Hi MMM people
I am trying to decide if it is time to move from renter, to homeowner. I'm single, late 30s, live in a relative high COL US metro area.
Through a recent inheritance and one time bonus from work (likely to never happen again!) , I have some cash and I need to decide if I want to buy something, or put into stocks (or another saving vehicle). I think I'd like to be a homeowner vs renter but it's not an all-consuming desire. No pets though I would love space for a workshop (garage/basement).
Financial basics:
Pre-tax from (VERY secure) primary job - $98k
Irregular side gig - $12k this past year but I want to start working at it a bit less.
$80k 401k
$80k cash in checkings/savings/taxable stock account, of which I would consider ~ $65 could go towards downpayment (I want to keep a decent emergency fund)
NO debt at all
Paid off 2012 sedan which I plan to drive for the next 10 years
My rent is $1500 and I drive about 20 minutes to work. I can't bike due to a physical disability.
I qualify for an insane amount of mortgage - up to $450k it seems. I'm thinking more like the $350k-$375k range for small SFH / condo. I think PITI would run around $2000, maybe a tad more. Totally doable but I'd save less.
I do think I'll stay in this area for at least 5 years.
So... buy? Or stay a renter? And what do I do with the large chunk of cash in my savings account?
Thanks for any advice!