My partner and I are considering buying a house next year, but aren’t sure if we should consider waiting until 2023. I’d appreciate advice
Combined income of $177k
Debt free
Current rent is ~$1750/mo
We should have ~$65k-$70k in savings next summer available for a down payment (we have an separate emergency fund)
If we wait until summer 2023, we should have ~$90-$100k for a down payment
I’m 31F, he is 29M - kids anticipated in our future ~2024-2025
We are aiming for a home in the $400-450k range if we buy next year; probably up to $500k if we wait until 2023.
If we buy next year, we’d likely have to put ~15% down and pay PMI (would probably pay it up front).
If we wait until 2023, we could put 20% down and avoid PMI altogether.
We’re personally ready to take the plunge next year so we can start building equity, however we want to make the best financial choice. Any advice?
My other thought is to buy a very affordable house for us ($300k-350k) next year, continue saving a high rate, and then upgrade in 5 years. Risk in terms of whether the house would appreciate or not though.