House Hacking for First House
Hi everyone - first post here!
I'm currently debating on whether or not my fiancee and I should rent for the next couple of years or house hack in Staten Island, NY. Here's our situation:
- She is in a residency program and will be making $15k per month once she finishes in two years from now. As of now, she's making ~2.5k per month
- I have a job secured for the next 2 years and make about $2,000 per month.
We're considering renting for the next 2 years paying $2k per month in rent during that time.
Based on the rental rates and house prices I've seen in Staten Island, I'm not sure if it's worth going through with house hacking if we know we're going to move across the country 2 years from now and also have a much higher income then (and would very quickly make back whatever cashflow we would have gained if we had house hacked). I also don't feel comfortable with the idea of eventually renting an entire duplex out when I'm thousands of miles away from it once we move.
I'm new to all of this and would really appreciate someone running through the numbers and theory with me to enable me to better understand whether or not it would make sense for us to house hack now.