I've been firmly in the "rent my whole life" camp for a while, at least living in the SF Bay area (Oakland to be precise). A couple factors have me starting to think about potentially buying a place:
Friction with my landlord who I share the house with but who is rarely home. I currently pay $1500 inc. utilities, which is a bit below market in the area.
I am in a long distance relationship, and my GF is considering staying with me for ~3 months. Above landlord does not appear to too fond of the idea of her staying here, even after I offered to pay for her time. It seems like it's probably time to leave.
The housing market around here is crazy. Renting a decent 1-BR around here will run me 1600-2000/month + utilities. I can buy a comparable 1-BR condo for 265K-325K. Some relevant background:
- 29/single. No kids on the horizon but possible in 5+ years
I make low 6-figures at a stable job I like where I've worked for the last 6 years
265K in Boglehead-y retirement account, plus another
100K in taxable mutual funds I would be willing to use as a down payment, but would eat a tax bill if sold
Have the emergency fund.
I currently save 40% of my salary in retirement accounts (all tax-advantaged, Roth IRA + 401K + 401K after tax in-service rollovers)
Any suggestions from this great Bogleheads community? How should I feel about cutting back my savings rate at this point? Should I give more consideration to buying something? As always I appreciate your input and advice.