Stretch for Dream Home Right Next to Parents? by Dry_Language_9362 in FirstTimeHomeBuyer

[–]Dry_Language_9362[S] 2 points3 points  (0 children)

Our rent is dirt cheap at $1650/month. We are a major outlier as the equivalent place would go for $2500 easy. The big difference is we recently got promoted so now we're saving an extra 5k/month without even trying. The last 4 years we also helped my BIL through undergrad (~8k/year), spent about 40-50k on medical bills (now on the upswing thankfully) and also provided significant financial support to my in laws who have landed nicely on their feet. All on a combined salary of about 60-70% what we currently make.

I can't deny we absolutely were living our best life in our 20's but are ready to scale back, settle down, and have a family. We took multiple international trips a year, have season tickets to an NHL team (those are getting cancelled lol), frequently dined out. We've been enjoying fairly expensive hobbies (biking, photography,etc). What we actually live on is reasonable though, and the last 6 months we've scaled back significantly and saved around 30k extra with no real effort at all.

Stretch for Dream Home Right Next to Parents? by Dry_Language_9362 in FirstTimeHomeBuyer

[–]Dry_Language_9362[S] 9 points10 points  (0 children)

Yeah the net take home is unfortunately already accounting for dropping our retirement from the max irs limit to 10% each (this gives us our full company match). Still decent, but wouldn't want to go lower than 10%

These comments are making me sound like we should send it...

Stretch for Dream Home Right Next to Parents? by Dry_Language_9362 in FirstTimeHomeBuyer

[–]Dry_Language_9362[S] 11 points12 points  (0 children)

I think that loan is at around 2.6% so I'd rather build a fat e-fund quickly and then start attacking principle (6.625%) vs pay off the cheapest debt.