In my area, my mortgage for a 3 bedroom, 2.5 bath home w/ 2 car garage & fenced backyard will be 2/3 the cost of renting a 1 bedroom apartment. Just sayin...
yes but you arent factoring in upkeep, taxes, PMI, insurance, increased utilities etc. In a lot of cases, you are better off renting still. I bought my house because I wanted a house, but I would be much further ahead financially if I had kept renting. And I put a lot of $$ down.
"I can't help but wonder,what would Jimmy Buffett do?"
Well, in my case I could buy my farm w/o a mortgage. I would say I was "lucky" but circumstances say otherwise.
My buying a farm did happen at a good time because my old landlords were elderly and I was always wondering if their kids would kick me out if they (the landlords) died off. At least one of them has died since I moved.
I do like knowing that this place is MINE and no one except the gov't can kick me out (if I don't pay taxes). It really is a relief.
Out of curiousity, what is a "great rate" right now? In my area, we're doing five year terms for 3.09%, three year term for 2.79%. Lots of people doing refi's, not too many purchases happening, market has really cooled down.
"My doctrine is this, that if we see cruelty or wrong that we have the power to stop, and do nothing, we make ourselves sharers in the guilt.”
― Anna Sewell
Yep, I'm your friendly landlord. We have a bunch of DIY books, a huge selection of tools, a pressure washer, a good network of contractors to do what we can't, and have the HVAC units tuned up twice a year. Plus funds for any major fix-ups not covered by insurance, and inevitable carpet and appliance replacement. Home ownership is much more complicated than it seems.
I would be looking to buy (a condo/townhouse) if I felt I could sell my current house. I still don't feel like the prospects have improved enough and I am not sure if I really want to jump through all the hoops to have my house ready to be on the market, if there isn't a good chance it will sell relatively easily.