Good luck OP!

OP here. Thanks to all for the thoughtful replies. To categorize:

- Reduce tax liability (and save for retirement) - if I'm not aggressively saving for a downpayment and already have an emergency fund, an income of $115k is more than enough to contribute the maximum $18,500 to a 401k plus the max $5,500 to a Roth IRA. So that's what I'll plan to do for 2018 and 2019. I would love to find additional ways to reduce my tax burden - but it would appear that the mortgage interest rate and local/state property tax (albeit reduced in the last tax bill) are the top ways to do so, which are both closed off to me for now while I am a renter. I will continue to investigate other ways to reduce my tax liability and see if I have the option to contribute to a Flexible Spending Account. It's frustrating to be in a low savings/net worth position in part because the government reneged on a commitment. Boo hoo.

- Consider leaving DC for a lower Cost of Living (and higher quality people) - I actually quite dislike DC and its surrounding suburbs, but other locations where I have worked and would have options are even higher cost of living (think tech-oriented coastal cities), and like many people here my area of work is quite specific to government. For now, I think I will focus on finding a better job in this area, while progressing in my quals.

- Save on rent, get a roommate - I actually pay about 15% below market rate for my microscopic, metro-accessible apartment and would pay about the same or more to rent a room in a 2 bedroom/2 bathroom condo or apartment. So it is hard to see any additional savings being achieved in this area. Not willing to share a bathroom at age 32.

- Buy a home to see appreciation - for me, purchasing a home is more about quality of life and stability than it is about appreciation. Sort of a moot point though until I can find a higher quality job.

- Leave current job as soon as possible - I actually really enjoy and am very good at the subject matter of my current job - the problem is my shady/stingy/mercurial boss. Because of all that shadiness and wage theft, I'm thinking I'll try to move in one of these directions in the next 6-12 months:
1. Jump ship for a more senior position at a small contractor in the area (8a/small business disadvantaged) with target salary of $130-180k
2. Pursue an in-house recommendation at a more established contractor/consulting firm (Booze/Deloitte, etc) and seek to come in at a manager level in the middle area of the above scale.
3. Attempt to leverage my current position for a GS-13ish level government position.

In the meantime, I will upgrade a couple of my industry-specific qualifications and restart my networking to get a feel for what's currently out there.

Thanks again to all, and I much appreciate any additional commentary or insights.

Anonymous wrote: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.

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.