I really feel like it is a silly query, or that it has a very apparent reply, however I am simply scared and freaked out and anxious concerning the future, so I used to be considering I ought to get some recommendation to regulate my expectations or assist me with my monetary planning.
I’m 20 years outdated and at present in college. My greatest aim proper now’s to personal a nice-ish home by 25, and I’m questioning if that’s realistically attainable. I plan to go on this journey with my longtime girlfriend, so we’d each contribute to the home fund. I’m at present a civil engineering main and anticipated to graduate in fall 2027 (one semester early). She is an industrial engineering main and is predicted to graduate across the similar time. We stay within the Boston space and hope to remain close by, although not essentially within the coronary heart of Boston itself, however someplace within the surrounding space.
As of now, I’ve $20k saved up, however I’ve just a few large bills arising that ought to whole round $7k-$8k, so I’ll have about $12k-$13k left after these bills. I even have a CD with $10k in it, incomes a 4.45% APY, which matures in January. On high of that, I’ve a high-yield financial savings account (HYSA) with $10k in it at a 4.30% APY (as of now). I’ve additionally began a Roth IRA with Constancy and contributed $650 to it to date (80% into FNILX and 20% into FTIHX), and I contribute $50 month-to-month. I even have a Sofi brokerage account the place a robo-advisor auto-invests for me (as a result of i am silly), and I contribute $50 every week to that. It at present has about $900 in it. Happily, neither of us has any debt. My credit score rating fluctuates between 751-771, however I’ve solely had an account for 11 months and 1 line of credit score.
As for my girlfriend, I feel she maxed out her Roth IRA this summer season and has a pair thousand saved up, although I’m not solely positive of the precise quantity. Each of us are conscientious spenders, and we’re centered on saving as a lot as we are able to. This summer season, I labored full-time (so did she), and I’ve been working each summer season since I used to be 12. Nonetheless, as soon as the semester begins, my revenue will drop considerably as a result of I’ll be working a part-time campus job. This summer season, we each individually made round $600 every week, however as soon as faculty begins, I actually received’t have a transparent thought of how a lot both of us will make.
Assuming each my girlfriend and I get jobs (PLEASE) and stay at residence till we’ve saved sufficient to maneuver out, I’m questioning: Is it attainable for us to afford a superb down fee on a home within the $700k-$850k vary within the subsequent 5 years (within the Boston space)? Is that this real looking, or am I approach off? If there’s one thing else I ought to be doing to make this occur, I’m open to any recommendation. I do know it is tough as a result of nobody will know our salaries as soon as we graduate, and nobody can inform the long run, however simply wished to get an thought of what individuals assume. Thanks.
