Everyones input is appreciated, but I know what I’m doing… I work at a bank as a financial analyst, and am well aware of the financial implications of buying vs. renting. Right now with the housing market sliding, it is a good time to buy, but only if you are going to hold onto the house longer than the near term. If I were to buy a house this spring, I wouldn’t be able to afford exactly what I wanted (I’ve been following the local housing for quite a while now, and am very specific), but I will be able to in a few years.
Just because $900 would be an ok mortgage, dont forget utilities, repairs, renovations, taxes, etc. etc. This is how a lot of people get in over their heads with houses they can’t afford. Additionally, jumping into the housing market right now with the intentions to sell or flip in a year or two is retarded. You could be sitting on a house you dont want for one, two, or more years trying to sell, or lose your shirt on the asking price. Things arent what they were a year ago. With an apartment that is easily affordable, I can plan to be out and on the housing market at a specific time, and not have to worry about unloading a house that I didnt want to buy in the first place.