Quote:
Originally Posted by MAXUM
That's true, however have you seen what you can buy for that price? A place that is a wreck and needs lots of work so while your income may not be consumed with a house payment the repairs will. Even stuff in the 300-400K range often times need work too!
Floating more debt with a minimal or no down payment leaves no room for error if the market fluctuates south which it does do. If the rates increase that'll erode home values too. Many first time home owners don't sufficiently account for this.
Renting is always an option but often times renting is equally as expensive as buying. The only benefit is not having to worry about the cost of repairs.
I still emphasize that none of these options offer any room for savings and building a long term nest egg or even emergency fund.
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I really think you are painting a very bleak picture and placing people and situations into the same box which is not the case at all.
Many such as myself start with fixers for their first home and improve over time, others just happy they own while still others choose to safe by renting. All the same a two wage earning family in the service industry can make it work in Meredith as long as choices are made according to the income.
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