Am I FOMO-ing or am I making the right choice? (Boston: home, buy)

[Johnduh]

Originally Posted by yellowstatus

When we were house shopping in 2016, our realtor convinced us out of a $1mm, 1,900 sqft sfh with a yard two blocks from Union Square because it was unimaginable to pay that much for something in Somerville.


In the end, I think living preferences and financial ability are most important. Timing the market is incredibly difficult. My humble opinion is to go for Medford. And this is coming from my general view that Boston prime urban locations are a great financial investment.

Thank you for your input. We are leaning towards going for it. On our paper, we can do it. We feel like we are chasing a carrot on a stick. The more we save, the more it’s out of reach and with rates this low, you would think it’s going to stay flat for awhile or go up a little from here.

[Shrewsburried]

Originally Posted by porterhouse

I think cashing in Boston to invest in somewhere like Medford is a good thing in general. With inflation rising, real estate is looking like a better place to park your cash by the day, and don't let anyone tell you your primary residence isn't an investment. In this area, it absolutely is.

There are multiple financial tools for inflation hedging which do not require one to be 'house poor'. Additionally, he already owns Boston RE with equity which, as you state, is a good inflation hedge.

Of course, the majority of the bullish posters on are also the beneficiaries of massive Fed balance sheet expansion, historically low rates, and historically low inventory. Very amusing.

[msRB311]

I guess I'm not sure why there is a need to spend 1M on a house in Medford with a combined income of 180k? I mean 180k is good, but plenty of people are making more than that and not living in 1M homes....I think you could find a house for less with a better school district somewhere else.

FWIW I know of a couple living in Medford since about 2017, they have one kid, combined income of at least 300k and they did not spend 1M on their house.

I am surprised you've been given the advice by so many here to just do it.

[Johnduh]

Originally Posted by msRB311

I guess I'm not sure why there is a need to spend 1M on a house in Medford with a combined income of 180k? I mean 180k is good, but plenty of people are making more than that and not living in 1M homes....I think you could find a house for less with a better school district somewhere else.

FWIW I know of a couple living in Medford since about 2017, they have one kid, combined income of at least 300k and they did not spend 1M on their house.

I am surprised you've been given the advice by so many here to just do it.

We have a little higher standard when it comes to homes. We wanted something new and close to work and anything around the 700-800k range would need updating in our eyes. To some people, in those price ranges, it’s move in ready.

[brightdoglover]

Originally Posted by Johnduh

We have a little higher standard when it comes to homes. We wanted something new and close to work and anything around the 700-800k range would need updating in our eyes. To some people, in those price ranges, it’s move in ready.

I have always been of a mind to buy what you want if you can afford it. A house is a home, as is a town or community and it has to be (for me) more than a financial plus. (Found this out the hard way when I bought an affordable tiny condo in Cambridge and hated living in it). Especially in these times, and if planning a family, the physical house has to work really well.

I think Medford is a fine town, for being so close to Boston and all. No, it's not Wellesley or such but not everyone wants suburbia, either.

I have long gone for simplicity at best and that means not being a landlord even if it would make financial sense. I want to go home and shut the door and have it work as I want it to. It's not about the financials.

[sawyer2]

Originally Posted by Johnduh

We own the condo out right, but we can’t take the condo life anymore and want our own space with a backyard and two car garage 3,000 sqft of living.

If this is the main driver then I say go for it. Seems like you are also in a crappy condo situation so if you stayed that would need to be fixed before a kid arrives as it will be amplified.

As a counter, we lived in the city with kids .... in elementary school. We moved to the 'burbs and are very happy - wouldn't go back now, but have no regrets and great memories of our time in the city with kids.

However, we were happy with our living situation and had space (relatively) so that is a huge factor. We were top floor and were lucky that our neighbors below were doing close to a gut rehab so we split the soundproofing cost with them - we used an acoustic engineer - wasn't cheap but it really worked.

Different strokes and all that.


There was a similar thread on this recently
https://www.city-data.com/forum/mass...l#post60432112

[simplexsimon]

Originally Posted by GeoffD

Particularly on $180k combined income. What could go wrong?

The guy is about to plop $450k down...sure half of the take home pay is spent on housing as you calculated earlier...but it still leaves about $50k for everything else (and the 401k's were assumed to be maxed already).

OP I hope your job situations are stable.

[mdovell]

Sure you wouldn't want something closer to water? Here's 800k in quincy
https://www.zillow.com/homedetails/1...56603090_zpid/

[Johnduh]

Originally Posted by sawyer2

If this is the main driver then I say go for it. Seems like you are also in a crappy condo situation so if you stayed that would need to be fixed before a kid arrives as it will be amplified.

As a counter, we lived in the city with kids .... in elementary school. We moved to the 'burbs and are very happy - wouldn't go back now, but have no regrets and great memories of our time in the city with kids.

However, we were happy with our living situation and had space (relatively) so that is a huge factor. We were top floor and were lucky that our neighbors below were doing close to a gut rehab so we split the soundproofing cost with them - we used an acoustic engineer - wasn't cheap but it really worked.

Different strokes and all that.


There was a similar thread on this recently
https://www.city-data.com/forum/mass...l#post60432112

Thank you for the link. Yes, I’ve read that thread before I made a new thread. Did you make a decent return when you sold the condo with the soundproofing?

[Lampert]

Originally Posted by mdovell

Sure you wouldn't want something closer to water? Here's 800k in quincy
https://www.zillow.com/homedetails/1...56603090_zpid/

OP wants something new and you show a house that is over 100 years old?