Rent or Buy.....

[Mackie2k]

Quick background, 30 years old, making decent money. I'm tired of renting, really want a place of my own.. (GF is not going to be on the mortgage, just me, and I pay the bills completely)

Current rent is 1350, purchasing a home in the area (365,000 or so) is gonna cost me around 2200 a month with property taxes and insurance, 30 year fixed loan.

Am I crazy to keep renting to keep my rent low and have the extra cash, or is it smart to get in a home now?

Any advice would be helpful. Should I be looking at other types of loans?

 

[DaveSimmons]

Are you debt-free and consistently saving at least $1,000 a month now? Can you afford at least 10% down, preferably 20%?

If so, and you want a house, then why not?

Keeping the 70K + 1K/month in stock index mutual funds or ETFs might be a better investment, but if this will improve your quality of life then why not? Just be sure to get your GF to sign a prenuptial.

 

[Capt Caveman]

What area are you looking to buy in? How much of a down payment are you looking to put down? Are you willing to stay there at least 5-10 years?

Nope, not crazy to think about being a home owner. 30 year fixed is your best bet.