"My husband and I live in a very high cost area. I am currently unemployed in a highly competitive field, though with many promising prospects that could coalesce in the next few months (or not! we live in unprecedented economic times!). His very low six-figure income supports us both, plus a special needs pet. The thing is, he wants us to buy a house. My husband is tired of renting, which he considers "paying off someone else's mortgage," and wants to get serious about buying a home."
"Buying a home isn't necessarily a terrible idea, especially if you have help with the down payment, but continuing to rent is also not a terrible idea. Contrary to popular belief, renting is not just throwing your money away. For starters, you're getting something out of it -a place to live. That's not nothing. It also means you're not tied down by a mortgage, property tax payments, home improvement costs, and so on."
The couple lives in a very high-cost area and faces uncertain employment prospects as one partner is currently unemployed in a competitive field. The husband earns a low six-figure salary, supports both partners and a special-needs pet, and wants to buy a home. Family has offered vague help with a down payment and local first-time-homebuyer programs exist. Meeting with recommended lenders has been arranged to learn about those programs. Buying can be sensible with down-payment assistance, but renting provides flexibility and avoids mortgage, property tax, and maintenance costs. Opportunity cost of the down payment and income instability warrant caution before purchasing.
Read at Slate Magazine
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