The American Dream

Side Note: I forgot to add in my last post that I feel I did the right thing in quitting that last job. It may not be the right thing for my wallet or my resume but it was the right thing for me. I even had a nightmare (and I hardly ever have nightmares) about being required to go back to work there. I also learned that one of the coworkers that I started with in March quit about a week and a half after I did for similar reasons. So that helps knowing I wasn't alone in my feelings about the job.

(For the purposes of this post I'm going to assume the American Dream is owning your own home. Also, I have tried to simplify this post as much as possible but this topic is something I have thought about a lot over the last few years and there are so many different aspects that go into it and keep changing things up, such as the housing market, my own financial situation, my ability to afford a baby on top of everything else, not to mention my own feelings about future career paths that this will probably get revisited as my circumstances change.)

Now, onto the topic of the post......

I think I may have to give up on the American Dream. Between the push and pull of all my life goals versus my goal of having a baby; baby always wins. Yet, I wanted a home of my own, not just for myself, but for baby too. Yet again, if I can't afford my own home until I'm too old to have a baby then my dreams of home will have to go. So what am I left with?

As far as I'm concerned trying to have a baby while living with my parents is an option that is completely off the table. I know some of the blogs I follow are doing exactly that and I am very jealous. However, I know there is no way I can even mention having a baby on my own until after I'm pregnant and it's too late for my family to try and talk me out of it. Besides, I need my space and I want my independence (even if I only get "me time" for the 9 months it takes to grow a baby).

So, this leaves me with three options.

1. Continue to try for a house.
2. Try to get a job that will allow me to afford an apartment.
3. Get a job and then room with my friend/former coworker.

1. A Home of My Own
  As far as I can tell there are three main things a person needs to get a mortgage. They must:

1. Earn enough per month to afford a mortgage and then some
2. Have money for a down payment, at least 10% and preferably 20% (though there are FHA loans)
3. Have a good credit score

 Number 3 is fine so far, it's the other two I'm having trouble with.
 Not to mention the housing market in my city has recently gone from slim to none for choices in my "price range".

Pros:

• Possibly have a yard for a garden, place for kids and pets to run around
• An investment
• Could decorate/change how I like
• More likely to have the number of beds & bathrooms that I want
• My own laundry
• Possibly have a garage
• My own space

Cons:

• Large upfront cost
• Need at least a year's worth of pay stubs showing a high enough income to qualify
• Likely need more college education to get on the right career path towards qualifying
• Might take so long to get a high enough paycheck, enough pay stubs, enough money for a down payment, as well as save enough for fertility treatments that it will be much harder to conceive by the time all that is achieved
• Repairs/maintenance could be expensive
• Would have to sell if moving
• Yard maintainence
• Would have to be able to afford on my own even if I got a roommate
• Might be difficult to sell if I need to

2. An Apartment of My Own

Pros:

• Don't need to wait a year to qualify after getting a job
• Landlord to handle repairs/maintenance
• Easier to leave if I need to move
• My own space

Cons:

• Don't get to decorate/personalize much
• Can't choose layout or appliances
• Nearly the price of a mortgage
• Rent can always go up
• Might be forced out if landlord wants to sell
• Possible noisy neighbors (or with a baby I could be the hated noisy neighbor)
• Not likely to have a garage
• Might have shared laundry
• Have to pay more for pets or pets not allowed
• No yard

3. An Apartment With My Friend
I have a friend and former coworker who needs a roommate. Even working two jobs he is having some trouble affording his rent. We get along well most of the time and it could work out great for both of us once I get a job again.

Pros:

• Most of the pros for own apartment
• More affordable
• Safer
• Pets (5 kitties!)

Cons:

• Most of the cons for own apartment
• Not my own space, at least not entirely
• Roommate can be a bit messy and keeps weird hours
• Worry about place not getting locked when gone
• Don't like the layout of his current apartment
• Too many pets for small space??
• No room for baby? would at least need to move before a baby was mobile as placement of stairs is a major hazard

There are other options, such as getting an apartment as soon as I can afford one then buying a house later but I'm afraid if I throw money towards a monthly rent payment, not to mention other expenses, I won't be in a position to save enough for a down payment.


Ugh, perhaps I should just concentrate on getting a job first.