Jon Sibok
“At the time, it didn’t matter which state we moved to — any state would have worked,” he said, referring to cutting their cost of living. “Colorado just happened to be the opportunity that came our way.”
When the couple first moved to Colorado, home prices and mortgage rates were significantly lower than they are today. However, Sibok said it wasn’t until a few years ago that he found himself seriously thinking about homeownership.
Overall, the move has saved the couple money on housing costs. Sibok said their $1,425 monthly rent on their two-bedroom, 1,000-square-foot townhouse in Colorado is lower than the roughly $1,700 they paid for a two-bedroom apartment in Hawaii seven years ago.
While they wait for the housing market to turn in their favor, Sibok said he and his girlfriend are trying to put themselves in the best financial position they can. He said they discussed ways to cut back on unnecessary expenses, such as dining out less and limiting impulsive purchases.
Sibok has also explored ways to boost his income. He said his struggle to achieve homeownership motivated him to start a real estate wholesaling business — something he’s worked on over the last year in addition to his full-time job. Since money is tight, he said he hopes to secure funding through loans or private investors to help grow his business. While the business is still in the early stages and isn’t generating significant income for him yet, he hopes it will eventually help him buy a home of his own.
Unless his business takes off, Sibok said that he and his girlfriend will likely have to delay homeownership for at least a few years. They expect home prices to rise further in their area, which means that their target home price will likely have to rise as well.
“Based on current trends, I expect we’ll need to budget above $400k in the future to get a home that checks all our boxes,” he said.
We want to hear from you. Are you struggling to afford a home and are comfortable sharing your story with a reporter? Please fill out this form.