As we are aware from the melt down of 2008-2009, high prices can leave us underwater so caution is extremely important. Yes, paying rent leaves no equity but being underwater is worse as you have no equity and an albatross around your neck!!!

FrankN wrote: I am still looking right now. Housing prices in my area are at all time highs so I am being extremely cautious about purchasing.

We're in a similar boat because even though we live in a very rural area, there has been a pipeline boom going on here for several years. All that money coming into the region jacked up prices big time.

I am still looking right now. Housing prices in my area are at all time highs so I am being extremely cautious about purchasing.

We've owned our own home for years and our son and daughter-in-law are looking into owning their own home. They are currently renting and I've said that if they both have decent income they may be able to do it. I find it interesting how people don't realize how much money goes into owning a home. Not only are you paying a mortgage, insurance and utilities, but after a few years things start to break down. Sometimes those costs are expensive.

FrankN wrote: I have been looking to purchase a home the last few months. In my area it is very difficult for a first time home buyer to purchase a home. It is very deflating.

I'm sorry to hear about that. What are the problems you're facing? From all the places I've stayed since I was little, nothing could replace the stability of having your own house. I had to reconsider many things when I was thinking of building a family, and it was painful in the first few years, but it's a worthy investment.

I have been looking to purchase a home the last few months. In my area it is very difficult for a first time home buyer to purchase a home. It is very deflating.

I agree I think there is definitely upside to just renting. You in theory have a lot more freedom.

Curry wrote:

FrankN wrote: I don't think its a part of the American dream anymore to own a home.

I think you're right, but I for one think it's sad. What do get from renting? Nothing except a roof over your head for the duration of the contract or until your neighbor falls asleep with a lit cigarette. When you buy a home.....it's yours. You don't have to move anymore and after 15 to 30 years.....no more payments except the taxes.

When you rent you don't have the worries of what if. I own a home now and you just never know what could go wrong. I live on my own. I am thinking of selling just to get rid of the hassle of fixing things.

That's true, Moneyes. When you own a home, you need to either be handy or have the money to pay for repairs. It does come with more responsibility than renting and there are a lot of factors to think about before diving into buying a home.

No one NEEDS to own a home, but it is the perfect option to renting. Some people though just are not cut out to be homeowners.

In my adult life, I have flip-flopped between owning and renting. I see benefits to both sides of it and I definitely will own again in the near future. I'm looking for the property where I will build my forever home and I'm looking forward to being in complete control of the decisions that are made for the property and the house. That being said, I completely understand why some people stick with renting. Home ownership can be a headache and those folks get to avoid all that.

FrankN wrote: I don't think its a part of the American dream anymore to own a home.

I think you're right, but I for one think it's sad. What do get from renting? Nothing except a roof over your head for the duration of the contract or until your neighbor falls asleep with a lit cigarette. When you buy a home.....it's yours. You don't have to move anymore and after 15 to 30 years.....no more payments except the taxes.

I don't think its a part of the american dream anymore to own a home. To me I still will likely own sometime down the road, but I do not believe for it to be a necessity or to show you have "made it".

One thing my parents always told me when I was younger was to buy a house. My husband and I purchased our home at only 21-years-old and there have been times that I wish we would have held off on this. It was nice in the beginning to not pay so much rent, but we have spent so much money fixing up our house that there is no way that we will ever get back what we have put into it.

Of late, I am reading that Millenniums are looking at more downtown hip type housing options and it does not have to be ownership. Trends certainly change and I am interested in this.