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Dreaming Home Ownership Dreams

Here’s a confession: I have already started dreaming about what life after business school would look like. In particular, I have been dreaming about home ownership, about buying my own little pieces of real estate.

Here are a few things that made this dream, while premature, firmly within the realm of possibility.

  • We will likely live in a state that has a reasonable cost of living and no state income tax. Yee-haw! Plus, there are actual 2-3 bedroom single family homes that can be had for under $400,000, within a few miles of downtown. As consummate real estate dreamer whose real estate clock has been ticking since 2009, I have already checked several realtor websites and listings. This gem of a house below, for example, is listed at $370,000.

house red door Dreaming Home Ownership Dreams

  • When I got my summer internship offer letters, I pulled out my calculator and crunched some numbers. These summer jobs are a pipeline to a full-time position, and a full-time salary would basically double my pre-MBA salary. Depending on how successful CB is at his job search in this new city, our gross household income could potentially hit the $200,000 mark, or even a little more, depending on bonuses. Again, no state income tax! Real estate we can actually afford! Tears of joy.
  • This realization has renewed my interest in personal finance and in saving aggressively. Because, c’mon, I really would love to own a house with a red door.

Here is what I envision for our path to homeownership:

(1) I work hard and do really well at summer internship and get full-time offer, (2) CB find new job in new city, hopefully one that helps him make the career transition he wants, or, (2b) CB goes to grad school and we try really hard to pay his tuition in cash, (3) I try really hard to graduate MBA without loans or only take on minimal amount necessary, (4) we save save save for a down payment, in addition to retirement, (5) I do really well at full-time job and get a promotion 2 years out, (6) we buy a house in 2016!

It is going to happen.

  • Leah - WOOHOO! You can do it! That's plenty of time to save aggressively and really get established in your new field. Can't wait to see the pretty home you eventually afford :) ReplyCancel

  • SavvyFinancialLatina - That's a beautiful house!!!
    I have the home ownership bug too. Can't wait to buy our little house :) ReplyCancel

  • MakingSenseofCents - I LOVE that house! Seriously that's my dream house. Good luck! ReplyCancel

  • sustainable blog - Congrats WH – househunting is a long process. That is a nice looking little house. We got ours with the same criteria for 150kish, and we live in a state with no income tax. It is awesome! ReplyCancel

  • NoTrustFund - So great. I find having specific goals in place so helpful in motivating to get our finances in order. I call it ‘finding my why’. When I cannot find the motivation to do something, it’s usually because my why isn’t good enough.

    Good luck with the summer internship. I’m excited to hear about the journey. ReplyCancel

  • Newlyweds ona Budget - you and I are on the same page, although I would really like to own a home sooner, I just don't know when it will be possible. Nothing will really come into play unless Eric gets a full time firefighter job. Some days I feel like we are so close, and other days, it feels like it will take forever to happen. It's hard to hold onto hope for so long….
    I just wanna sing "Don't stop believin…hold on to that feeeeellllliiiinnnn…" :P ReplyCancel

  • @momoneymohouses - That house is so cute! I think this will all happen to you in due time, especially since you have a well thought out plan! ReplyCancel

  • eemusings - That's a beautiful house! 2016 … we MIGHT be able to swing it then, but it's also highly likely that it might take a couple more years to get into our own home. ReplyCancel

  • Budget & the Beach - That's such a cute house! Where is this wonderful sounding place? ReplyCancel

  • Matt - I'm guessing the US housing market is pretty flat at the moment just like the UK, so planning to buy in 2016 might be fine, although I'd keep an eye on prices if I were you. If the economy finally turns around properly, we might enter another bubble and prices will rocket…
    We were lucky. We bought just before the market took off 10 years ago, and now we live in a house I couldn't afford to buy at today's prices :)
    Good Luck! ReplyCancel

  • studentdebtsurvivor - Adorable house. You really want it, so you'll make it happen. Once you're finished with school and get the good paying job you'll be able to save aggressively and maybe even buy before 2016. ReplyCancel

  • My house, my castle: A few more thoughts on house buying - [...]  Well Heeled, though, is making it a mission to buy a house in 2016. I will live vicariously through her! [...]ReplyCancel

  • genyfinancejourney - I'm dreaming of home ownership as well. And that house is gorgeous. My fiance and I are really hoping we'll be able to get our 20% down payment saved up within another 2 years! ReplyCancel

  • Little House - That house is adorable! Very smart to live in an affordable city and a state that doesn't have income tax. If only I could convince Mr. LH that there are great states other than CA out there! :) ReplyCancel

  • A Walk Around the Blogs: A Dog-full Day - [...] while Squirrelers is asking and considering, Well Heeled Blog is Dreaming Home Ownership Dreams. I have to be honest, I’m a little jealous of her budget for her first house (under $400k- my [...]ReplyCancel

  • Jenny - cute house! isn't it amazing how the personal finance landscape changes when you start considering a working life in a state with a more reasonable cost of living? especially in the city you're thinking about now. very happy for you :) ReplyCancel

  • Moving To a Lower Cost of Living Area | Well Heeled Blog - [...] the more I realize I don’t want to have to pay so much for my quality of life or have home ownership be so far out of reach. I am not afraid to work hard for the comforts I want, but it’s also nice if I can work hard, [...]ReplyCancel

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