This question has a lot of variables.
Pros:
you (hopefully) build up equity into an asset
it's YOURS, get as many pets as you want, paint and carpet as you please, etc.
lower monthly payment than your current rent
Cons:
if the market tanks like in 2008, you could end up underwater on a house you won't be able to sell
moving is hard - gotta find a buyer first
cash tied up & not liquid
costs of owning might offset the cheaper mortgage vs. rent - how much are property taxes? HOA/condo fees? If a major appliance goes out, that can easily be a $2k+ bill.
We're renting still bc I'm not sure what school I'll get into & while I resent writing a fat check every month & having pet restrictions/parking issues, it's nice to know we can say "see ya!" and transfer the lease to someone easily, or when shit breaks we just call maintenance.
Another thought with owning - you need to be super disciplined with money & keep a fat emergency fund. IME, it's very easy to dig into a much bigger debt hole than just the mortgage. My dad was a bit of a frivolous spender who didn't keep enough cash savings - he dicked around with second mortgages and equity loans to pay for repairs every time something major happened. Now my mom is widowed and still owes on a house that should be paid off by now. Cautionary tale for ya

Bookmarks