Renting vs. buying real estate

[zoebartlett]

I've heard from a few friends of mine that they wish they'd continued renting instead of buying their home. Do you feel the same way or are you glad you bought? We own a condo that we've had for almost 6 years now. We only lived in it for 3.5 years before we moved out and rented elsewhere. We never intended for the condo to become a rental property for us, but that's how it worked out. It's hard to see the positives of owning a home n this economy, and I wondered if others here feel the same way. If you had to do it all over again, would you jump into the housing market or be a permanent renter?

 

[Haven]

I just posted about this in Sparkly's thread about condo living.

We bought our home in June of 2008, and if I could do it all over again, I would rent, instead. I love my home, don't get me wrong. I just don't think owning is all it's cracked up to be. For us, of course. We put 70K down, and sometimes I just think about all that money and wonder if it was worth it. I lived at home for a long time to save, but I'm just not sure owning was the right option.

I can't be completely sure that I would have preferred renting, because my only experience renting was as a single person with roommates when I was younger. I may have hated renting as a married adult, who knows? All I do know is I look at this house I love and wonder if she was really worth the cost. We'll be finished paying off the mortgage within the next ten years if we stick to our current plan, and sometimes I think "Wow, that's soon," and other times I think "I cannot believe I bought something that is going to take me this long to pay for."

I don't like debt, and this is the only debt we carry, so that could be a big part of my feelings about owning. Still, I'm not sure it was worth it. We've had an additional 4K in unexpected expenses every year so far, including the giant hole in my yard to put in an outside plumbing line. Those things really eat at me--that 4K could have been another trip to Europe!

Of course, when we were house hunting there was not a doubt in my mind that I wanted to own a home. I remember when my parents bought their first home together, I was a teenager, and it was a major event in our lives. They felt like they had finally made it, to live in their own home that they, themselves, owned.

I think lifestyle has a lot to do with it, as well. We have dogs, so we would have had a difficult time renting a place that had the right land and rules for our pets. (We have three cats, as well.) But I think we could have made it work. DH and I are not as rooted down as people as I think you should be to buy a home. We often dream about relocating to some other place, but we feel tethered to the house.

 

[TravelingGal]

Can I answer from the viewpoint of a renter?

Back in 2005-6, I was miserable in our apartment, so we were looking to buy. The prices in LA were crazy, and I finally decided that a half a million got you nothing here...and yet houses (and not great ones) were easily going for more than that in our neighborhood. To me, it made no sense that the average person could afford these houses. And of course, I ended up being justified in my concern with the housing market dropped.

We suffered in the apartment 3 more years while I hoped we could buy as the market was still going down...but it still wasn't at a price where I thought it made sense. In 2009 we decided to rent a house.

We LOVE renting.

The key is the find a good owner for your type of personality. Ours don't want to be landlords (meaning they want us to take care of things as much as possible and free us to do what we want to the house) but are very responsible to any calls we make to them for major issues. We take great care of this place and treat it like it's ours, spending money on the backyard, installing sprinklers on our own dime so we could grow a nice yard and herb garden for us to enjoy. The owners don't raise the rent, and we plan to leave this place much better than when we moved in.

We are so pleased with our decision. It's sad to see so many of our friends struggle as they bought near the top of the market - so we see even more than we made the right decision for that point in time. We'd love to stay here for a few more years...maybe even longer if the owners want us to. Great school district and we can see ourselves maybe downsizing in 15 years when Amelia is an adult and (hopefully) moves out. Then we'd rent a small place and travel more. Or maybe buy something much smaller and appropriate for our needs, without having to worry about the school district. I appreciate that if we wanted to relocate for any reason, it would be much easier to do so.

The downside, of course, is that the owner could come to us tomorrow and say that they want sell this place, or rent to someone else. Then we'd have to move and that would be tough. But so far, everything has been great. We especially love that we don't have to pay for things when they break down (we've had 2 plumbing incidents and another time the heater died.)

I would think that people who didn't buy when the market was high might enjoy home ownership a lot more. But a hell of a lot of people I know are upside down on their mortgages.

 

[TravelingGal]

Oh, and another reason why it is great to rent a house first is that it gives us a better idea of what are dealbreakers before we BUY a house. I had no idea how much I loved an east facing kitchen, but I love coffee with the morning sunshine. We didn't think we'd LOVE a backyard, but we do, and would invest time and money in it. A separate laundry room is a must, IN the house (a lot of homes here have it in the garages, which may not be attached.) Closet and storage space - the KEY to happy living.

