Financial/family/life advice question…
I’m grateful for my work setup in academia – I get a paternity leave that, combined with the summer break, means I’m off from May-February. The wife (married 4 years) and I (29yo) have a 10-week old and are debating what to do.
We rent in an expensive area in NH (2700/month). Our lease is up in July. Combined income 150-175 (I make 110 and wife’s income as a freelancer fluctuates). We’d like to buy in the next couple years but only have 18 saved right now, I’d like to put 20% down to avoid PMI (so thinking 60-80 saved up), and I’m not willing to cut off retirement contributions. We’re debt free.
The Mrs. loves our current home, but as I said, it’s expensive, and it’s a rental. It’s not a terrible price, but also not great considering we aren’t accruing equity.
I’m thinking we should head to a different, less expensive area of the country for the leave – like Durham, NC, where we used to live (loved it) and still have lots of friends. My wife’s work setup is flexible; she can do it anywhere.
We could get a decent AirBnb down there for 1800-2000/month. It’d be cheaper and would definitely be a fun adventure, but we do have a newborn, would need to go through the hassle of putting stuff in storage and moving (not to be underestimated), and would lose our current place.
That said, the way I see it, this might literally be a once-in-a-lifetime opportunity, and there will be other rentals to check out back north when we return (hopefully a little cheaper). FWIW, the wife and I have a great relationship.
Looking for other opinions. What do you think?