Thank you for all of the replies so far, it’s been about what I expected. Half saying to wait it out and keep saving and half saying to suck it up and either go a different direction or purchase. I can definitely see truth in both aspects. I have considered buying a condo in the past and waiting to buy a home until later. The benefit of a condo would be that I get into a nicer area, specifically Point Loma, which I really like.
I really like the idea of being debt free and can see myself paying off a condo quickly and later purchasing a home and renting out the condo. I think if I were to purchase a condo I would likely pay it off in under 5 years and move on. I understand that I could be investing the money in the market but I already have a defined benefit pension and max my 401k so feel like my bases are covered there. Aside from that I feel we are on the precipice of a recession anyways and would be wary of Investing heavily into the market outside of my retirement accounts which won’t be touched for decades.
My other option would be to purchase a $550-600k home that needs significant cosmetic work. I am fortunate to have a family member who is very experienced in remodeling homes and is chomping at the bit to help me. I would still probably try and pay a home down as well. Either route I would go would hopefully result in having low bills and flexibility to travel and not be constantly stressed about money like a lot of my peers. Most of my family is in San Diego and I plan on remaining here until retirement age at least.
