What is your opinion on Home Buying vs. Renting? A lot of people I talk to say home buying is more worth it because you aren't "throwing away" your money to a landlord. Sometimes I think if I get a mortgage, I'll be "throwing away" money to my broker until about 5 years later where I can start making some decent equity.
Here's the deal, my husband and I have been married for 5 years. We have lived in 4 different cities and are finally ready to settle down. We love where we live. He has a job as a city planner and will qualify for a senior planner position once he passes his boards in 1.5 years. At that time, if the city he is working for doesn't promote him, we would need to move to get any decent increase in pay.
Our lease is up at the end of April and we are looking around for good rentals. The thing is, if we buy, it wouldn't be much more a month (maybe $100 more). But that means we would be putting it to chance on whether he gets that promotion or not.
If we keep renting, we wouldn't be attached to a home and could move anytime. If we buy, we could start our building equity ... eventually.
This all comes down to what we think is best for our family, but I was curious what you all think! Tell me your experiences with renting vs. buying.
PS. I should say that a home rental we are looking at is $1200/mo plus all utilities. A home of the same caliber would be about $1300/mo plus all utilites.
Another thing that just kills us is a home in this area just 2 years ago would have gone for 20% less than it is going for now. That spike scares us because we think it could go down just as fast.