[pokerrookie]

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I am actually in a very similar situation. I live in the Bay Area, and play poker for a living, and am trying to decide b/n staying in the Bay, moving to LA (near the beach) or moving to Vegas. I would buy a house though (and I think you should do same with your income, esp. if you move to Vegas). I posted a poll and thread in General a while back, but didn't get any real advice.

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Market sucks, see above, not interested in buying at the current moment.

Also, you should definitely move out of the Bay Area... LA is my preferred place to live, but it's so ridiculously expensive that I can't do it right now without wasting a ton of money on really high rent for a really crappy place.

It should be noted, that prior to this year, I made just about nothing. So my actual savings is only going to be about $25-50,000 after I pay my taxes this year. California 9.3% state income tax was not something I thought much about until recently, and didn't really save accordingly.

So a few years in a no state income tax state and low rent would a decent way to save up some good money to buy a home.

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I know you don't WANT to buy. Sometimes I don't WANT to push very small edges at the poker table, but I do. Buying a house even in a slow market is major +EV compared to renting. You are throwing money away by renting, bottom line. If you pay 1000/month, that is 12,000 for 5 years, or 60K down the drain. Maybe you save money for a down payment five years from now, maybe not. If you buy, get a loan with no down payment, your mortgage payment will be slightly higher than 1K/month, if not equal. At the end of the 5 years, you have equity in the house, and the money you will save for the next downpayment. As long as you live in your home for two years, you avoid short term capital gains. If I were young like you, I would buy as much house as I could possibly afford, and rent a room or two to cover the majority of the mortgage payment each month. You live effectively for free, and you get all the savings that a house gives you. I am no financial advisor, so you should study these things on your own, but I find it hard to believe that someone like yourself is willing to take the risk of casinowhoring, affilating for sites, etc... would not be willing to buy a house to maximize your financial well-being. Making 100K a year and not buying a house is the equivalent of folding pocket aces on this hand so that they will pay off more on the next. Just dumb!