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Reply to "How much savings/income do we need to consider buying?"
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[quote=Anonymous]I think you need to do a bit of cost-benefit analysis here. Sure, owning is riskier but if the mortgage+HOA+insurance+maintenance will be significantly cheaper than rent then you'll be able to make quicker progress towards your savings goals by buying. We're in the process of making these calculations now - they're complicated - but we'll actually be able to pay off our student loans much fast once we own than if we continue to rent. As a risk averse person, I initially preferred to pay off the loans entirely before taking on another loan, but DH convinced me by showing me the numbers and it just doesn't make sense to keep renting. We've compromised on agreeing to save up 15% before buying instead of going for an FHA. Good luck OP![/quote]
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