I wouldn't have known how much certain things matter and others don't, before I rented a house!

 

[ksinger]

I bought in 98 - before the feeding frenzy - and I knew I was probably going to stay put. So yes, I'm tickled to death that I bought. But in this environment? I think the younger people need to be unencumbered and more mobile, to move around for jobs if necessary. If I were around 30, I'd certainly not be all that attracted to buying. It's a huge anchor, both physically and mentally, and I'm not sure I'd like to feel that tied down to one location at that age. (I didn't buy until I was 35).

Really, I think we're just getting back to "settling down" later. This whole thing about buying a house every 2 years wherever your job was, and thinking you could easily sell it, was an aberration in the grand scheme.

 

[missy]

I don't have the personality to be a renter. I crave stability and comfort and hate change. Renting just doesn't give me the stability I need. I also like spaces to be just so and with renting you cannot make major changes and make it your own so (for me) it just doesn't feel like home. Also, with renting you might have to pick up and move at any time with no certainty as to when that might be. I could never be at total peace knowing that I might have to move based on somebody's decision other than mine. I like to be in control of my own destiny so to speak and owning allows me this freedom.


I think renting is a must when you are just getting to know an area or if you are not sure how long you want to live in an area or you simply cannot afford to buy with peace of mind. But for those who know where they want to be (for at least a good long while) and who have the financial resources to do so buying is the way to go. At least for us. I hate generalizing because it gets me into trouble but I am answering from my unique point of view which I believe is what Zoe wanted us to do.

I am sorry there are others who feel they made a mistake buying their current home and I can totally understand in this economic climate how they might feel. We went through some major changes because of financial challenges in our lives but we made some (big) changes and as far as we are concerned, in hindsight, it was the best thing that could have happened to us.

In addition, buying your home can be one of the smartest financial decisions under the right circumstances.

I know the future is never certain and you can just do the best you can do-but I want us to be the ones making the decisions about when and if we move and owning our home(s) makes us so happy.

 

[Skippy123]

I bought in 98 - before the feeding frenzy - and I knew I was probably going to stay put. So yes, I'm tickled to death that I bought. But in this environment? I think the younger people need to be unencumbered and more mobile, to move around for jobs if necessary. If I were around 30, I'd certainly not be all that attracted to buying. It's a huge anchor, both physically and mentally, and I'm not sure I'd like to feel that tied down to one location at that age. (I didn't buy until I was 35).

Really, I think we're just getting back to "settling down" later. This whole thing about buying a house every 2 years wherever your job was, and thinking you could easily sell it, was an aberration in the grand scheme.

We bought in 01 right before it got crazy here too, thank goodness or I don't think we would have bought! We would like a bigger house but I don't think we will move since I checked prices and home prices vary so much right now. eta: oh Zoe to answer your question I am glad we bought when we did but I wished we sold our house when I felt like we should of. We were going to sell and then rent for awhile but were too lazy to do that. If we did that then it would be easier to move to a bigger house now. I guess the good thing for us is that we refinanced to a 15 year mortgage in 02, I think?

 

[zoebartlett]

Yeah, I'm not sure owning is all it's cracked up to be either (although I totally understand the pride one has at owning property). We're definitely not getting anything out of it (our tenant's rent doesn't cover our total mortgage payment). Financially, it would make much more sense for us to move back there but I think my husband and I would kill each other living in such a small space now. Not that our current condo is much bigger, but the extra 400 sq. ft. we have here really does help!

We wanted to get into the housing market but we bought high, which wasn't the best move. If we had to do it all over again, we would have rented for a while. I had just begun a new job closer to my hometown, and my husband (then boyfriend) agreed to relocate with me from the part of our state we lived in (separately). I suppose we hurried into buying but it didn't feel like it at the time (it never does, does it?). We weren't irresponsible but we'd do things differently this time around.

 

[Haven]

I don't regret buying my home based on the current situation of the economy.
I regret buying a home because I've since realized that, for us, it really isn't the best choice.

We spent far less than we could have spent, thank goodness, and I would REALLY regret buying if we had spent as much as those crazy mortgage lenders approved us to spend. (And it would have really hurt to part with ALL of our savings just to buy a house. We definitely knew we didn't want to do that.) But really, the current value of my home vs. what I paid for it have nothing to do with my regret.

