I'm currently 22, and live in a high-ish cost of living area. We're not California, but for reference in the suburbs 2 bed condos generally go for $300k, townhouses for $500k-1 mil depending on location, and SFH go for like 700-1+ mil, again depending on location and proximity to Metro stations.
My current plan is to put a thousand dollars a month into stocks for the next 10 years, and up it as much as I can as my income (hopefully) grows and I keep my living expenses the same.
Right now I make just over $60,000 a year, and my main monthly expenses are $750 a month in rent, $250 a month in car insurance, and $250 a month for food. Weekly pay is $900 weekly after taxes, health insurance and 401k, I work nights so I don't really have many places to spend money on other than eating out once or twice a week.
Rent will likely go up to rougly a thousand dollars a month in a year, because I split a 2 bedroom with two others, and they have expressed desire to rent out a townhouse once our lease is up, and I don't think I would want to live like this with strangers, especially given the night shift schedule.
Basically I figure that with that thousand+ dollars a month, I should be able to put a down payment on a 2 bedroom condo by my 30s, even if/when real estate prices double by then, and rent out one of the rooms, basically at cost until I don't feel like it's worth it. Although I do plan on going to community college at some point and then transferring, so I imagine that would help with student loans payments, especially if I end up moving to another part of the state to complete a 4 year degree.
Is this a good idea to shoot for? Am I being too frugal? Is there anything I'm missing?
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source https://www.reddit.com/r/RealEstate/comments/15vbfn9/is_my_plan_to_be_a_homeowner_one_day_realistic/
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