LogFAQs > #952235321

I'm 31. I have about 60k, a bit less than 10k already in stocks and cash to buy stocks (I could liquidate it if needed) and 50k in a savings account earning 0.35%. LA is becoming more expensive, but according to lenders, I can afford a condo now and may not next year. I have an 800 credit score, worked for this employer for almost 6 years, so I'm good for that. If I buy a one bedroom condo, my payment is looking like $1,500-1,800+ (rent would be $1,600-$2,300+)

But where I am now, my mom wants me to stay and is having me pay $450 for rent. While I will eventually inherit the house, the land it's on (it's a house on leased land) costs $1,300 + 7% increase annually. The home needs repair, I don't have much personal space (just a bedroom), and even before the pandemic I couldn't have visitors. My mom is not willing to move unless it's for a house, and she won't get on the mortgage for one, so I can only do a condo unless I get a 2-3 hour commute or quit and move out of state. According to mortgage lenders, I can get the cheaper one bedroom condos, two bedrooms if I'm lucky. I'm asexual/aromantic so the typical financial advice of "get married" doesn't really work for me, and I don't want a roommate; might as well stay here if I have to get one.

Or instead, I can just keep throwing money into stocks and stay here. I'd stagger how much I put in to do cost averaging, probably 1k per week until I only have my emergency fund remaining (this would take 18-24 months). Thing is, the rate of return for stocks is usually 8% and housing values here go up by 10-12%. So it's a now or never thing for being a homeowner, and it's possible I may not be able to do it already.

What do you think? Stocks, a condo, or should I just give up on LA and move out of state?

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