I recently read an article about married couples getting roommates in order to presumably afford their homes. My stance is if you need a roommate to afford a house then you can’t afford it. Meaning, you can’t afford the house.
As a current resident of the Washington, DC area, I was taken aback by the prices. I knw that living here would be more expensive but even as I ride through various neighborhoods I wonder, “who can afford this?” According to a study, DC is seeing more married couples getting roommates.
Now, there is nothing wrong with having someone pay your mortgage by renting a portion of your house. For example, if you have a finished basement with a separate entrance then that is great. But I would never have a person, at this stage in my house, living in my personal space for the sake of owning a home.
Married couples and roommates.
While only 1.5% to 2.5% of couples get a roommate I think that that is too much. I wouldn’t want to be dependent upon a stranger in order to make my mortgage payments. I get the desire to live in a certain area but if you need a roommate to afford a house then you can’t afford it.
There is a difference between wants and needs. Needing means that without the roommate I won’t make my mortgage payments. It also means that unless I get someone to consistently rent out a room I may be in over my head in all my expenses. Wanting to have a roommate is different. When I owned my first home, I got a person in nursing school to rent out my room. I used that money as spending money.
I also totally get wanting to buy a house and feeling like you are priced out. However, there will be another market setback/crash supposedly in 2026. That’s seven years from now. However, others predict the market will simply slow down. Either way, it’s good to start saving now and be on the look out for deals in the next few years.
If I stay in the Washington, DC area, my plan is to rent until I can afford a place that I can TRULY afford. I still have my home in Atlanta so I am still a homeowner. But I do not foresee me wanting to rent in the DMV area forever. Therefore I plan to:
- Pay off my remaining debt. I have committed to paying off almost $20, 000 (eek) in six months. This will entail budgeting.
- Setting aside money for my emergency fund.
- Putting aside more money for a nice down deposit.
I am a big proponent of not over extending yourself financially even for a house. If you are reading this and want to buy a home someday, take the necessary steps to ensure that you dreams of home ownership do not turn into a nightmare.