[quote=JerseyGrl]I think the housing market here in town is extremely vulnerable and the gamble that buyers are taking isn’t one we’re comfortable with. We can’t afford to buy a home as nice as the one we rent so we’ll continue to rent.[/quote]
This is the important point…If the numbers don’t work for you, keep on renting. Out of curiosity, were things affordable to buy even at the market bottom back in 2009/10?
Are you factoring in 20% down payment, no PMI and the tax break in your calculation?
I mention it since sometimes, it seems like people try to talk themselves out of it without even running any numbers for their case and really look at how much they are paying for rent vs. a buy comparison. Remember that after 30 years, your housing cost goes closer to 0 after it’s paid off. I think for a lot of us, the 30 year unfortunately comes faster than we realize.
As a primary home, I suppose I’m of the camp that wants to rent the cheapest ghetto shack I can to minimize my cost and buy something that’s nicer/better that I can stay for the long (15 years or more) term. Housing prices, I think are less prone to collapse as well when you are in a “better” school district with hopefully, decent paying jobs.
