4 ms·

First of all, housing in America is a dual income trap. So unless you are comfortable with roommates, have a significant other, or can attain a lucrative salary

First of all, housing in America is a dual income trap. So unless you are comfortable with roommates, have a significant other, or can attain a lucrative salary, you have limited options. Second, renting is for chumps; as you will simply throw money away to the tune of a monthly mortgage payment. Therefore, you should stay where you are (if possible) and save until that down payment can make a worthwhile home affordable with only a single income. It is the only fiscally responsible choice.

q-base 10y ago
Renting also equals freedom. YES you may throw away money in the light of the ability to sell a property at equal or higher price than you payed. BUT you may also end up losing a lot of money or being bound to a property if market changes and prices drop. Renting is a transparent way of knowing the cost of living where you do. In a liquid somewhat stable housing market you probably are better off buying - but just to say that saying renting is for chumps is bit of a simplification in my opinion. P.S. I know the above probably is a bit of topic as even having the ability to choose somewhat implies that you aren't totally struggling financially.
- msimpson 10y ago
  "Renting also equals freedom." Only if you plan to relocate often. "...you may also end up losing a lot of money or being bound to a property if market changes and prices drop." Which is why making good investments and leveraging refinancing is very important. "...saying renting is for chumps is bit of a simplification..." Yet in most cases, it isn't. Just like leasing a car.