I recently separated from my partner and have been browsing rentals. I've always lived in Apartments ever since moving to USA 15 years ago. Looking at current rental prices of in my area - Tacoma Washington I've started thinking about buying my own property. I'm pretty worried though given the current state of our economy. I don't really have anyone to ask. My pros My credit score is high (in 700s) I have a stable job making around $5,000/mo after taxes, with a potential of making more if I pick up overtime which has been plenty in my field. I have no debt I saved up around 100k

My cons I have no one else but me to rely on High prices - Looks like an average price of a home I'd be interested in runs around $350 to $500 K. I have absolutely no experience or knowledge of owning a property

Is a house a good investment at this time or should I wait?

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Kartavious t1_jed7yeg wrote on March 31, 2023 at 3:59 AM

I work in Tacoma, and look at buying a house there too. Almost anything short of HVAC you can learn from youtube, if you're the kind of person.

The tacoma economy isn't bad, and if you have a high demand job you'll probably be ok. If you're open to renting a room or two out you may do really well for yourself. If you don't plan on leaving tacoma any time soon then do it.

MasinMadasHell t1_jed97uh wrote on March 31, 2023 at 4:11 AM

I suggest looking at mortgage calculators to look at what the total payment will be. Property taxes in Pierce County are super high, so be sure to take that into consideration with your monthly payment.

84740296169 t1_jed4ugq wrote on March 31, 2023 at 3:30 AM

Homes in that range would be $2000 - $3000 a month. That's a large portion of your take-home pay. That's not even accounting for property taxes.

Edit: I didn’t factor in your downpayment so it’s be more $1500 - $2500

Cafunesaudade OP t1_jedcd0h wrote on March 31, 2023 at 4:43 AM

Yes, I believe payments would be around $2k a month. Which is not too far of from what I would be paying for an apartment - most 1brs starting at $1500

Kinglakers2003 t1_jedutry wrote on March 31, 2023 at 8:42 AM

no you need to have at least 20 percent for down payment or you will need to pay pmi, once you buy all utility becomes your problem so add probably 100-200 to electricity, water, gas, trash, then add some homeowner insurance and property tax. Don't forget about the potential cost of hoa, yard maintenance and regular interior maintenance.

GeorgeRetire t1_jeekr54 wrote on March 31, 2023 at 1:24 PM

Buy a house because you want to live in it, not because you think it might be a "good investment".