As I mentioned after we bought a new(er) car a while back, we’re now fully engrained back in the domesticated life where concerns aren’t where you’ll rest your head for the night, but instead how bad traffic will be on the way to work. Now the real test, could we stay within the 2X income for buying a house?
The 2x income rule basically says when you buy a house, your total loan shouldn’t be more than two times your gross annual salary. It’s not necessarily based on the price of the house because you can subtract the down payment.
That being said, we managed to stay within the 2x income rule!
We were at a high risk of going over it as we we’re finalizing which city we’d move to. After we got back from traveling and I started working, I got a promotion and part of the deal was I had to move to either Houston, Dallas, or Austin. We quickly ruled out Houston as we don’t have many friends there and it’s farther from our families in Oklahoma. That left Austin and Dallas.
I don’t have to tell you how cool Austin is; it’s coolness is already evangelized by every liberal in Texas and many people throughout the US. For everyone else, the decision was easy – Austin, and after we visited we mostly agreed too. We loved hiking the trails along Barton Springs which is just South of downtown. We loved the South Congress area which somewhat reminded us of the uptown area we lived in New Orleans where we could walk to shops and restaurants. However, we didn’t love the traffic or home prices. If we bought in Austin, we’d want to be in South Congress and we would have to go over the 2x income rule, and my job in North Austin would be a hell of a drive every day.
Also, I’m going to make a bold statement here. Austin is not as cool as everyone says. Maybe it was at one time before the city doubled in size the last decade, but now it feels similar to any city in Texas. It’s also relative and it would probably change if we lived there, but from our experience, Austin has nothing on New Orleans for overall coolness.
Another big part of our decision was Jocelyn’s job opportunities. She actually got two offers in Austin, but they weren’t in the “dream job” zone we thought she could wait out for. This made the decision even harder because her prospects weren’t as strong in Dallas. Maybe I’ll try to get her to write a guest post, but she had a rough couple of months as her job status was in limbo and she was worried she killed her career… but she ended up getting a job in Dallas that could turn into “dream job” so all good!
So we turned down Austin. Dallas was our city to focus on and the real estate adventure began. After two other offers that we didn’t get, we worked out a deal on our third offer. We’re in fear that we bought at the top, but sometimes you can’t control those things. We bought a house within the “loop” and it’s also a fixer upper like our house in New Orleans! There’s much more to the story as we put two offers on other houses, but that’ll make this post even longer so I’ll leave it for another day.
Also, you’ll probably start seeing some more posts on home improvement, so look forward to hearing some more great stories on how I injure myself (I’ll start with exploding glass insulator).
Anyway, we close next week, and we’re excited about our newly found domestication and stabilization. We’ll live in Dallas for a while… and then see what happens next! Let the next adventure begin.