When I first saw this topic, I thought it was asking for information that was too private to share, especially if I ever meet others in person through Piggington. But I am benefiting from seeing how others came to the prevailing real estate outlook here on Piggington from very different ages, living situations, and income and asset amounts, so I’ll contribute mine.
I’m 46, and live in a $1425 2+1+garage Orange County rental apartment on my own with no family obligations, and make $250-500K per year, mostly from a traditional full-time job. I limit my spending to equity investment income, currently about $45-50K after tax, and intend to buy ultimately using cash.
I was tempted to buy in 1996, but the places I could afford for cash were unpleasant, so I (foolishly, as it turned out) didn’t buy then. I didn’t invest much in equities either until very recently, so my housing budget now is very limited. Eventually, I will either move out of state (even though I love it here) or buy when my cash savings exceeds the price of a 2+1+garage condo or better here in Southern CA. That’ll be at least a year from now, and more likely 2-4 years down the road. I’m just trying to lock in my cost of living, so I may buy pretty quickly after the crossover occurs, unless the neighborhood I’m targeting is dropping really badly.
