Should I buy house in Bay area. If yes how much?
I am 47 years old, still renting in east bay. Have one high schooler kid. Have 1.1 mill cash excluding retirement accounts. Kid will go to college in 2 years. HTC : 400k YOE: 15+ #housing #bayAreaHousing
Why bother right now? Keep the $1M invested in the market, maybe DCA over the next few months if you are worried about an imminent downturn although time in the market >> timing the market. Figure out where your kid wants to go to college, maybe move to the same state. Interest rates are going to stay high for a while, you can probably pay all cash for a place in another state if you choose to move.
Rent and retire
Why buy when you'll be an empty nester in 2 years and you'll get the opportunity to move out?
Buying property makes no sense regardless
No . Move out of Bay Area in 2 years
I will be working in Bay Area another 10 years.
Just apply mortgage, keep cash and invest
What does buying solve for you right now that renting doesn't ? Most people chase stability and of those a lot do it for the kids/schools.... Your housing needs potentially going to lessen once kid off to school.... Hard for me to see the value proposition of buying, unless you're wanting something like the stability I mentioned or something emotional
I have been living in the same city for 20 years. Also those who buy homes early in their life for kids, do they stop living in their homes once kids are out? I don’t quite get the point of not needing home after kids go to college.
People resize or relocate depending on their new housing needs as they change. A big change could be for some the adding or subtracting of children. No one said you won't need a home after the kid goes to college. But if you lived in a spot for say the good schools and liked a different spot but it has worse schools...with the kid in college that becomes less of a concern. Or maybe you want to relocate to a spot near the secondary education..... Point though isn't that you won't need housing. The point is, why does your housing need shift from renting to buying. Only you would have that answer and it's not like it will be right or wrong. But you seem kind of lost as to what the answer could be.
Yes buy. Buy the most you can afford.
Always max out that mortgage. It’s free money
Not free money anymore