When you factor in property tax, home owners insurance, mortgage interest, utilities, general upkeep, and declining property values - does it make sense to buy a home in an unstable market?
Assume it will take you 30 years to pay off the home.
Does it make sense to buy still compared to say paying 1500 in rent in month?
Added (1). I'm 28 and I can't figure out if I want to save for a home or not. I live in NJ and we have the highest property tax of 1.8% of the homes value each year. The math isn't adding up to me when you factor in a 30 year mortgage, 30 years of property tax, and 30 years of interest on the balance of your loan.
Added (2). It makes me wonder if I should continue renting and use the money I would put towards a house into my 401k rather then a home investment.
Read more: Does it make sense to buy real estate rather then rent in this economy?
