First timer. Buy or keep renting. Boulder ,CO

[Frank R.]

I am a potential first time home buyer trying to make the decision if I should buy or keep renting. A little bit about me. web developer in Boulder have been with my company for 2 years. Currently rent a room in a house at $625/month with a 10 minute bike ride to work.

Income: 60k/year
Current liquid savings: 25k
Investment accounts(401k/roth ira): 26k
Able to save $1500-2000/month

I plan to stay in boulder for the next 2 years and then work remotely(outside of boulder). At that point I would like to rent my place out and keep it as a long term rental. Ideally I would like a 2br condo in boulder proper to help subsidize my mortgage. Doing some preliminary research tells me that the current prices are out of reach (2bd condos start at $280-250k) and based on what current rental rates are, wouldn't even cover my mortage if I were to buy. I do know their is an affordable housing program that I'd qualify for middle-income, but not low income. If I get a 2br then I could try and rent out the other room at market rate.

Just trying to get a little more insight on what some options are, I'm very green.

Thanks for reading

[Adam Kroll]

Affordable housing is very restrictive on renting.  If you are looking to rent it in the future without using it as your primary, that will not work.  Also, if you planned to rent out 1 room in a 2BR, you will not be eligible for a short-term rental license due to the affordable housing status.  In general, affordable housing for purchase is not a great investment as they cap your capital gains.  My 2 cents.  Look up in gunbarrel - Meadowcreek apartments have condos pop up from time-to-time that are very reasonably priced with fairly low HOAs.  Unfortunately, the buildings usually have a lot of deferred maintenance.