So, I don't know how common this situation is in this community but a little backstory (sorry for any confusing details). I've worked for a Fortune 500 company for the past 6 years, starting shortly after graduating college and have rented the entire time because I knew I would (and had a desire to) move after just a few years. Instead I rented cheap apartments close to the office and plowed the savings into index funds. The company is headquartered in Oklahoma, where I am from and where I originally started working. In those 6 years I've moved twice, to Pennsylvania and Texas. I live in Houston now. I like the company, it's a decently paid job but I'm only pulling in a mid to high 5 figures, sometimes more with bonus. My long term FIRE plan is to retire and move back home where all my family is. This is currently 7 to 9 years away, perhaps less depending on a whole host of factors. My boss is steering me into a future management position in the department and knows I eventually want to move back home where the company is headquartered, so there is the possibility I will move within the next 5 years anyway. I moved to Texas recently ostensibly to become acquainted with the processes and personnel here at this office (our second largest location outside HQ).
For the next few years (most likely 3 to 4), I am located here in Houston where I rent an apartment close to work (just started biking!). My wife and I just had our first child and we have both been getting the desire to set down roots and find a more permanent place of residence. Since I've never bought property, I've been researching the process and looking at listings close to me since I can't fathom the commute from the suburbs, anyone who's been in Houston will know why. All of the affordable listings seem very overvalued, though perhaps that is because I am such a novice at analyzing them. My conclusion is reinforced by the BH&J Buy vs. Rent Index:
https://business.fau.edu/departments/finance/real-estate-initiative/bhj-buy-vs-rent-index/bhj-data-and-graphs/#H-TX which shows Houston as a better city to rent. Given the prices for real estate here, the likely time spent here (3 to 4 years), and the genuine desire not to stay, my wife and I are heavily leaning toward staying put renting for the time being.
All this backstory brings me to my actual question and topic: is it feasible or advisable to buy a house in another city (while currently renting) for the purpose of renting it out and the more distant future purpose of living in it? I got the idea while looking at properties and comparing the two locations (Texas and Oklahoma). My hometown in Oklahoma has significantly cheaper property and better rent to value ratios (roughly 1% value of house a month in rent) than my area of Houston. I know the neighborhoods back home even better than the ones I'm living in now and do regularly travel there for work and family reasons. Not having to search and find a place when we do eventually move back will be a big plus. There are some big cons I have come up with but hope anyone who may have faced a similar situation will comment.
