I just wanted to throw this out there for anyone currently, or potentially in the near future, buying a house.
Clicking on the link above will take you to an interactive New York Times article to help you figure out whether you should buy or rent right now.
You plug in numbers such as your current monthly rent and you can get an idea of how long you need to live in your house before the savings overcome what you pay in rent.
The general rule for the longest time has been to only buy a house if you plan on staying in it for at least 5 years.
I personally have been in my house for over 5 years now and I would have a hard time saying it was worth it over the option to rent.
Of course, we all know how hard the housing industry was hit when we entered the recession.
In any case, you should go to the website, plug in the numbers, and see what works for you…
My new rule for myself is that I will only buy a house if I plan on staying in it for a very long time. For me that would be 10 years or more.
Many factors go into this decision such as career ambitions, family planning, and just the general uncertainty of the future.
For most of recent history about the same number of people have owned homes as rented them. Whatever you choose you are practically in the majority! 😉
So use tools such as this one to aid you in the decision, then don’t look back. As long as you have thought things through, the decision should prove to be a beneficial one for you. And your life will be better for it…