I think I'm just not cut out to be tied to a big property. I had no idea I'd feel this way three years ago, and I was so excited to buy our house. I'm so grateful that we didn't spend more, and made sure to spend no more than what we could afford on one income. That has afforded us some freedoms, to be sure. But even so, it's just so permanent.

When we were in Switzerland this summer we decided that, had we the chance to do it again, we would have rented at home and taken all that money we put into the DP (and continue to put into the extra mortgage pmts to get it paid off ASAP) and just spent our entire summer in Europe every year. Alas, hindsight. It's always clearer than foresight.

I do think there is a pervasive myth in this country (the U.S.) that home ownership is the right choice for everyone. I tend to make very calculated decisions, so it's a big shock to me that I made such a mistake with something as large as buying a house, but alas, I did. I still love it, and since it's now ours, I make the most of it. I just think I'm not a home owner type of gal. It feels so stifling to be tied down to this one place. I had no idea I would feel this way.

 

[missy]

I do agree with you Haven. I don't think home ownership is for everyone and not just based on financial reasons at all. I am totally the home ownership type of person because as I stated before I hate change, love stability and am a homebody. Our home really is our castle and it is perfect for us. But I can totally understand how for someone like you, who doesn't want to be tied down and is more adventurous, owning your home would be more of a burden than a blessing. I agree- hindsight is way clearer than foresight-regardless of the issue!

When the home market does pick up you and your dh could always sell if you still feel like this and use the money you make to travel even more...

 

[zoebartlett]

TGal, I'm glad you're happy with your decision to rent. I remember when you were thinking about buying a house. CA real estate is insanely expensive! I can't believe how much houses go for out there. I'm sure your landlord is very appreciative of how much care you give to your house.

When we chose our tenant, she told us (through the property management co. we're working with) that she wanted to make our condo her home. She said she wanted to be a very long term tenant, and that made us happy. She put in a request to spruce up the place, and we happily agreed to it. We split the cost of the materials but she took care of everything else. I've mentioned it before here, but we allowed her to do the following before she moved in:

-- have the cabinets in the bathroom and kitchen painted white
-- replace the tile in the bathroom (We had plans to do this but then we moved out before it was done.)
-- rip out the wall to wall carpeting in the living area and hallway and out in Pergo flooring
-- paint the entire condo in more neutral colors (The previous owner had painted the rooms and while we had plans to change the colors, we never got around to it).
-- replace the stove and fridge and install an over head microwave

She's getting a great deal on her rent already and we haven't raised her rent yet. She takes great care of the condo and we're happy that she loves it so much now. We do too. We're planning on doing so next year though.

Oh and yeah, we're one of those couples who bought when the market was high. We've tried refinancing but first we were told that we couldn't refinance because we were upside down in our mortgage (still are and will be for quite some time, I imagine). That was a few years ago. Lately, we were told we couldn't refinance because the condo isn't our actual residence. The whole thing drives me nuts!

 

[zoebartlett]

Missy -- there are no rules to the thread. I definitely see your point of view. I think there are cases when it makes much more sense to rent instead of buy.

 

[missy]

Missy -- there are no rules to the thread. I definitely see your point of view. I think there are cases when it makes much more sense to rent instead of buy.

Thanks Zoe.
It's hard to convey all my thoughts in one post and I often find myself leaving stuff out that makes me seem one sided when of course, there are many correct points of view. Just depends on whose doing the viewing and from what perspective!

 

[Haven]

I do agree with you Haven. I don't think home ownership is for everyone and not just based on financial reasons at all. I am totally the home ownership type of person because as I stated before I hate change, love stability and am a homebody. Our home really is our castle and it is perfect for us. But I can totally understand how for someone like you, who doesn't want to be tied down and is more adventurous, owning your home would be more of a burden than a blessing. I agree- hindsight is way clearer than foresight-regardless of the issue!

When the home market does pick up you and your dh could always sell if you still feel like this and use the money you make to travel even more...

Missy--Your post just made me think a bit deeper about my reasons for regretting the purchase. I definitely didn't mean to sound like I was being defensive or anything! Sorry if I did. I'm just thinking of this and posting before I've gathered all my thoughts. (Not that that is anything new for me!)

I totally understand why some people love owning a home, and in fact DH and I are in the very small minority amongst our friends as far as our views on real estate are concerned. (In fact, DH's father really believes in property ownership in general, and wants nothing more than for us to purchase a building and become landlords. Shoot me now!)

