We currently rent our home and though we have only lived here 15 months we would like to move now that we realize that the location being on a busy highway is dangerous and noisy and we would like a bigger home. People we know that are friends of ours that we see every so often are in a similar financial situation as us. For us we feel like we live to pay bills and paying rent is a struggle at times. Would it be inappropriate to ask these friends of ours about how much they pay for their mortgage? Reason I am asking them is because we want a home about the size of the one they have and in a similar area and I was wondering- if they manage to pay it each month then we sure as hell could . I mean is it sometimes cheaper to buy a home instead of renting?

Dear Emily,

I tell everyone that talks about owning a home that YOU don’t own a house, the house owns YOU. If you are just scraping by with monthly rent, mortgage, taxes, up keep and repairs plus emergency break downs are gonna kill you. You really need to have an additional amount in savings for unforeseen problems and emergencies. Think about this, what if the winter is like last winter and your furnace blows, a pipe bursts or a water heater fries? If you are renting the landlord contends with all those disasters, if you own YOU do.
I use to think that owning a home was the best way to go, the American dream, but now with heavy taxes and the cost of daily living I believe it is better to rent and build up a comfortable savings account for your retirement. The real-estate decline and bankruptcy disaster has certainly made me think again. When I moved in my house 24 years ago my taxes where $3100 a year, they are now over $10,000. Has my income tripled? I think not, so how does that work.
Emily, find a lovely home to rent until you are able to afford to buy a house if that is what you truly want. But while you are renting start a savings account and save. Remember real-estate is a rich mans game, there is no shame it taking your time and being prepared.

Good Luck & Huge Muther Hugs,

One Tough Muther

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