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The great question..

Bought a smaller 1600sq ft. home in 2019 for 170k @2.875%. I currently gross ~120k and it should be increasing each year. My current home is 2 stories with a smaller backyard. 140k left on current mortgage. If I were to sell I could likely get 225-250k for it. Bought it with intentions of moving in 5 years and here I am.

Question is, the housing market in my area has become extremely inflated. I looked at a listing for 415k bigger backyard more open ranch layout that sold for 270k in 2018.

My question is should I buy now and be house poor for the first few years or continue to hold out until the market changes and or rates decrease?

I know it’s a decision I need to make but any advice or input would be appreciated.

submitted by /u/AssUhTate
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source https://www.reddit.com/r/RealEstate/comments/1lgqr36/the_great_question/
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