Has anyone else put their dream of homeownership on hold?

For the past three years, I’ve started out the new year by saying it would finally be the year that I’d purchased a home. Spoiler alert: I’m still not a homeowner. And for now, it seems appropriate to put that dream on hold.

Don’t get me wrong: I still want to own a home someday. I never thought I’d still be renting in my late 30s. I still believe that homeownership is a great way for an average person to build wealth.

But home prices remain stubbornly high here in the Tampa Bay Area. (So do rents, but my landlord has been very kind in this regard). We still have so many cash buyers in our local market. As a single, first-time buyer who would need a mortgage, it’s tough to compete. Maybe the housing will cool off some. But I recently read that rising interest rates have pushed the average new mortgage payment from $1,100 a month in my area to $2,100. Yikes!

In 2023, I’ll still continue to sock away money for a down payment. I want to be prepared to take advantage of a good opportunity. But I’m also accepting the fact that a year from now, I’ll probably still be renting.

Has anyone else put their goal of homeownership on pause? Or conversely, are you hoping 2023 will be the year you finally buy a home?


I am VERY lucky- I purchased a tiny condo 2 months before the pandemic hit. However, my then BF and now husband decided to put an end to the long distance relationship and moved to NH. That was fabulous, but completely unexpected!! We married; he sold his house and moved with me and my 2 teens into my tiny condo, which then because even smaller.

We thought we would be able to easily purchase a home in cash, but home costs SKYROCKETED with people from NY/NJ/CT coming here and paying 100K over asking (which was high already) in cash. Well, we couldn’t compete with that kind of buying power and stuck it out for 2 years, looking and hoping we would find a place.

A few weeks ago, we surrendered to the inevitable and moved the money to something a little more profitable and unless it rains down our dream house from heaven, will not be buying another home for 3 years.

What a crazy economy. While I am disappointed, it is almost a relief to not be searching all the time, only to be let down.


We also were super lucky to close on our home in early 2020, right before the pandemic shut everything down and when asking prices were still within reason.

As our family grows, we do want to buy a forever home sooner than later, and one that’s ideally close to family in New England. We have our eye on Portland, Maine. However, that housing market went absolutely bonkers during COVID (like home prices tripling in the course of a couple years) and is only starting to show signs of slowing down. With interest rates so high, we may have to wait it out another year or longer until things become more reasonable.


Hi dear.penny,
I just joined Penny Hoarder because I wanted to reply to you!
Keep saving your money, and hold tight. If possible, view Nick Gerli’s YouTube videos, which explain real estate demographics and how they determine housing’s future. The price of housing is, and will continue to decline. About rates: it has happened before that rates go higher until we get close to the elections; then they go lower.
I just read “6 Money Moves to Make Before the End of the Year”, and reviewed my expenses. I will trim those, and get ready for an astonishing, mighty 2023.


Welcome to the Community @DecemberDot! So it seems like we’re going to see housing costs go down. I need the rates to go down as well. But there’s always refinancing a mortgage down the road! :stuck_out_tongue_winking_eye:

Thanks! I will check out Nick Gerli. I’m definitely going to keep saving my money, just at a less frenetic pace than in the past!

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Hi will1
Nice to be here!
Thanks for saying Hi!


Hi dear.penny!
Glad to hear it!
If you haven’t before, you might consider buying a 6-month (or a shorter/longer term) treasury bill, for as little as $25.00, to make your money make a little more than a CD would.
I am re-reading how to do this, so I can try it for the first time, myself!

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