Do you remember the movie ALONG CAME POLLY? After it came out, a ton of people started calling me Polly. Before that, people called me Dharma, as in DHARMA AND GREG. (Or was it Craig?)
I'm a bit more stable now, but that gives you some insight into my personality. I'm not exactly the solid, stable, long-term commitment type. (DH used to call me a flight risk. Joke's on him, of course, because that man is stuck with me no matter what. But when we first starting dating, that was his impression.)

 

[rosetta]

We are continuing to look for a house whilst renting.

I dunno. I was really keen to buy, but now I'm beginning to think should rent until my husband gets his partnership.

That way, we will be stable and can buy a house based on his income only. It would also mean we could save enough to put a bigger deposit down (not sure that I want to take on such a big mortgage though)

But I can't shake the idea of renting being a case of throwing money down the drain.

I'm all confused on WHEN to buy, but we do want to be homeowners at some point. This thread is making me think that we shouldn't rush into it. Haven you make a really good point about basing it on one income only. Trouble is, a mortgage of 750k doesn't get you much around here, so we probably will need to add mine on too (this makes us feel so uncomfortable!) Decisions decisions.....

 

[iheartscience]

I can see both sides. We bought our house in August 2009 and then my husband got an job offer several states away, so we ended up selling it in March of 2011. Luckily we bought in a great area after the market had already dropped, and my husband's company paid the closing costs, so we didn't lose money in the sale. In the midst of selling it I definitely regretted buying it because it was stressful, but I loved it and buying it really was the right choice for us at the time.

Now that I'm renting again, it's super nice not to have to deal with any repairs or worry about something going wrong. We didn't have any major repairs at our house, but it was an older home (built in 1920) so it was only a matter of time, I'm sure. I've considered buying once our lease is up in a few months, but I think we're going to keep renting for at least the next 2-3 years. Buying is tempting because we can get exactly what we want, but we could decide to move again within the next few years and renting will keep our options open.

 

[missy]

Haven, I love Dharma (it was called Dharma and Greg). She's so free and happy. The word Worry is not in her vocabulary. I wish I could be more like this sometimes.
No apology necessary- I do find it difficult at times not knowing if I might have offended someone because posting is not the same as having a real time/real life conversation so I would rather err on the side of being too careful than being insensitive and offending someone.


I am on the same page with you regarding being a landlord. Don't do it! I know of so many horror stories involving being a landlord. But of course, as with everything, it depends on the specific circumstances. I just know that it can be a huge headache unless you get lucky and have great tenants for as long as you are a landlord and that's just not a chance I would want to take. Though I know of some people who swear by it as a great way of making money. I'll leave that to experts because no way no how do I have the temperament to be a landlord.

 

[Fly Girl]

We bought our house in 1984 and paid it off several years ago when I got an inheritance. I loving having a completely paid for house. We were never under water and never traded up for a bigger house. My brother did the same thing, and when he was laid off in this economy, having a paid-for house meant a lot less stress and also meant that his family could make it on unemployment.

The best advice is to not get a bigger house than you can afford. Right now, in this crazy market, renting makes a lot of sense, particularly if you might have to move in a few years.

Good luck, everyone. We haven't seen the end of this crazy economy.

 

[vc10um]

I think my DH and I are in line with missy in terms of how we feel about becoming homeowners. We are planning on putting down roots, both literally and figuratively, as DH's one mission and desire in life is to have an expansive backyard garden...like 1/4 to 1/3 of an acre. He's also very into green technologies and alternative energy and wants to look into solar power, solar water heaters, etc. None of this can be done while renting, with the ever-looming threat of having to leave it all behind, and so we are looking forward to owning a home sometime in the near future.

And when it comes to buying a home, we'll be doing it like Haven: a mortgage we can afford on one income, spending what we WANT to spend and not what the bank says we CAN, and getting the best bang for our buck.

 

[Tacori E-ring]

Guess I am in the minority because I love being a home owner. DH is in real estate so we have never bought "retail." Maybe that contributes to my satisfaction because we got a *GOOD* deal regardless of the housing market. We could sell tomorrow and make a profit (we bought in 2006). There are headaches like a bathroom leak we are dealing with or termites we had to have treated during the summer. However, I LOVE feeling rooted. I am not a free spirit and love knowing I can do ANYTHING to this house without permission. I can paint, retile, change light fixtures, anything. I love to image what I would do if I won the lottery I love paying off MY mortgage instead of someone else's. I love not hearing neighbors or worse, smelling their dinners. I just love having a home instead of living in someone else's house.

