What are rental prices like?
This is the most important variable. What would it cost you to rent an equivalent $250k condo?
at least 2k/month. it is a 2bedroom 2 bathroom with garage parking.
That's about what it would cost for our 2BR2BA if we added on a parking spot, which we don't rent, because we live in Queens, not Jersey. Do you work in Manhattan? Have you considered moving into the city and ditching the car and NJ Transit passes? When I ran the numbers, you often came out cheaper living in the outer boroughs than in the convenient suburbs.
I'm in sales and travel, by car, a lot. However, my SO works in Jersey so where I would live is somewhat dependent on where she works.
Any reason you need such a big place? The mustachian move would to rent a studio or 1bed and stockpile cash like crazy.
If I were to buy it would be with the intent to stay for a while, and if I had a family, I wouldn't be forced to leave right away.
I do currently rent and save about 50% of my income. The issue with that reasoning, and in general, my issue with a lot of things on this website, is that if you're only stockpiling cash and building investments...you NEVER get anything and there never seems to be a strong enough reason to purchase anything.
Here is an example:
"Don't keep a lot of cash because you need your money in investments earning money."
"You can't sell investments to purchase a home because you need those investments to build so you can FI/RE."
Well if you can't keep cash and you can't sell investments just how are you supposed to buy a house?
By the time I max my 401k, max my Roth IRA, pay taxes, living expenses, saving in a taxable account, where do you get the money to do anything unless you make a significant (significantly more than me) amount of money.
I just don't understand at what point a true mustachian can purchase a home. I don't get it.