Finding a cute house isn’t the only thing to consider when deciding if you should buy or continue renting.
Purchasing a home is always a good idea… right?! And renting is a huge waste of money- or at least that’s what you’ve heard. In this episode we address these two huge assumptions and cover the benefits of renting and buying a home. There are a lot of things to consider like geographic mobility, financial flexibility, housing stability, and creative freedom! Listen to the full episode to hear why either renting or buying a home might be a good idea for you.
A quick tip for now though: make sure that your rent or mortgage payment is no more than 25% of your monthly take-home pay. You don’t want to be house poor!
Also, here’s a great rent calculator from Zumper that can help you assess how much you can afford to spend every month based on your income and the city you live in.
And at the beginning of this episode we each cracked open a couple of Juice Bar Pale Ales by Wrecking Bar, which you can find and learn all about on Untappd. If you enjoyed this episode, be sure to subscribe and review us in iTunes, Stitcher, or wherever you get your podcasts!
Cheers!
Just discovered your podcast after hearing Joel on the ChooseFI podcast. This was a great episode on a topic that is near and dear to my heart as a 4th year medical student. Many medical students buy a home right after graduation with no money down (On a “Physician Mortgage”) and end up trying to sell the house in only 3-5 years depending on how long their residency is. I will be sure to share this with some of my classmates as they begin to think about this decision moving forward. Also love the craft beer aspect to the show. Personal finance and craft beer, two of my favorite things!