In 2013, I threw reality out the window and contacted a real estate agent to try to buy a house.

I had just turned 25 and felt it was time to have my own space, even though I had minimal savings and a large student loan balance that my high school teaching salary barely covered.

But as a first-generation daughter, my immigrant parents strongly emphasized the importance of property. So buying a house not only seemed like the right choice, it also seemed like the only option.

It took several years after that initial approach for everything to fall into place. In December 2018, I made my final payment on my student loan, and in January 2019, I closed on my first house.

As a single woman, I didn’t want to buy too much house; there was a big difference between what I could technically afford and what I could responsibly afford.

With that in mind, I purchased a two-bedroom, 750-square-foot co-op for $195,000. After making a 20% down payment, I got a monthly payment of $849.40 at an interest rate of 5.125% for a 30-year mortgage.

Buying my own place seemed like a big win, because it was. However, lately it feels more like a pair of golden handcuffs.

Although I now earn more money and share my accounts with my partner, I feel trapped at home.

Life looks very different than it did in 2019, and so does the real estate market.

I left the classroom and transitioned into the tech industry, a career path that came with a substantial salary increase. Shortly after, my partner moved out and we became a two-income household.

It seemed like everything was lining up perfectly for another tremendous victory: purchasing another, hopefully larger, property! Next, we checked Zillow.

Comparable two-bedroom co-ops in my area were now regularly listed for around $349,000. The largest traditional houses on the same block, with four or five bedrooms, regularly sold for around a million dollars.

Beyond the drastic price increase, interest rates are also not what they used to be. The national average for a 30-year fixed mortgage has frequently been above 6.4% every time I’ve checked.

I know how lucky I am to have bought a home when I did, and leaving it behind now would mean entering a market where my dollar buys significantly less at a much higher price.

I feel stuck and I know it would be easier to stay still, but I am dreaming big and letting a small illusion guide the way with next steps rooted in reality.

I’m taking steps to strategically buy a home in a wild market

Instead of simply playing the waiting game, I am carefully planning my next steps to help make a future move possible.

Growing income with intention. My salary has increased with every career change I’ve made since leaving teaching in 2021, but I’ve kept my spending as stable as possible to avoid lifestyle changes and maximize my savings.

For now, I’m trying to live on what my salary was from a few years ago while saving and investing the extra income, but the goal is to eventually earn enough to make a larger mortgage seem as manageable as the current one.

As a business owner, I can also supplement my 9-to-5 income and continue to strengthen my debt profile. With steady income growth and a strong credit score, I’m confident I’ll be able to access the best rates available when it’s time to buy.

Saving for a six-figure down payment. My partner and I are working to save $120,000 for a down payment.

Of course, a larger down payment will help us reduce our mortgage burden and this amount also helps us stay within a realistic budget during our search.

With $120,000, we can put 20% down on a $600,000 home and avoid PMI, or we can put 15% down on an $800,000 home if the right opportunity presents itself.

It doesn’t matter if we love the house listed for $1 million. we know it is No in the budget.

Expanding the search radius. I am a born and raised New Yorker. I love it here and it will always be my home, but the real estate market here is very expensive.

Because we have work flexibility, we have begun actively researching markets outside of New York where our dollar can stretch further without sacrificing quality of life.

We’ve visited several locations across the country to see what might be a good fit, looking for a dog-friendly city with a decent cost of living and an accessible community. There’s always something going on in New York and we want the same feeling and experience in our new home.

Right now, we have our eyes on Denver, which seems to offer all three at a slightly more affordable price than our current area.

Treat my current house as a tool. Although it’s not at the top of my list, I’m keeping my mind open to ways I can use my current house to help me get a second one if necessary.

Things like getting a cash-out refinance or a HELOC loan to help secure additional funds would be a last resort as they would affect our budget differently.

Ultimately, I’m not passively waiting for perfect market conditions to appear.

It’s easy to feel trapped in a house you’ve outgrown when leaving doesn’t make mathematical sense. However, waiting in place for the perfect conditions to buy a home is not ideal for me either.

There is no guarantee that mortgage rates will drop significantly or that home prices will drop any time soon…if they ever do.

I didn’t buy my house because it was the perfect time. I bought it because I planned, saved and prepared for the next step with a little hope that would take me to the goal.

And this time, although I am navigating a much more difficult market, I am confident that the steps I am taking will serve as the key I need to unlock my golden handcuffs.