I pay $800/mo. for 1 bed apt., should I just find a home for rent and hope there's an option to buy?

Profile picture for Minx5142
There have been a few properties listed here that are under 100k. I would think that if I had found a home in the 50k - 85k price range, I would be able to afford mortgage payments, not to mention I will have a partner and thus the added income.
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May 21 2009 - US
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Answers (3)

Profile picture for Joel Weihe
In all honesty you should try and buy a home and quit enriching your landlord and start building some equity for yourself. Often times in that price range, $800, you will lay out less cash every month for a nicer place that is your own. It's also a great way to hold on to your money and even grow it. Now is a good time too as economic indicators are pointing to an improvement in the economy which will mean higher prices and interest rates. Check out this blog for more information and guidance.
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May 21 2009
You will pay even lesser than $800 for $120k house, included Principal + Interest + Tax + Insurance + Water. Assume 20% downpayment, mortgage of 96k.
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Profile picture for BMFPitt
Where are you paying $800 for 1BR that houses are $50-85k?  Does that include utilities?
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May 21 2009
 

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