Submitted by [deleted] t3_10whsnr in personalfinance
So, I'm finally making a six figure salary ($120K gross per year) which is the most I've ever made in my life. Unfortunately, in the time it took me to get my act together with my pay, housing prices have completely skyrocketed out of control in the Greater Phoenix metro area. I want to make a well informed decision and purchase a dwelling that would not make me considerably house poor (because putting all your eggs in one basket is very poor form) as well as not waiving inspections, and I'm wondering if I shouldn't feel bad to just rent for the foreseeable future? Everyone acts like if you don't buy you miss out forever, which seems rather hyperbolic and I don't want to think in these terms. I'm not even looking for anything crazy. Just a 3 bedroom 2 bathroom home. Or... well maybe I am crazy to want something normal?
As for the rest of my financial profile, I have $25k in savings, $10k in Series i savings bonds, and somewhere north of $50k in my retirement accounts. My current savings speed is around $1500 a month after all expenses are dealt with, so I'm not living paycheck to paycheck. Does anyone have any thoughts on this? I really hate losing sleep over *missing out* on the whole pandemic housing boom. I know folks that make less than me that have way nicer houses than I can afford on a larger salary. I'm even prepared to leave and go somewhere else in the country if necessary, as I don't have any real roots here. Currently, I'm renting a 3 bedroom 2 bathroom house in Mesa, but the owner is planning to cash out which leaves me thinking that my lease won't be renewed, so I'm preparing. Any advice is welcome.