I’m looking to buy my first house later this year and I have a few different ideas on how to go about it. Would love some input.

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The reason I’m buying is that I’d like to avoid having to pay market rate rent when I retire. If you own and it’s paid off you need substantially less to retire. Just property taxes, upkeep and insurance.

One option is to buy something in SF where I live. I have enough to put 20-25% down on a 650-700k home (which is not much in SF). I’d be paying $3000-3500 monthly for 30 years which seems like a long long time, and I’d be very volatile in a recession and/or if I lost my job.

The other option is to cash out something in a cheaper city, that I equally love, Austin. I could probably put 60-75% down of the total price - or more. The issue is that I wouldn’t be living there, but I would Airbnb it out and rent in the Bay area. It would pay itself down, while I would waste money on rent. The pro is that I’d be mortgage free way way sooner, and if I were to lose my job or that the looming recession happened, I’d have a tiny mortgage to handle vs the expensive 30 year long one in the Bay area. No kids, so I could move to Austin with no notice if I got laid off.

For me the rational thing is to buy something that you’d be living in, but at the same time it feels like the risk is way smaller in buying in Austin and having a way smaller mortgage.

I’m very entrepreneurial, so I’m very drawn to the idea of having little overhead.

Financials:
Downpayment: $200-250k
Rainy day fund: $20k
401k, IRAs, stocks and crypto. $75k
No loans

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I think it’s folly to assume you’d pay off a house using air bnb in this environment. Also austin (like many cities now) is getting very strict about short term rental regulations. Please look into this before proceeding.

...but overall I like the idea of buying elsewhere for the long term! Maybe a regular rental situation (instead of short term) is more sustainable?

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