Reducing Housing Costs
My wife and I have been using YNAB for budgeting since August. It's been amazing! We got out of debt (except for the house) and have seriously cut back on a bunch of dumb stuff we were spending money on.
After an 80/20 analysis, it appears that if we want to decrease our spending anymore we're going to need to cut back on housing costs.
Avg. monthly income = $6169
Avg. monthly expenses = $4486 (of which $1755 is related to housing.)
Our current situation is that we've got $190k to go on a 3/2.
There's no additional dwelling unit on the property and I can't see how we'd build one to rent out. We have our first kid on the way so we really don't want to get a roommate at this stage in our lives.
My thought is that we should sell the house, buy a small multi-family and move into that. Even if it just broke even while we were living there, that would free up a ton of money for saving.
Any other ideas on how to tackle this?
Thanks in advance!