I’d like to point out that the legal rat race is pretty lucrative but can burn someone out quick.
Wilson Sonsini is paying 5th year associates (so assume 30 years old) $250k, which is a pretty ridiculous number considering 10 years ago a 5th year was making around $120k.
I did the “buy a home thing with a roommate” when I was a living in DC. As a single guy with a good income, I felt the pressure to do the Asian thing and buy a house. I ended up selling it in a year and a half, but I got lucky since the market was red-hot. In this market, you won’t be as lucky especially if certain life decisions come up (like meeting a significant other that wants to live elsewhere).
I don’t know how RO can get off talking about building equity in a declining market especially when living in a equivalent rental unit is around $500-$1000 cheaper a month. Isn’t investing that savings a better equity builder. But hey, I’m just a dumb attorney….
PS As another counter to RO’s push to buy, imagine your savings when you rent AND have a roommate. Trust me when you have a roommate in a house you own, you’re a bit touchier than if its just a normal rental (FYI).