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Updated almost 6 years ago,
Buying Home Before Paying Off Student Loans?
Hey, I was wondering, I'm in the process of 0 balancing all of my credit cards. The only debt I will have after that is about $8500 in student loans(DIRECT UNSUB STAFFORD LOAN), its 3 loans but the highest interest rate is 4.66%, the expected payout year is 2027. My minimum monthly payment is about $52.00 a month but I generally pay around $120 to $150. I currently pay $940 dollars a month in rent, not including utilities. I am currently 24 years old. My salary range as I won't give the exact is somewhere in the range of $75,000 - $95,000. I'd really like to start saving for a house(multifamily) once I finish wiping out my credit cards. I've been listening to Dave Ramsey a lot and he advises most people to pay off all debt before buying a home.
I was thinking that once I have no more credit card debt, I will start saving for a house. Dave Ramsey would probably say wipe out that student loan as well before buying a house. I would prefer to save the money that I would be using to wipe that loan out and buy a multifamily and househack. Once I'm in said home I would purely focus on my only debt at that point(minus the mortgage) which would be the student loan and just throw as much money at the student loan as possible each month until its gone.
I am seeking input, please feel free to give me opinions as I am seeking some guidance.
Thanks!