I've been at my current job for over a year now and it's got solid pay ~$60k/yr. I've still been bumming it at my parents with the goal moving out by buying my own place - likely with a friend who'd pay me rent.
However, with the housing market as it is with 8% interest rates and low supply it seems I'm stuck kicking back with my parents again.
At the same time, I feel like I'm stunting my development as I'd held off any serious relationships until I have my own place.
Renting doesn't seem ideal unless my parents kick me out (unlikely, we all get along and I pull my weight) as I just see it as lighting money on fire I could be saving for an actual house.
ATM I'm thinking of bitting the bullet for inflated interest rates as I'm in a good place financially (I have zero debt) but it does make me concerned that the “you will own nothing” seems less and less like a conspiracy theory for the Zoomer generation.
Is this r-slurred? What is the best move here?
.webp?h=8 "Merry Fistmas!")
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Don't buy a house unless you can put down at least 20%. If you don't meet that minimum, you get less favorable terms.
The interest rate isn't too big a deal in the long run because you can refinance once interest rates drop again. There are overhead costs associated with that, as well as a lot of time and effortz but it's doable.
Getting a roommate to help pay it down is not a bad idea, but be aware that if you get a shitty roommate it is very difficult to evict early. A lawyer recommended to me doing six month leases. That is the lowest term that you can reasonably go without the courts effectively considering it a month to month lease.
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I can very likely get the 20% a $150k mortgage, especially if I spend another year, year and a half here.
Roommate wise it would be with a friend Ive known since elementary school. I'm pretty sure I can manage him fine.
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Then you should do it. Good luck!
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