How about you take your desperate hatred of making rent payments and compare that to the true costs of ownership? There’s lots of rent vs. buy calculators out there. But make sure you are seeing the hole picture: There’s a lot of money homeowners pay that goes down a black hole too; it isn’t all equity and roses.
Would you hate paying mortgage interest? (paying a dollar to fund $0.75 borrowed sucks)
Would you hate paying property taxes, homeowners’ association fees, Mello-roos, etc.? (can be hundreds of dollars a month).
Would you hate paying homeowners insurance? (you don’t have to insure the structure as a renter)
And those are the PREDICTABLE ongoing costs. Do you have the cash cushion to cover the “surprise” expenses?
Appliances break = hundreds of dollars if you catch them early; if they flood the place, then four figures easily. My inlaws had to re-level their house after many years of settling = a few grand. Add pest control (San Diego is a termite mound!).
And don’t forget the dreaded “special assessment”. The HOA across the street from us discovered it didn’t have enough to pay for new mandatory roofs = five-figure “special assessment”, due immediately.
So if you really don’t like your renting situation, it’s a lot cheaper to try renting somewhere else first. If you like, rent in the neighborhood you think you’d like to buy for a year. Nothing like experience to determine fit, and furthermore you will hear local information from the neighbors that no website can substitute for.
