{ "media_type": "text", "post_content": "500k at 31 which is great but I still feel like I’ll never be able to afford a house in my area (~1M). My money is pretty much 50% 401k 50% investments.", "post_id": "611317d2ce31ed002a841111", "reply_count": 24, "vote_count": 2, "bowl_id": "5b3f7377ab53db00136f7b4c", "bowl_name": "FIRE Financial Independence Retire Early" }

500k at 31 which is great but I still feel like I’ll never be able to afford a house in my area (~1M). My money is pretty much 50% 401k 50% investments.

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This is a joke right

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I wish!

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I think the issue is income determines what kind of house you can afford more than NW does. I think you’d need something like 4000 a month for mortgage etc on a 1MM house @20% down

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Yeah definitely true. I make right around 100k so 1M seems like such a stretch

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Sometimes renting just makes sense. It seems like you live in one of those markets.

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Yeah, agreed. Maybe someday when I increase salary!! I can dream

Why consider purchasing a million dollar home when your salary is only 100k?

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Why focused on SFH only? You could still get decent townhomes around $500k or less. Either that or start increasing the radius and look further out

Possibility to move to MCOL? Any reason it has to be now? Give it a few years- salary in your 30’s usually grows pretty fast. I went from 100 at 31 to 200 at 35.

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You make 100k and saved 500k by 31 is excellent. Determine your affordability and get 30 year fixed. Not everyone buys 1 million house, I am pretty sure there are people making same as you and owning house. Now the housing market is too hot, May be wait for bit long.

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I’m at a similar NW and I feel the same. I’ll never be able to afford a house here - probably just gonna move to a LCOL country after FIRE.

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You've got investments

Where do you live OP? I’m 30 and just bought a house close to that price point. Similar investment numbers. Had a separate 20% to put down as a down payment, but there are JD loans that would allow you to put down a smaller down payment. Definitely doable

Oh nice! We used to live in Arlington (steep prices 😅 that’s for sure). Now in Chicago. No regrets at all! Honestly the all in cost (mortgage, insurance, taxes) is about $700 more than our apartment was (we moved to a way over-priced brand new build and were paying around $3,300 monthly. Our all in now is $4,100 (without utilities). It’s a little more, but it feels so great knowing we’re no longer tossing money away on an apartment and instead building equity. If you have an SO the two of you could totally swing it. If you’re alone you could look for a roommate, too, if you wanted to ease the burden of the expenses initially. The one word of caution I would say is that home ownership is no cakewalk. Things do need repairs, and you’ll likely want to do some renos unless it’s literally a brand new build. But at the end of the day it’s ~yours~

Make a spreadsheet. Run the numbers. You may be able to afford it just fine with a higher downpayment that you have the money for. I bought my ~$1M condo in HCOL area and it was the best money decision I ever made. It’s a great investment and should be worth $2.5M and all paid off when I retire

How did you run how much it would be worth when you retire? 🧐

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I live in NOVA and you can find good deals. You just have to be patient. I bought my townhouse in 2019 for 440k (2200 sqft). It just depends on what you are looking for. I am also a realtor here so dm me if you need help at finding any properties.

I feel this—it’s definitely tougher if you are one income or have any hopes to eventually have a family. If you’re single, it might be worth considering a cheaper but less than perfect slice of real estate for now (condo, up and coming area, etc.). Can help to grow your wealth through leverage, and perhaps eventually become an income stream for you if you don’t sell it.

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