I'm looking to become a first time home buyer, and was wondering if anyone has any advice on whether I should consider renting a room to help offset the cost of the mortgage/get a nicer property.
Some personal info is as follows:
Income - $55k me, $15k SO = ~$70k total. For the purposes here I think only my income matters because the house would be solely in my name. Credit score: ~750.
SO is still in college so not working full-time.
I've been looking for 2-3br houses in the $120k-160k range in the Minneapolis area for the most part, but was wondering if anyone has experience or advice with purchasing a more expensive house they planned on living in while renting out a room and the rest being shared space.
My ideal situation would be to save to the 20% down payment to avoid PMI/FHA, but I feel I would come out ahead if I rent a room and just pay the PMI/FHA costs.
Currently I'm paying $450 all inclusive for my rent with a guy in the same rental situation that I'm asking about here.