Last week, my colleague shared her compelling reasons for embracing the renter’s life (check it out here). I get it – renting has its perks, especially in a city like New York. After a decade of navigating the NYC rental market, my wife and I realized that owning a home there was simply out of reach, even with our dual incomes. So, we packed our bags and headed north to New England, where we finally found our slice of the American Dream: a house we can call our own.

Here’s how we made it happen, and why buying made sense for us:

• The Decade-Long Down Payment Hustle: Over ten years, we diligently squirreled away every spare penny into what we initially thought would be an emergency fund. It became our “future fund,” and every small contribution eventually added up to a substantial down payment.
• Farewell, NYC: The sky-high cost of living in New York City forced us to look elsewhere for a place to put down roots. We traded skyscrapers for trees and found a community that better aligned with our budget and lifestyle.
• Remote Work, Dual Income: Luckily, our careers offer the flexibility of a hybrid workplace, allowing us to explore job opportunities outside major metropolitan areas. This opened up a world of possibilities in more affordable locales. Additionally, we both work, both bringing in steady income (yes, for now we are “DINK-WADs”).
• A Plan with Purpose: From the start, we had a clear vision of where we wanted to be in 5, 10, and 20 years. Our evolving “life plan” gave us direction and helped us make choices that aligned with our long-term goals. Homeownership wasn’t the end goal, but a crucial step on our journey. A bit more on my life plan mentality here.

This journey led us to a small town an hour outside Boston, where we found a home that checked all the boxes. Here’s why buying was the right move for us:

• Family Planning: We’re excited about starting a family, and the cost of renting a spacious apartment in a high-cost area would have been comparable to our mortgage payments. Factor in the expenses of food, childcare, and education, and buying became the more financially sensible option.
• Interest Rates and Down Payment Power: While interest rates are high, our hefty down payment helped to keep our monthly payments manageable. And hey, there’s always the chance rates could drop, which would be a bonus.
• Landlord Liberation: From broken boilers to mold to failing ceilings, I’ve had my fair share of frustrating landlord experiences. Owning our home means we’re in control, and I can tackle repairs and upgrades on my own terms.
• DIY, Yes Please: As someone with a background in the construction field, I enjoy the challenge and satisfaction of DIY projects. I’m not afraid to get my hands dirty, and this saves us a significant amount of money on home maintenance.
• A Home, Not an Investment: We’re not banking on our home as a get-rich-quick scheme. We see it as a place to live, grow, and create lasting memories. The financial benefits are a bonus, not the driving force behind our decision.

Ultimately, our decision to buy came down to timing and a little bit of luck. We found the right house, in the right place, at the right time. Our patience and persistence paid off, and we’re happy to be homeowners.

Remember, the path to homeownership looks different for everyone. It’s important to weigh the pros and cons based on your unique circumstances and goals.

If you’re considering taking the leap, don’t be discouraged by the challenges. With careful planning, a little bit of luck, and a whole lot of determination, you might just find that owning a home is within reach.

– M

Read more on Substack here.