Thanks Annie & Tass*, I could definitely get some friends to help me in exchange for some beer and/or gas money. I don't have a lot of furniture or many heavy things. In fact there are probably only 3-4 things I would need help lifting. Couch, mattress, everything else is fairly light.
In my current rental, it takes a key just to get into the building and down the hall where my unit is located. The benefit is that it would be harder to rob me. Across the street the units are set up more like condos where the doors are exposed to the elements. I would actually have less security (but I'd be on the second floor vs ground level).
I'm currently renting below market rate. New tenants are paying ~$200+/month than I am. My rent goes up about $50 each year, which I'm okay with. I've been here three years. My rent has increased from $1075 to $1125 to $1175. I can see myself staying here until it reaches the $1300s, which will happen in two more years at the rate it's going. I'm expecting increases in income to keep pace with any rent increases.
I haven't been motivated to move because I'm already close to work and my current expenses allow me to invest 50% of my income each month. I love living alone and have told my SO that I probably wouldn't move unless she wanted to cohabitate. As it stands, our stuff probably won't all fit in my current place. She has a lot of clothes & still has a sweet deal living with her parents. Recently she confessed that she had only spent $50 for an entire month. Not intentional, just sort of happened. Mind = blown. She's a keeper! Anyway, I've also said the same thing when it comes to buying a home. My area is expensive and I wouldn't purchase something unless the SO was all-in. I'd also be willing to match whatever dollar amount she's willing to put for a down payment, then split the bills proportional to our incomes. Alone, it doesn't make sense for me to purchase anything as I certainly don't have the household size nor amount of possessions necessary to fill it. I'm also leaning towards never owning a home since I have zero interest in dealing with repairs and maintenance during my working career.
Although being open to the idea of living together, she's not in any hurry to jump on the bandwagon or be the one to initiate anything. It doesn't mean we don't have a good relationship. I'd probably do the same in her shoes. I also would not be very motivated to move away from home and incur hundreds of extra dollars in expenses.
I suppose moving presents two opportunities. The first is creating enough space so that the SO could move in if she wanted to without costing me [much] more. If she moved in, I'd get help with the rent and we'd have more space. The second bedroom could literally be used as a walk-in closet/home office (although if she ever moves I'm sure she'd donate a lot of stuff in the process). The second is that I would have the option to get a roommate and lower my monthly housing expenses significantly, or be able to Airbnb the second bedroom, all assuming SO's mom is cool with it.
So let's say the new place would rent for $1200, increasing my housing expenses by $75. If I charged a roommate $500 for the smaller bedroom my, housing expenses would be $425 cheaper than they are right now, probably $400/month after factoring in any increases in utilities. That adds up to just under an $5k extra invested annually. In 10 years, that's an extra $69k stashed. Simply having a roommate would drop my target FI number under $500k and decrease my FI timeline by about two years**
So here are my next steps:
1. Ask SO's mom if there is a washer/dryer in unit (deal breaker if no).
2. Talk to SO about likelihood of her moving in if I get the bigger place.
3. Reach out to some friends to determine their interest in being roommates if SO says she wants to keep living @ home and saving money (likely).
Thanks for the discussion points. I'm open to hearing more. If the thread dies, I'll post any updates in my Journal. The most likely outcome is that I stay put and nothing changes.
*Not sure how serious about moving I am at this point. I just want to get better informed & I'm admittedly lazy
**Probably faster since the double whammy of lower monthly expenses + investment gains on the extra saved each month