Tag: first-time-homebuyer

I rent a one-bedroom in Columbus for 1,450 a month. I make 68,000 a year before taxes. I have 28,000 in savings. My credit score is 742. I still owe 9,200 on student loans at 4.8 percent. My car is paid off. I am eyeing a small condo around 195,000. Rates are around 6.6 percent right now. HOA would be about 240 a month. Taxes look close to 2,100 a year, and insurance maybe 900. Closing costs would be near 6,500 from what I see. If I put 5 percent down, I would still need money for closing and moving. After all that, I would have maybe 7,000 left as an emergency fund. I plan to stay at least three to five years. My job feels stable, but our team changed twice this year. I go to the office two days a week, and the drive is 25 minutes. I also have a 30 pound terrier who hates stairs. A pet friendly place matters. I worry about surprise repairs and time for chores. Renting is simple and but I want something of my own. How would you weigh the math and the risk for next year? I'm mid-way through a busy season and trying to be realistic about my energy. I'm in a small town, so options are limited and shipping can be slow. Money's not unlimited, so I'm prioritizing simple stuff I can actually stick with. If there are pitfalls you ran into, those would be super helpful to hear too. I've already tried a couple of the obvious things, but the results were mixed. For context, I live with a roommate and we share most things.