Hello everyone, my fiancé and I are currently looking to make our first big move and purchase a home together. Neither of us have any real estate and currently live with my parents. We live in a High cost of living area on the east coast. Our gross income is 180k and we have around 375k in liquid assets. We are 26 years old and plan to be married in early 2025.
What would be the best recommendation. The homes we have been looking at to fit our needs would be around 650k-725k. (We are looking primarily at 3+ bedroom 2+ bathroom houses in decent school systems)
Even with 200k down the payments would still come out to 45+% of our net take home pay.. my only rationale would be that since we are 26 and in entry level roles at work, we have great income potential and we can refinance down the line (6.7%) rn. We have also been looking at townhomes in the 450k range but would likely outgrow them with a kid or two since we also work from home half the week.
Any advice would be more than welcome.
Thanks :)
original posted by bellyballs12 to r/personalfinance on Fri, 22 Mar 2024 11:45:57 GMT.