Many first time home buyers contact me and seem to ask the same question, "should I buy or keep renting", and this, in part, what I tell them.
Finances is just one part of the equation. But the first question you should ask yourself is why did you begin to consider purchasing a home? According to a Fannie Mae National Housing Survey, the 4 biggest reasons people purchase a home has nothing to do with money, which are (1) place to raise/educate their children, (2) a place to feel safe, (3) plenty of living space, (4) control over the space. In my opinion the cost of a home will probably remain relatively unchanged even if prices continue to depreciate. Money is a factor in the home purchase, but not the only one.
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