Newsflash: First home in MA (F/29 & M/34) – feel priced out of everything

Hi,I (F/29) have been married for 3 years (M/34). Our combined income is $110,000, and I own a rental property abroad which brings an additional $600 per month. We are currently DINK, but would want to start trying in a year. We currently live in Brookline, MA, and really enjoy the town. It’s also very convenient for both of us to go to work (we have 1 car, paid off, but take the bus to work from Brookline to Cambridge). We would like to possibly settle here, but the real estate market is surreal. We have a $170k downpayment (inheritance), which would still leave us with about $45,000 in various invetsment accounts (we moved to the US a few years ago and started late), and $55,000 emergency fund. That being said, the price of a 1BR apartment in Brookline is about $450,000-$500,000 which we feel we can barely afford, and will probably outgrow quickly The suburbs we like (and that have good schools) we are also priced out of. We currenlty rent a 1 BR for $2,000. Our families advise us to buy a 1BR in Brookline anyway, thinking that the market will continue going up. We though that perhaps we should instead buy an investment property in an up-and-coming neighborhood (JP, Allston, Brighton?) for about $300k-$350k and rent it out to get some income, while we continue renting in the neighborhood we like. We have been wondering for the past 2 years what to do with that money, and still feel at a loss. Any help would be greatly appreciated! I will also be happy to provide any relevant detail I might have forgotten. Thanks!

Read more at https://www.reddit.com/r/RealEstate/comments/6jl6td/first_home_in_ma_f29_m34_feel_priced_out_of/?utm_source=ifttt

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s