[i]A $320k home you call a hellhole, gee that's tough. Next time get a fixed rate if you plan on staying a while. I would consider putting another $5k into the eFund for a total 6 months income insurance, then set aside $1000 for a Household Fund. After that, begin building up a freedom fund with cash towards the purchase of a new home.[/i]Well, remember the cost of living. I'm not sure where you are from, but unfortunately where I live 300K doesn't buy all that much. In my case it's a 6-room 1400 square foot cape that is 50 years old and needs a lot of work.The average family income in these parts is just over 100k, and the average 4-bedroom family home is between 450k and 700k in this area.We basically have two bedrooms, a kitchen, a dining room and a living room. We have a small office like room that is used for a playroom, but we have no attic, no storage space, and we're running out of room :)I originally bought the house for 212K (which was bottom of the barrel in these parts), remodeled some of it and let it appreciate.The next type of house we're looking to move into is a 4-bedroom colonial (for us and the three children ... although the third isn't here yet :P), somewhere between 2200 and 2800 square feet I would think, and I could raise my kids there through HS and college even.Problem is, around here, a house like that is 500K - 650K :/
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