I live in an area of the country where the housing market seems to be rising at a rapid rate due to population expansion and multiple new businesses opening up in the area. I just got married a month ago and my wife and I are concerned that if we don't buy now (or at least soon) mortgage interest rates will rise along with prices and we'll wind up paying a lot more than we would now if we wait. The area we want to live is already expensive and we're concerned it will only get more so, with most houses we're looking at being around the 500K mark currently.
Here's my financial situation. I'm 31 years old, I'll be done with my fellowship in June 2018 and staying on at my current institution for my first attending job.
Liquid cash in checking accounts- $42K
Student loans - $44K at 6.8%
Retirement accounts - $50K
Combined income 150K, should double or more next year when I get my attending position.
No other debt.
I don't want to rush into buying a house; it makes me feel uncomfortable, especially at these prices of $500K or more. The more I read about buying a house the more concern I feel since there are so many expenses that we don't pay right now since we rent. Once we buy a house we'll have to furnish it, maintain it, buy insurance and pay property taxes, etc. I know my debt isn't terrible but I'd like to get rid of it then concentrate on housing. What do you guys think? Am I too conservative? Should I look into buying now?
Here's my financial situation. I'm 31 years old, I'll be done with my fellowship in June 2018 and staying on at my current institution for my first attending job.
Liquid cash in checking accounts- $42K
Student loans - $44K at 6.8%
Retirement accounts - $50K
Combined income 150K, should double or more next year when I get my attending position.
No other debt.
I don't want to rush into buying a house; it makes me feel uncomfortable, especially at these prices of $500K or more. The more I read about buying a house the more concern I feel since there are so many expenses that we don't pay right now since we rent. Once we buy a house we'll have to furnish it, maintain it, buy insurance and pay property taxes, etc. I know my debt isn't terrible but I'd like to get rid of it then concentrate on housing. What do you guys think? Am I too conservative? Should I look into buying now?
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