Rent or buy? 35 y.o. Physician about to start making better money.

My wife recently completed her residency training, and has a contract for her first real job.

She is expected to earn around 300k and will be an independent contractor working remotely from home (radiologist).

420k in student loans. We plan to live on 100k/year and contribute everything possible towards paying off the loans ASAP and maxing out retirement contributions.

No consumer debt or car payments

We’re planning on living in a state with no/minimal state income tax. Likely Washington, Nevada, or possibly Colorado.

If we were to buy a home, adding 500k in debt sounds very daunting… But I hate the idea of renting for years while we get her loans paid off. It feels like throwing away money to me?

Any advice would be greatly appreciated. We tend to lean towards the Dave Ramsey style of money management and our goal is to have the student loans paid off in 4-5 years, then start making better contributions to our retirement plans.


To answer a few common questions: -We have 2 little kids -We planned on renting for a year or so after relocating to get a feel for the area and make sure we like it. -500k is the higher end of average for a 3 bedroom house in the areas we’ve considered. Some places you can’t find a 3 bedroom house for less than 500, others 500 is an incredible amount of buying power. It’s not a number we plan on spending, but I thought it best to give the example with a higher purchase price

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