BigBadBix said:
I completely agree that location should be a huge consideration when choosing a residency spot. I also generally agree that buying property is a wise thing to do. However, I think it's a bit extreme to say that everyone should "definitely" do so. I think it's an individualized decision depending on many issues, such as:
-Are you willing to have your $$ tied up in your home equity rather than spending it?
-Are you interested in putting in the time & money to maintain your house & yard, do repairs, etc?
-If an expensive repair is needed, will your income support it in addition to the monthly house payment?
-Is three years enough time to make a profit from your purchase? (In both Portland and Seattle, home prices have so dramatically that some are predicting the bubble will burst. Of course, others say that will never happen, but it's something to think about.)
-What will you trade off for owning a home? Overpriced cities are often overpriced for a reason - they have other things to offer. For instance, I could buy a beautiful, large home in Upstate NY. But I'm sick of the snow and both my husband and I are happier when we are in the NW. It's home for us. So we'd actually rather be in Seattle, even if we have to rent.
Anyway, I also think the difference between Seattle and Portland is not as dramatic as you suggest. Both are overpriced - I think Seattle was #1 and Portland #3 from a recent study that was in the news, which compared the median income to the median home price (if I remember correctly). So, while houses are very expensive in Seattle, they are certainly not cheap in Portland, and one must consider that the median income is lower in Portland than Seattle. I do realize that for residents this doesn't matter as much, since the salary is pretty similar everywhere. But if you are married, it can make a big difference. For example, I know for a fact that my husband can make significantly more money in Seattle compared to Portland.
Anyway, I'm no expert on finances or homebuying, so feel free to let me know if I'm off base here. I just wanted to put out another point of view for the sake of discussion.
oh definitely, I agree with most of the things you said. By definately, I meant, if we all "CAN", we should give it a try, besides you can also rent out the other rooms if you are single
😉 and get cash towards the mortgage...
In any case, obviously it isn't feasible in every situation, for example, forget about California or New York (it's dorms or apartments). But if you do end up somewhere else, any condo below 250K for example, is doable. The mortgage comes around to $2100. Pick up two roomates, at 500$ a pop, then your monthly rent would be about $1000. Not too shabby, and at the end of three years, you sell the place, "pay back some of the student loans", and "build equity"...so when you become an attending, then you can buy the real big thing all for yourself.
Last time, I looked at property prices in portland versus seattle, there was a 100K difference. So somewhat of a big difference in terms of monthly mortgage..
You know at the end of the day, if you guys want the fellowship...you will end up getting it no matter where you go.
It's like, the fuss people made over the "ivy league school colleges, then the top medical schools, and now residency"..
I just want to say at the end of the day, remember why you were doing this,
1) To be a great doctor, great training and provide the best for your patients
2) To be happy, and enjoy the next three years,
3) Pick a location, and a program that treats you well.
So I mean, all the comparisons people make to columbia, cornell, brigham, northwestern, ucla is all good and everything.
But at the end of the guys, do you honestly think that there is a HUGE difference in all these programs..
don't forget to enjoy life in the process...this is the time to get married, have the kids, live in the HOUSE that you always wanted to
🙂
so go out and smell the roses for god's sake...you are all going to be wonderful doctors...
