r/Hawaii • u/ArtichokePhysical656 • 8h ago
Housing 29 Year Old Engineer - Rent or Buy House When Moving Out?
Born and raised here, make 110k as an engineer, single (male), and still live at home with parents. Can I slow down on retirement if I worked really hard in my youth days, gave up most of my 20s and social life to save? I currently have the following (everything was saved from me working and being frugal, no inheritances or help from family other than living with them):
- Retirement Accounts Total: $210k saved. Been contributing a lot for the last couple of years, at the cost of not really having fun and not experiencing big life events. But, if I stop contributing today, I will still be a millionaire when I'm 60 (assuming I don't touch it ever, with 7% returns, landing at about $1.1 million).
- Regular brokerage (can sell/liquidate stocks whenever): $72k saved
- Checkings/Emergency: $4k (I keep this as low as possible to invest elsewhere)
- Paid off 2020 Toyota Camry, will drive it until it breaks so that I don't have a new monthly car payment.
- I currently take home ~$2,300 biweekly while maxing 401k ($1,021 gone per paycheck), so if I reduce contributions to ~10%, I could take home around ~$2,800 biweekly (or $5,600 monthly) to make up for moving out and living alone.
Should I sell my entire brokerage account for a down payment and buy a 1-2 bedroom apartment in the $300-450k range and feel "house poor"? I won't be able to save aggressively anymore, and will probably feel like I'll be living paycheck to paycheck.
Or, should I just rent somewhere nice to be able to keep saving a bit still, keep growing the regular brokerage account stocks, and not stress about home ownership? Can I splurge a little bit for a $2,750 to $3,500 2-bedroom apartment with air conditioning in Ewa Beach or Aiea?
I know that living at home with family in Hawaii is very common, but I have the urge to break out of my shell and really learn how to be an adult. I feel that the stigma of living at home in my 30s will also affect dating. I feel a bit embarrassed when I tell people that I still live at home, and feel behind when I see all my friends on social media living on their own with their partners and going on cool trips.
Mahalos for listening and appreciate any advice.