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!


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  • 3 mths agoLast active
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