Mustachians, please show me the way!
My basic question is if and or when I should consider purchasing a home rather than renting, but I'm open to any advice you can throw at me.
Stats: 36, about to divorce, 1 8 year old, 1 dog, 1 cat, live in SoCal.
Income and assets: I just signed the papers on a $52K/year job; I get $7.8K/yr in child support. I own almost nothing of value. I have a couple thousand in a pension from 5 years of teaching. I've already gotten too much help from family over the years, and they don't have much to give anyway. I have no savings.
Debts and expenses: I'm anti-consumerist and frugal. I'm not exactly sure what my monthly expenses will be now, but minus housing, let's call it $1000. I don't have any debts.
My husband and I have been renting (he pays the rent). We had planned to buy a house when I got a job. I've never owned a house before. But now I do want to buy a house in my city for the following reasons:
1) I love this city. It's beautiful, low crime, high community involvement, walkable, not too far from my job by SoCal standards (25-30 minutes).
2) I want some stability for my kid (and myself!). Just 2 years ago, I moved us 2000 miles away from the dad to live with my husband, STBX. It's bad enough that I'm divorcing again. I don't want to move again.
3) I want a house so that I can start building a little urban homestead, with a garden, backyard chickens, etc...
4) I don't want to give up my dog and cat, and my cat has refused to live indoors since we moved here and added the dog. (Don't worry, PETA, she's safe, healthy, and cared for.) For them, my kid, and reason #3, I'd like to have some reasonably secluded land.
HOWEVER:
1) I used an online mortgage calculator that said I could afford a house just under $200K. I don't think those existed here even at the lowest point of the recession, and prices are rising. I'd be lucky to find one for $300K. Especially if I want some land and want to avoid living too close to the highway.
2) I don't even know what kind of mortgage I could get. My credit's OK, but it's not super high. They'd probably want me to be working in my job for a while. And although $52K is more money than I've ever made before, it's not a lot for a household income, especially where I live.
I really do want to start building a 'stash. I think I've got the whole "don't spend a lot" part down, and now I'll have some income. I have next to no experience with investing, either in the stock market or in real estate. There are some houses for rent in my city, for about $1500 a month. At the moment, I'll take over the rent for our current apartment. But what should I do next?