So now that I've read every post on the forum about house buying I wanted to gain even more insight from this wonderful community.
I'm pondering the idea of potentially buying a house in about a year and need insights on whether this would be a badass move or the wrong choice.
The Facts:
Husband and I are: 26 and 24 (We've been married 4 years)
Down Payment: We could do at least $50,000, probably more if we kicked things up this year.
We have 0 debt
We have 10,000 in an emergency fund, 10,000 in a wealth building stash at Vanguard, about 50,000 in retirement at this moment (none of this would be touched for the down payment or too buy the house. We also wouldn't stop funding these funds in order to buy a house).
Income: 65k, but ever rising!
We currently pay: $1065 in rent, but that number increases about $60 ever year.
With the jobs we have and our location (beautiful and sunny Orlando, Florida) we could make at least a 5 year commitment to a house with a good chance of staying longer.
The Math:
We would be paying: 63,900 in rent if it never increased, we never moved apartment complex's and our family never wore us down about getting a second bedroom (They are VERY upset we live in Orlando, Florida and don't have a room to spare).
Currently we save: 300 per paycheck (bi-weekly) for a house so that's another $39,000 we can throw at the house
With the $50,000 down payment, $63,900 in rent savings, and using the money we currently pool to save for a house we would have a $150,000 house paid off by the time we were 30.
Seems like the math makes this an option we should consider but we are very wary of buying a house and getting ourselves into the too much house/money sucking situation a lot of people find themselves in. Any thoughts/experiences are much appreciated.