Reply to $115k salary, $55k in savings - looking for life advice and wisdom from long-time DC dwellers

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[quote=Anonymous][quote=Anonymous]Long time lurker, first time poster.

32 years old. I've been in my current job for just over a year now and make $115,000 a year; first decently paid job in my life. I've managed to save up about $58,000 over the last two years and have about $6k in my 401k. Savings are low because I moved to DC for a government job offer that was rescinded once I had settled in, signed a lease, etc. Took 10 months to find a new job. Still coming back from that punch to the gut.

I work in government contracting now, so my job security is only moderately stable. For whatever it's worth, I'm a top performer on my team and extremely well-liked by the client and contractor. 1-2 people are fired every six months and 1-2 people quit every six months (it's intense work). I also work a ton of unpaid overtime and my boss doesn't give per diem when I travel, so there's that.

I very much wish I could buy a condo/house/coop in DC (think NOMA, Eckington, Shaw), but $550k looks like the absolute minimum for anything I would be remotely interested in and I know I'm more than a year away from being able to afford that.

Any real estate, finance, job, or life advice/wisdom from others on the board? I'm thinking I should increase my 401k contribution and focus on saving money and finding a more stable/enriching job environment with a similar income. [/quote]

I would recommend continuing to save and increasing your skill set and marketability.  For me I work in Cyber Security and have gotten more certifications and learned about other areas of the field.  So even though I am a contractor, if my job were to end next week I think I could find a new one relatively quickly.  I have enough savings to hold me over for awhile.

DC gets a bad rap and a lot of people will say leave and go for green pastures like Denver, Seattle, or Raleigh.  They maybe cheaper, but will eventually start to suffer the same problems the DC metro areas experiences like overpopulation, traffic, and higher cost.  It isn't that bad here, as the city has a lot to do and is close to mountains, beach, and other cities like Philly and NYC.

As far as housing, the giant elephant in the room housing is very expensive here.  However, there are deals out there if you are willing to look around.   It may not be in Dupont Circle or Shaw or the other "hip areas" but there are deals out there. I was able to get a home for under $300k right outside the city.  I am an easy Metro or Uber ride away from the happening spots in town.  Also getting a roommate will help you in the long run with savings and what a lot of people do here for extra income.[/quote]

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