 

[NewEnglandLady]

D and I rented one apartment, one condo and three single family homes over a span of ten years, all in different towns, before we finally bought our house in 2010. For me, the goal was to spend as little as I could on rent while saving for a home. There are things I absolutely miss about renting, but all in all, I'm glad we bought.

The main reason I'm glad we bought is because we were ready to start a family. To rent a single family home in the area where we live (in a good school district) would have cost us more than I'd be comfortable spending in rent.

That being said, I sometimes wonder if we bit off more than we could chew.

Like Haven, I hate debt. We put 30% down, but I still feel the weight of the mortgage on my shoulders all the time. Before we bought the house, we had no debt. And now we have more debt than assets, which makes me uncomfortable.

I never saw buying this house as an investment--I wanted a home we could grow into. A home we could pay off ASAP. A home that we could stay in for many years. For those reasons, we bought a house thinking we would need room for 2 - 3 kids. Logical, right? I thought so, too. We bought a pretty typical 4-bedroom house one about an acre and a half. And now? It just feels like a lot to take care of. Now we have a landscaper ($$) and I'm looking into a housekeeper ($$) and the house is over 200 years old and goes through a tank of oil a month in the winter ($$$!). And there are the taxes. And buying furniture. And right now it just feels like SUCH a drain.

Anyway, Zoe, I feel like if you guys are happy renting, there is no need to feel like you should buy. You have your condo, so you are building some equity in a place even if you're not living in it. And with just you and your husband, it's not like you need a ton of space.

 

[Skippy123]

We bought our house in 1984 and paid it off several years ago when I got an inheritance. I loving having a completely paid for house. We were never under water and never traded up for a bigger house. My brother did the same thing, and when he was laid off in this economy, having a paid-for house meant a lot less stress and also meant that his family could make it on unemployment.

The best advice is to not get a bigger house than you can afford. Right now, in this crazy market, renting makes a lot of sense, particularly if you might have to move in a few years.

Good luck, everyone. We haven't seen the end of this crazy economy.

This is what I think about often so we are staying put. The economy IS nutty.

 

[sparklyheart]

I am having this battle with myself right now! I currently have my house on the market (bought in 2007) because I am just too far away from work. I am truly selling for convenience. I bought my house based on what I could afford working part time during grad school... So I'm able to sock money away right now without problems. When I sell though, I am torn between buying another house and just renting. I have loved having my house but I definitely didn't like feeling so tied down as a single girl.

It's hard because there are some truly affordable homes in great areas. On the other hand, the houses I *really* want would be a big stretch for me to afford. I'm not sure if it's worth putting all of my money I've saved (now that I'm finally able to save!) towards a house right now.. I would rather put it towards a house I LOVE rather than a house that I really like. This has led me to looking at townhouse and house rentals..

I used to agree with the statement that renting is just throwing away money.. Until I bought a house! I don't know that one is better than the other! Yes you get tax refunds and you build equity.. Unless the market changes and you can't sell your house.. Or unless you end up having to pump a ton of money into it! I have been lucky and the market has not completely crashed here (although I haven't sold yet so maybe I should be quiet!!) and I haven't had MAJOR things go wrong with my house.. But it's certainly not cheap and convenient when the a/c breaks or when you do get a leaky roof.. Whereas when you rent, there is someone else there to take care of things!

I do love having a yard where my dogs can play, where I can plant flowers, where I can go sit and enjoy the quiet..

It's a give and take.. I don't think there is one right answer for everyone, that's for sure! I'm sure my decision won't come until I have a contract on my house and I'm forced to move!!

 

[Bella_mezzo]

We bought our coop in NYC in Feb 2009, DH and I were both employed, in our 30s, not considering any major career changes, and planned to stay in NYC for at least 7-10 more years.

We bought a 2 bedroom and although the second bedroom is small (an odd shaped room with the largest dimensions being 8X10), we figured out a comfortable (for NYC) way that we could have 2-3 children in the room if we got stuck and couldn't move while growing our family. We got a killer deal at the time b/c the market was in a free-fall and I was only willing to pay what I thought would be a fair value going forward. I didn't think the market was going to turn around quickly so I negotiated hard. At the time we were thrilled.

