The Big Move: I’m 54, single, earn $60,000 a year, and saved $100,000. Do I need to move out of California to buy a home?

by | May 15, 2023 | Stock Market

Dear MarketWatch, I’m 54, single, and I have saved $100,000. The good news: I also have no debt. I work as a server at a steakhouse, and make between $55,000 and $60,000 a year. I live and rent a condo for $1,500 a month in Southern California.

I’m not sure if I should buy something in California, or just save it for a rainy day and invest in something else. Another option I’m weighing is moving to another state, buying property there and starting a new life.  What should I do? I have always rented, and I’m wondering if it’s too late for me to buy a home? Ready for a Change ‘The Big Move’ is a MarketWatch column looking at the ins and outs of real estate, from navigating the search for a new home to applying for a mortgage. Do you have a question about buying or selling a home? Do you want to know where your next move should be? Email Aarthi Swaminathan at [email protected] Ready, Your next move depends on a couple of things. You have a decent amount of rainy-day savings. But as you hint, yes, using that as your down payment in California may leave you without much, should an emergency arise. But investing it in real estate, or any other asset like stocks and bonds, may grow your wealth and benefit you more. Given your current salary, it may make sense if you move to a cheaper housing market. If you want to dabble in real estate, first ask yourself these questions: Are you prepared to uproot your life and try something new? Can your salary support a mortgage over the next few year …

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