Hey everyone,
So I purchased my first condo (studio) last year, and I feel like it might be a mistake in retrospect. Admittedly I got caught up and pressured into a buy (real estate agent kept saying nothing was on the market within my price range, so I raised it to a level I was uncomfortable with).
Long story short, my payments are 50% more than what I could rent a comparable unit for and are 60% of my net income (kills my savings rate).
Here are the numbers: Mortgage= 1530 (includes taxes, insurance, HOA, interest, and $250 principal).
To rent a unit similar: 1k
To rent my unit: 1.1k
To rent a room: 500-600
It's near the beach in San Diego, so the possibility of long-term equity gains is probable, but it's painful to see such a big chunk go out every month.
I keep telling myself I should sell it and get into a shared house situation so my expenses are 1/3, at least until I'm making more money. I'm 24 and will be starting a career within the next couple years. Note, I don't get a tax right off because my standard deductions are more than itemized.
I'd appreciate any thoughts/insights. Thanks!