I (F/29) have been married for 3 years (M/34). Our combined income is $110,000, and I own a rental property abroad which brings an additional $600 per month. We are currently DINK, but would want to start trying in a year.
We currently live in Brookline, MA, and really enjoy the town. It's also very convenient for both of us to go to work (we have 1 car, paid off, but take the bus to work from Brookline to Cambridge).
We would like to possibly settle here, but the real estate market is surreal. We have a $170k downpayment (inheritance), which would still leave us with about $45,000 in various invetsment accounts (we moved to the US a few years ago and started late), and $55,000 emergency fund.
That being said, the price of a 1BR apartment in Brookline is about $450,000-$500,000 which we feel we can barely afford, and will probably outgrow quickly The suburbs we like (and that have good schools) we are also priced out of. We currenlty rent a 1 BR for $2,000.
Our families advise us to buy a 1BR in Brookline anyway, thinking that the market will continue going up.
We though that perhaps we should instead buy an investment property in an up-and-coming neighborhood (JP, Allston, Brighton?) for about $300k-$350k and rent it out to get some income, while we continue renting in the neighborhood we like. We have been wondering for the past 2 years what to do with that money, and still feel at a loss. Any help would be greatly appreciated! I will also be happy to provide any relevant detail I might have forgotten.
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