Cheers Steve. Yeah I think many homeowners have emergency funds for their mortgage payments, but don’t set aside much more than that. It’s smart to have a maintenance fund that is automated and continues to grow.

That’s what I’m trying to tell myself every day at least, haha… I’m slowly warming up to it ;)

I’m very interested in the comments on HCOL places, because having grown up in a very (as per most people’s criteria) LCOL, moved to a medium COL, and now live in Chicago, I’ve experienced them all.

I feel like people still don’t REALLY look at cost. And I say this because affordability of a house is not as simple as percentage of income. For example, my LCOL rent was only 180 for a house (rents for 400 now). Sounds great. But my utilities were more than 200 percent higher than I pay here in Chicago, my internet was stupid expensive, and thanks to lack of competition, I was facing expensive groceries with a complete lack of variety. I drove my car over 25,000 miles year just to work, groceries and regular driving because I had to drive EVERYWHERE. I had to buy a different car much much sooner.

If I add those REAL costs up, I live on less here in the city. I still have a car- but I drive it 7000 miles a year, and if my goal to get a walkable job pans out, I won’t have one at all. My utilities are included in rent and we have low-cost internet options. My grocery store is 100 feet from my door and the prices are much lower and variety enticing. I walk everywhere and don’t even pay a gym membership, now that I don’t have to dodge country people thinking I’m a target on the side of the road when I try to get exercise. How can we not count the car costs in to the affordability equation?? It’s a huge huge difference! I figured out once I had to budget 300-400 a month to take care of my aging car. I know that seems high, but when single and absolutely dependent on it to get to work, an unreliable beater just is not an option.

And quality of life? VERY different. Much better. Real estate is expensive, but once I hunkered down and got one property paid for, the costs of real estate is relative because it’s an asset. The rent on my one paid off unit pays my rent, phone, cable, and small gas bill every month. So… it doesn’t really matter anymore how much that place cost, because it will always have the power to pay my rent. I just don’t like living in the area of my condo, so I rent a smaller place in a better hood.

I get the school situation; however there are good schools hidden in neighborhoods here that are reasonable. You just have to do a LOT of research. I say that as a teacher:-) Some move to the burbs for

PS: Oops, it rent up $25 a month. Pretty good deal for him too

You got that right…

Thanks again for letting us share all your juicy tips :) 100% ready to start that “house fund” right up!

Dayyyyyyum!!! All of this sounds amazing! Especially that rent your son pays, haha… I’d love to live back w/ my parents for a year or two and bank mad $$$$ but so far haven’t been able to convince the wife ;) (the kids are on board though – it would be a paradise to live with Grandma!). Congrats on paying off that mortgage – that right there is the game changer.