[quote=peterb]Do your home work and find out what rents are going for so that you can decide what to do. If it’s your key component for decision-making, you need to get a good handle on it. Then decide if rents may be going down….[/quote]
Thanks, peterb. Rent vs mortgage cost is one of the components for the decision-making. The other is, for me, that the mortgage+HOA+MR+insurance should not be more than 1/3 of the NET household income (we have to save for college and retirement, afterall).
I did look at some rents on a couple websites. For larger 3 bdr apt/townhomes, and 4 bd houses for rent, that would be ~2200-2500. So now my target is something like this: a 4 BR SFH, >2000 sf, in CMR or PQ for purchase at 500-550K, 10% down… at 4% rate 500K loan is about $2500 P&I… And with little or no MeloRoos & HOAs…I believe I will be able to get that within a year or two… keeping my fingers crossed. $2500 is currently my rent in UTC, so I’d like that the P&I to not be more than that…
