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Resident Home Purchase- Can We Afford?

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  • #16
    With the new info you provided I would stay in your current house. Definitely don’t upgrade. Buying during med school was a mistake but water under the bridge. Why go from owning a home to renting instead of going from one home to another? Because you can allow yourself not to make the same mistake twice

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    • #17
      I would not upgrade until you need too. Definitely not now and not when you have 1 kid. Maybe when #2 is on the way depending on the situation and how long before you finish training and if you move out of area.

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      • #18
        I think I'd stay in your current home. We had 4 kids during training. It's painful right now in a 3/2. But with 3 kids we were just fine--2 kids in one bedroom is no big deal, especially when they are close in age. A baby can stay in your room for 6 months or more, easy.

        Expect to spend at least another $2500-3000 a month on two kids. Most of that will be childcare. My husband jokes that he deposits his moonlighting money directly into our children's mouths.

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        • #19
          Do not tie yourself to an increase in fixed costs. And don’t buy into the “everyone has student loans, I’ll get to them later.” Frugality is a muscle you must exercise. I had less in student loans than you, but I paid them off in residency. A bigger house would be nice, but it’s a luxury and you can’t afford luxuries right now.

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          • #20
            Also, you don’t really understand what is nice to have in a house for kids until you have kids.

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            • #21
              “The cost of the mortgage is a little over 20% of our monthly income”

              is the 20% with your spouse’s salary decrease? If yes, then it’s probably affordable.

              BUT, I always recommend NOT buying a house in residency. My two biggest regrets of residency—buying a house(even though we made money on sale) and not contributing to Roth (because we didn’t know about that then). Residency is all consuming and you don’t want to spend valuable time managing a house. Call the landlord.

              Echo above comments-you don’t know what you need in a house before you have kids.... residency is not a time for luxury (big houses, fancy cars, fancy vacations etc).

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              • #22
                If you can, stay in your current home. You are not taking into account the high transactional costs of moving for a 5 year period. You are also not taking into account paying more in principal vs interest if you stay put. It's ironic that you are asking this question now, you should ask some of the ortho attendings that you are working with how secure they feel in generating their income. You need to pay down your student debt before you consider moving up.

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