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We bought a house in a 'tech hub' (Cambridge) during the crash--it was a little scary at the time, but worked out well for us. Our current costs are about half
by Finnucane 11y ago
We bought a house in a 'tech hub' (Cambridge) during the crash--it was a little scary at the time, but worked out well for us. Our current costs are about half the going rents in the area. Prices have gone up so much in the last few years we probably couldn't afford our neighborhood now. But deciding to buy or rent (assuming you have a reasonable choice) often involves a lot of personal factors beyond the purely financial--you have to weigh your own priorities and likely needs over time.
- paganel 11y agoYou also have to factor in a possible divorce, as in you have to ask yourself "what happens with the house/mortgage payments if we split up in 10 years?". Truth be told there are a lot of variables that we decide to just gloss over when taking decisions which will affect us financially for the next 2+ decades. Not sure why this happens, we're otherwise pretty rational creatures.
- Finnucane 11y agoOr you could hope your marriage lasts. The reason we gloss over the variables is that if we tried to account for every possible variable in life, we would never get around to doing anything, and there would still be uncertainty. At some point you have to make an actual decision and move on.