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Real Estate
Reply to "would you take out a mortgage that is half of your take home pay?"
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[quote=Anonymous][b][quote=Anonymous][quote=Anonymous]This is OP, the thing is, rents are so high, close to 3k anyway. The only way to find a place to rent that is under 2.5k is to rent a 1 bedroom, which I am actually ok with, but in a few years those will be 3k as well. [/quote] [b]Find a less expensive home to buy. Ideally you have an extra 1-1,500 a month to save / use for emergencies. Your retirement savings should be much more than 5%. [/quote][/b] This. I did take out a mortgage that was a little under half my take home - but it was with a new condo (minimal expected repairs, fairly know annual increases in condo fees) and I had a good cushion of emergency savings left and expectation of growing salary. You need: 1) to build up a larger savings so you have a cushion for repairs or unexpected pay interruptions (eg govt shut down if you’re a fed) 2) definitely a roommate for a while (not forever) Or 3) you need to find a cheaper place to buy [/quote]
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