I'm 31. Single parenting. I started my career late (did a PhD + postdoc) in late 2021. I have around 600-700k in net worth, about 250k in liquid cash, $120k in a brokerage index funds, 62k in FB stocks, and the rest in IRA/401k. I work at a trading shop. My base pay is $230k. Bonus is discretionary, but it should be at least my base pay (otherwise I probably wouldn't be here in the first place, but who knows until EOY). I want to purchase a house in the 1m-1.2m range in a 2.5-3% property tax area. I have enough for a 20% down, but idk if I can afford the mortgage + property taxes. 20% down in that range with 2.5-3% property taxes and 7-8% mortgage rate is like $10k/mo in principal+interest+property tax, which is a little more than half my base pay, so buying right now doesn't seem to make much financial sense? Idk what to do. I could maybe liquidate some assets and pay a bigger down and/or wait 1-2 years and save a bigger downpayment.
Liquidate all, pay in cash. In no time u ll recover but don’t get hooked for years with the bank
What state has 2.5-3% property taxes. The two highest I know of are NJ and IL and they’re closer to 2-2.3%.
Travis County
How did you save that much since 2021? I assume people live month to month during PhD and PostDoc, you did all that with 3 years of working?
I think I had around 50k in net worth after academia. My TC has been 400-550k/year since entering industry 250k of combined sign on bonuses was received from meta and my current employer
Congratulations. And what was your specialty to land such high paying jobs right after academia?
Wait a while. Save. Attack in all cash when interest rates are through the roof and listing prices are lower.
what if both keep going up? the timing is so bad right now (peak house prices + peak mortgage rates) but who knows if any is gonna go down