27m, single making $100k income living in a Chicago. So far I have $10k in savings and $25k in my pre tax 401k. My issue is I’m torn between maxing my 401k and saving for a condo or house. I don’t really have the desire to own as I don’t see that much of a benefit since I don’t plan to leave the city any time in the next 5-10 years. Also, condos don’t seem to appreciate that well and property taxes/HOAs seem crazy and could increase so what’s the point of building equity vs just renting and having the flexibility.
Am I crazy to just rent for the next 5-10 years and not worry about increasing my emergency fund past my 4 months of expenses? I’m contribution 10% in my 401k right now with a 5% match so if i don’t save for down payment I’d just max my 401k and that’d be about all my disposable income.
Am I crazy to just rent for the next 5-10 years and not worry about increasing my emergency fund past my 4 months of expenses? I’m contribution 10% in my 401k right now with a 5% match so if i don’t save for down payment I’d just max my 401k and that’d be about all my disposable income.