, maybe its not the smartest thing to do.
Any thoughts?
We made the massive mistake of buying a condo during residency. Its been a great place to live, but we sunk about $45k of equity into it and owing to construction issues and the market it is going to be very difficult to sell. We will likely be able to rent it out and come close to covering expenses.
We don't want to make the same mistake of buying to quickly when we move. However, the city appears to have a HUGE mismatch between rent and housing - we could buy a home that would meet our needs for around $250k. Apartments however run at $2500 if we want to be in safe area, have parking. So the New York times calculator would suggest buying... And yet if we haven't sold our other house, maybe its not the smartest thing to do.
Any thoughts?
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