In California. Unable to move away from work at the moment. Rentals in the area are 2.5k+ for 1 bedrooms.
Have been looking at houses but obviously it’s rough. 700k+ is basically any SFH, condos are currently 600+.
My pre-qual is for up to 800 with 20% down, but I don’t want to do that much. Lower the better, obviously.
I’ve found a few nice homes in great areas that are all between 720-780, which is still huge. That said, I’m trying to weigh the options between buying and renting.
I have around 160k set aside for home savings. So on 750k with 20% down, my mortgage would be around 3.1-3.3k a month. Leaving only 2200-2500 of my take home pay after housing expenses.
If I were to purchase, the intent would be to rent out 1-2 rooms for 1k each.
Just between renting for 2.5k and getting a mortgage for basically 60% of my take home pay – what are the options? Is it completely unreasonable? Unfortunately, not able to look at other options without finding a different job