Do I try and buy in my expensive market or elsewhere.

[Tucker Stark]

Hey everyone — what would you do as a first time home buyer? 

My situation:

• Based in White Salmon, WA, with Portland nearby
• Median home price locally: ~$600K
• Income: $60K/year
• Credit: 760+
• Down payment: $40K
• Debt: $0

I love the idea of house hacking but I think I cant afford a single family or multi in my market. However there are homes in nearby towns ~30mins away that are within my budget but the rents and jobs arnet as strong. Is it smarter to try to buy locally with some creative financing or buy somewhere cheaper? Do I need to get a higher paying job? 

Curious how you’d approach this. Thanks!

[Mike Paolucci]

Quote from @Tucker Stark:

Hey everyone — what would you do as a first time home buyer? 

My situation:

• Based in White Salmon, WA, with Portland nearby
• Median home price locally: ~$600K
• Income: $60K/year
• Credit: 760+
• Down payment: $40K
• Debt: $0

I love the idea of house hacking but I think I cant afford a single family or multi in my market. However there are homes in nearby towns ~30mins away that are within my budget but the rents and jobs arnet as strong. Is it smarter to try to buy locally with some creative financing or buy somewhere cheaper? Do I need to get a higher paying job? 

Curious how you’d approach this. Thanks!

Buying locally is always better than out of state. I'd consider a 30min drive to be local. Make sure you look into the rental market out there and do some due diligence on it but it may be a pretty good option for you to get started. 

A higher paying job wouldn't hurt at all either.

You can also look into partnering with someone in your ecosystem (family/friend/someone else interested in house hacking).