When do you think you’ll be ready to purchase your first home. I work in tech in the Seattle area and turning 25 soon. I make about 160k a year and know that I’ll probably be here for the foreseeable future, so buying makes sense. But even townhomes in Seattle are going for 800k ($1m on the east side) so I’m not sure if it’s worth becoming house poor when I can continue to rent a nice place for $1500 (good friend as a roommate) while saving 50-60% of my net income.

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You can still househack and rent out a room to help reduce mortgage costs.

FWIW I bought a condo in late 2019 at 24 to rent out. It was a PITA to deal with unexpected repairs and costs and I thought for a few years that I’d rather rent than own while in my 20s for convenience and flexibility since owning is very illiquid. That said, my condo has appreciated 100k since so now I’m not sure on rent vs buying 🤷🏻‍♀️ if you’re staying for 5+ years I’d probs buy

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First tenant was recommended by my realtor since they were friends. Worked out for the most part. Then I got tired of managing and turned it over to a property manager. But you can def have ppl apply to rent and include background and reference checks

Following this. 25 too and wondering the same thing

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Yep. I was looking at Redmond to be close to work and all the new constructions are outrageously priced

At 20, I was going to buy a house making 75K because of first time buyer credits. Deal fell through and now I make too much for first time buyer credits🤦🏽‍♂️ So whenever I can save up enough (a year or two) so 23?

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In my state of you make under 90K in most locals 150 in the HCOL city (I believe) you can get downpayment assistance and a few other treats, like no PMI mortgages with 3.5% down, or tax abatements, closing cost credits.

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I make 220 maybe and just brought a multi unit in DC for 715. Naca is a great resource, at closing I only spent 5500. That’s it. No down payment. No closing cost. 5500 went to escrow and home owners insurance

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Where in DC did you get a multi unit for 715??? I’ll have to look into naca! Do tell more!

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Move out of that shithole of a city and you can buy one right now

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Currently split my time between my gfs place in Fremont and my apartment in Kirkland

Wait a year and see what prices are at .. housing should crash just not sure how soon .. worth the year of renting to see

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Yeah but rates are guaranteed to fall too, the question is how soon

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Following! Just turned 24 and have $200k net worth. Want to eventually extend investments to real estate but don’t know when I’m so called “ready”.

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