Is buying a home something best considered when you are older? I feel like I am losing money when I am paying rent.
Answers | 2
The advantages of home ownership has been, and always will be, the paramount achievement in American society- Whenever one can take control of their largest monthly obligation each and every month by not having to march to someone else's drum, it makes the utmost sense- When you factor in the tax advantages and the possibility of wealth building in home ownership its a no-brainer!
There is no "magic age" where buying a home versus renting suddenly makes sense. The decision depends on your fiscal responsibility, your employment stability, your likelihood of moving, and the odds on your family size/marital status changing. In general, the more stable a person is in all these areas, the more they may want to consider buying. Someone who's never held a job over a year, hasn't amassed any savings, and has relied on roommates to help pay the rent probably isn't the ideal candidate for home ownership. Hope that helps! Ted