Buy a home near our jobs that we will be struggling to afford (until potential pay raise/promotion early next year) or buy a really nice home 50 miles from work and make that commute everyday?

We are just REALLY struggling to find anything we can afford due to overbidding.

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The 3 most important elements of real estate are location, location, and location.

There’s a reason why the houses in the good locations are higher… cuz more people want them. Buying 50 miles away would be fine if you aren’t commuting regularly and/or are likely to be able to get a job in that area in the future. But if your career growth options are limited out there, I wouldn’t consider that.

helpful

Only you know your risk profile. Real estate tends to be fairly safe over a long enough time frame. But you also should have some emergency funds and contingency plans in place just in case.

Any options in between? Is there a neighborhood 25 miles from work that has a nice house (not a really nice house). I was faced with that decision years ago, decided to settle in a area that’s 30 miles from Manhattan, commute was longer, but manageable. The house wasn’t my dream house, but I was able to afford it without having to stretch.

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Ok, I thought you are living close to your job now and deciding whether to move 50 miles further or not. Another deciding factor for me was the school district, especially if you have or plan to have kids.

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How recession proof are your jobs? And how many months buffer do you have of emergency fund after purchasing the nice house?

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My job is pretty secure but my partner is a contractor and will be looking for a full time role near the area we move to. We will still have 6 months emergency funds after purchasing the home

How many minutes is commute door to door? Car commute or train?

Currently, I commute between 45-55 minutes with traffic (28 miles) to our apartment. The new commute would be 50 mi, an hour and 3mins. But there is pretty much no traffic ever since I am going away from traffic

How bad is your commute today? Can you wait for a year? The competition for real estate is always going to be there.

My commute is 45-55 mins now (28 mi). We would prefer not to wait the year as we are trying to take advantage of some things now and have the cash

50 miles is a long way. And putting 2000+ miles/month on a car has a cost too. I would not do a 50 mile commute unless it was just 1-2 days/week.

I wouldn’t buy more than ten miles away from your job. No one wants to put that many miles on their car and spend all that time in traffic. Better to have a stress free life.

Unless you REALLY love driving I’d look for the options that allow shortening the commute, even if it’s a house that you don’t adore. Happy to run numbers are purchase scenarios for you that help minimize your monthly payment!

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