Is renting a home a good idea?
Where do you live? I’m guessing it’s a very high priced city if you can’t afford to purchase with your income and savings. Before taxes, you two are making about $55-60K I’m guessing?? And with no debt and assuming you have good credit, you could definitely afford a nice house in Atlanta. How much in rent are you able to pay and be comfortable? I would think around $1000 per month would be a good payment for you but it depends on what other expenses you may have. For that much, you could afford a home around $150,000. What are the home prices like in the town you want to live in? I think this is one of the best times in history (and in most of our lifetimes) to buy a house because mortgage rates are at record lows as are home prices. In many places right now, rents are more than the price of a mortgage for the same house. I’d suggest talking to a realtor and a lender first to see what you might qualify for before ruling out purchasing. If that is your dream, go for it! If you and your