We still love our place but our lives changed ALOT. I started an MBA program, DH switched jobs and then got laid off and then decided on a MAJOR career change (music to medicine) that will require about 10 more years of school and/or low-pay. We adopted a toddler. I was surprised to realize that I wish that I could be a SAHM (which would not be an option right now even if we were renting, although we'd have more options) and prices have fallen enough now that when realtor fees are figured into the equation, we would pretty much break even, and probably keep all our equity, if we sold but would definitely not make a profit. Also, odds are good that we'll move in two years when DH gets into med school.

So, I am praying the market trends up at least a little in the next two years, and then we'll either buy an income property or rent.

I love real estate and paid my way through my first masters degree by buying a house, living in it with roommates, and selling...best financial decision I ever made...but now, life is a lot more volatile and sometimes I feel a little stressed about owning our place and wish that we could pick-up and move if we wanted to...

 

[ksinger]

We bought our house in 1984 and paid it off several years ago when I got an inheritance. I loving having a completely paid for house. We were never under water and never traded up for a bigger house. My brother did the same thing, and when he was laid off in this economy, having a paid-for house meant a lot less stress and also meant that his family could make it on unemployment.

The best advice is to not get a bigger house than you can afford. Right now, in this crazy market, renting makes a lot of sense, particularly if you might have to move in a few years.

Good luck, everyone. We haven't seen the end of this crazy economy.

This is what I think about often so we are staying put. The economy IS nutty.

Two years. That's our mantra - just two more years. I have a 30 year note, but if everything pans out, this house will be paid off in 15. As a single I would have had a devil of a time doing that - and I took out a 30 year with that in mind; it has stood me in good stead - that making sure that I was never cash strapped, and has seen me able to weather one layoff already. But since I've married, we can see the light at the end of the mortgage tunnel. We should be done by the time I'm 51. Yay!

 

[Tacori E-ring]

I think another variable is having a handy husband. I am sure if we had to hire someone or a company to fix every little thing the extra cost and time would be a pain. We have always bought houses with our heads, not hearts. Curb appeal, "normal" floor plans, good location goes into this. Also, DH doesn't buy anything over 20 years old. We don't have a mass quantity of old, charming houses, where we live and newer often means less to replace. I grew up in a 1920s money pit. It was gorgeous but I know hard on my parent's wallets.

 

[Lady_Disdain]

I am also a long term renter. I love my little apartment and I have lived in it for 8 years. However, renting is much cheaper than a mortgage. I always invest the difference, which has grown into a nice amount. Even if I could buy my apartment money down, I wouldn't, since the return I get on my investments more than covers the rent and continues to grow. This solution is also a lot more liquid, meaning that, in an emergency, I can get cash quickly, without debt.

 

[Cehrabehra]

I think it all depends on where you are and where the market is. We bought both of our houses during downswings and thus are nowhere near upside down on either of them. We are looking to buy a third house right now. Right now is the time to buy... unfortunately a lot of people bought when the economy was up and now everyone wants a short sale. Right now is not the time to be glad you bought when it was up, but if you buy now, once it turns around again you're golden. We've never had issues renting either of our houses out. One rents for more than our mortgage the other for about $50 less - between them we come out ahead. There is subdivision potential in the one that rents for less than mortgage so we're holding on to that until the upswing, subdividing, and selling some of it.

No regrets whatsoever here.

 

[swingirl]

No regrets here either. But I do feel badly for the renters in our area who end up loving the school district, location and neighbors but when it comes time for them move (house gets sold or rent goes up) they can't find anything close and end up having to move to a different city.

It seems people who bought their houses at the peak of the market are regretting it, whereas those of us who bought years ago are glad we did. I can't imagine having kids all cozy in their schools and involved in the community and having to leave because someone's else's plans change. Most of the rental homes in my neighborhood are owned by the adult children of the original owners. They eventually decide to sell. But it sounds like there are many cities where renting is very stable and a better choice, especially if you aren't tied to a school district.

 

[sonnyjane]

DH is in the military so it's a no-brainer: we will NOT be buying! Even when the military "promises" you'll be somewhere for at least 5-6 years, they reserve the right to move you at any time. I've heard too many tales of woe from military friends about their purchases and being stuck paying a mortgage on a house in one town and rent in the other. We won't be buying anything until he retires.