Whether you’re a fan of karaoke or not, it’s probably not a huge deal for you to stand up in front of some friends and belt out a favorite song of yours from highschool- maybe some Hootie & the Blowfish or a Kelly Clarkson hit. You might be a little nervous but you’re not going to give it too much thought. But now imagine having to sing that song in a stadium full of people. Things are going to be a bit different aren’t they?! You’re likely going to be much more nervous because the stakes are a lot higher! Well similarly, the stakes are higher than ever when it comes to finding the right housing for you. Prices have gone through the roof whether you’re renting or looking to buy. The typical American homeowner saw a gain of $50,000 of home equity in 2021- that’s insane! With the stakes so high, we’re going to weigh in with our thoughts about how you should proceed if you’re not sure whether you should keep renting or take the plunge into homeownership.

  • If you’re stuck on the financials as you’re trying to decide, then a rent vs buying calculator that takes into account your specific location can be helpful.
  • We’ve written a full post on reasons why your house isn’t a great investment.
  • Maybe you know that you’re going to purchase home- well be sure to shop around with a company like Credible in order to find the best mortgage for you.
  • Investing your money for the purchase of a house is a tricky proposition- you want to see it grow but you also don’t want to risk seeing it decline right before you need it for a down payment. But if you’re looking at a time frame of at least 2 years then we’d recommend a conservative target date fund that has already reached it’s date, like Vanguard’s 2020 fund. Also check out the ETF: HOM that was specifically created for saving up a down payment.
  • Credit Card Tool – Looking for the right credit card for you? Then check out our new credit card tool that’ll help you to easily filter through all the cards based on your preferred airline, whether or not they have an annual fee, or simply by the cash back offer! Just toggle the sliders and you’ll know which card to consider.

During this episode we enjoyed an El Cedro by Jester King! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!

Best friends out!

* Advertiser Disclosure: How to Money has partnered with CardRatings for our coverage of credit card products. How to Money and CardRatings may receive a commission from card issuers.
* User Generated Content Disclosure: Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

* NMLS# Disclosure: Credible Operations, Inc. NMLS# 1681276, “Credible.” Not available in all states. www.nmlsconsumeraccess.org

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