During the past two years, we’ve heard over and over again that there’s a silver lining to our housing crisis: Now that home prices have dropped, buying property has suddenly become much more affordable.
Prices are low, negotiation opportunities are high, and interest rates are their lowest since the 1950s. But is buying really the right thing for you? Or is renting financially wiser?
What information are you looking for for as you make decisions about your house or apartment? And if you're renting, what would it take you to buy? Tell us what you're waiting for to decide and we'll make it part of the discussion.
Takeaway contributor Beth Kobliner has tips for those who are grappling with the decision to pursue buying property or continue renting. Sara Hurley also weighs in. She and her wife just bought their first home - a short-sale property - after years of renting.
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The show is a co-production of WNYC Radio and Public Radio International, in collaboration with New York Times Radio and WGBH Boston.
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Comments [3]
I've owned a home sence 84, but now I'm ready to move to another area of the city because it's a GREAT TIME TO BUY but. I sighed a purchase agreement to buy a short sale home (cash) back on march 5th of this year, the owner has agreed to sale the house to me but the BANK appears to be sitting on there hands! the sellers agent told me its a fannie mae property!mean while the house just sits there and I feel I'm sitting in limbo wondering (WHAT THE HOLD UP IS)
People shouldn't be lulled into a false sense of security thinking that because a mortgage may be cheaper than rent that they can afford to buy a house. While owning the property might be relatively cheap, what happens when the dishwasher breaks, water boiler breaks, plumbing breaks... Add on top of that the property taxes and insurance... Renting is easier until you are financially set. Recession or not.
The big problem with buying is the need to be sure about 1) a job for the next 7 years, 2) ability to stay in one place for 7 years. Hard to come buy these days.
Because I have a daughter who will be living in the Detroit area for the next 10 years, I will be here too. Regarding a job, well prices are low enough it would be less than renting and I could afford it on unemployment, the next time I am unemployed. I am waiting for another First Time Home Buyer Tax deduction like there was a year ago and then I will start looking.
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