I'm requesting some feedback, especially from folks >10 yrs in practice. I'm 2 years into practice, single specialty group, planning to stay long term. We have 2 toddlers now, no more planned. We are renting. We want to buy our long-term home in an established neighborhood with excellent schools.
Income is rising -- $600K now. Those in my group > 5 years make $800K-$1M. We paid off all debts. Wife may return to work eventually, but all decisions based on my income.
We plan 20% down. Ideal homes in our target neighborhood are going for $1.3-$1.5M.
This *feels* really uncomfortable. But I hear that one should stretch a bit when buying their doctor house to avoid moving again in the future. I also know about WCI's 2x mortgage guideline. I guess I worry about the opportunity cost of tying up this money and delaying FIRE. I also know you have to pay for good schools and location. I don't want my current fear to cause us to make the wrong decision only to realize that this fear is temporary and will go away after a couple more years in practice.
I would really value your opinions. How did you handle home purchase price, especially in more expensive areas. And how did you feel about it 3-5 years later?
Income is rising -- $600K now. Those in my group > 5 years make $800K-$1M. We paid off all debts. Wife may return to work eventually, but all decisions based on my income.
We plan 20% down. Ideal homes in our target neighborhood are going for $1.3-$1.5M.
This *feels* really uncomfortable. But I hear that one should stretch a bit when buying their doctor house to avoid moving again in the future. I also know about WCI's 2x mortgage guideline. I guess I worry about the opportunity cost of tying up this money and delaying FIRE. I also know you have to pay for good schools and location. I don't want my current fear to cause us to make the wrong decision only to realize that this fear is temporary and will go away after a couple more years in practice.
I would really value your opinions. How did you handle home purchase price, especially in more expensive areas. And how did you feel about it 3-5 years later?
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