House hunting. Homeownership. Independence. It’s a huge part of the American dream, right? But as a young woman born and raised on the East Coast, it’s always felt a little out of reach. For me, this was for a few reasons, which are perhaps unique compared to other young American women my age. They include:
- Working an apprenticeship in my hometown after graduating from college, which made living at home an attractive option
- Beginning my career in my hometown
- Having my career path shift significantly during and after the COVID-19 pandemic
- Getting several jobs that required me to travel and live out of hotels for a number of years
Being able to live with my parents for all of my twenties has been an incredible gift in so many ways, but here I want to talk specifically about the financial ways in which I’ve had an incredible leg up.
- Free rent & utilities (I do pay my own phone bill, which my mom has set up as a monthly auto-pay from my savings account)
- Free groceries (I contribute where I can!)
- Ready-made meals (my dad is retired, so he often makes dinner for me when I get home from work)
- Free use of a car (I pay for my own gas, but the car is owned and the insurance paid for by my parents)
- Free financial advice (my parents are smart and inherently frugal people, which has hugely shaped my own relationship with money)
But my parents are now ready to retire and move away from the high cost of living area that has been our home for nearly 30 years, which means I have to pay for my own housing for the first time in my life.
So let’s break down the facts of my situation:
- My parents will be moving in the next six months, give or take.
- I need to secure housing before then, or make plans to pay for a storage unit and live with friends and/or my brother, who has an apartment in my area.
- I would strongly prefer to buy a house/condo/co-op share vs. renting.
- I have a healthy down payment ready to use on a house.
- My monthly income varies, so I want to keep my monthly expenses as low as possible.
Why am I so set on buying instead of renting? On the emotional side of things, I really do love the city I’ve grown up in. There’s tons to do, my family lives close, and I have lots of friends within a 30-mile radius. Putting down roots here is a dream of mine.
On the practical side, I’ve built my career in this city and the majority of my connections also work here. As a freelancer, this would be a hard thing to walk away from. There is also a robust public transportation system, which makes it possible (though not always easy) to exist without a car. Not owning a vehicle would significantly cut down on my expenses and be much better for the environment.
There is also a limited number of apartments available for rent within my monthly budget in my desired area that would allow me to live alone. Because let’s be clear: after living with my parents for my entire life (and my little brother, too, for most of it) I’m ready to have my own space.
Also I want to put shelves up whenever I feel like it, so there.
But where do I start? Well, I know my reasons for wanting to buy a home, but can I actually afford it? Sounds like it’s time for me to do one of my least favorite things: budgeting. Stay tuned to see how I try and turn this into an exercise that doesn’t make me want to scratch my eyes out!