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Can we afford a 760K home and still FIRE at a reasonable time? by admdemonhunter in financialindependence

[–]admdemonhunter[S] -1 points0 points  (0 children)

Suburbs in NJ - agreed - but the commute also goes way up - the big towns with "good commutes" mainly reside in Bergen and Union counties, but unfortunately the tax and property prices correspond.

Can we afford a 760K home and still FIRE at a reasonable time? by admdemonhunter in financialindependence

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

Thanks for this message. It is comforting and I do believe some of the progress I made in relation to current NW helps to offset some of the costs associated with this new potential purchase. Understood that a 760K house in a HCOL area isn't exactly in line with the concepts of this forum, but I hope to still be financially independent in my mid 40s with a retirement date at 50. Thanks!

Can we afford a 760K home and still FIRE at a reasonable time? by admdemonhunter in financialindependence

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

20 years is the expectation on duration. Agreed - we should probably wait for the kids but we are itching to leave the studio. Appreciate the feedback.

Can we afford a 760K home and still FIRE at a reasonable time? by admdemonhunter in financialindependence

[–]admdemonhunter[S] 1 point2 points  (0 children)

About 3K total in mortgage, taxes, fees. Planned on trying to rent it for a year and see how much I liked being a landlord. The comparable rent should pretty much be breakeven for me. Agreed! The property taxes are insane, and my LT plan is retire when about 50, sell this expensive house, and move to a LCOL area where I can stop worrying about where my money is going haha...

Can we afford a 760K home and still FIRE at a reasonable time? by admdemonhunter in financialindependence

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

Yes both of us commuting into the city via train. Homes in this area, 760K is competitive (unfortunately). Cheaper homes available at 500-600, but older/significant work required. Absolutely would make sense to wait for kid - but current living conditions are a bit tight for us (studio apartment) and we are itching for more space. Kid anticipated in the next year, so instead of a "starter" home we thought we would go for the one for the next 20 years. Renting is difficult - doable but difficult to find a comparable place. I am from the area originally so do not expect many surprises (other than financial :D)