Should you rent or buy a home?
Well, it depends.
Where you live is a huge factor as home prices vary greatly across the country.
According to this infographic, the top 5 cities where it’s least affordable to buy a home are Honolulu, HI; San Francisco, CA; New York, NY; Colorado Springs, CO; and Albuquerque, NM.
Other factors include whether or not you have enough for a down payment, mortgage payments, and mortgage insurance.
Other things to think about. Do you qualify for a mortgage loan and are you planning to stay there for at least 5 years?
Personally, I rent because I live in the San Francisco Bay Area where homes are expensive. Although we did move further away from San Francisco and home prices are more affordable. But we might not stay here 5+ years.
Do you rent or buy?
Infographic by www.homeinsurance.org
Thank you for this post, helped me confirm that we are doing the right thing by renting. We are planning on moving out of state in the next couple of years, and will have an even bigger down payment for when we get done there, without the worry of selling a house up here!
Nice blog. Keep it up. I have bookmarked this also. Very informative.:)