I
Iroc24
Guest
I can't determine if it is smarter to buy or rent at my stage of life. I am a recent college graduate and current graduate student. I am currently living rent free in my mom's house but I am looking at moving over the summer (she's moving out of the state and selling her house). I work as a substitute teacher, but will hopefully have a full time just for the upcoming school year.
I looked at local rentals and the average rent in the area (Lehigh Valley, PA) is about $700-1500. I also did the math on a morgage, and with an interest rate as high as 10%, I can afford a place for around $100,000. The monthly morgage payment would be about $650. I plan to live in this area for at least four more years (to finish grad school) possibly more.
I don't have much for a down payment, but I would have enough for things like closing costs and broker fees (if needed). I heard that many lenders offer specials for first time buyers and I would obviously have someone I trust look it over first.
I looked at local rentals and the average rent in the area (Lehigh Valley, PA) is about $700-1500. I also did the math on a morgage, and with an interest rate as high as 10%, I can afford a place for around $100,000. The monthly morgage payment would be about $650. I plan to live in this area for at least four more years (to finish grad school) possibly more.
I don't have much for a down payment, but I would have enough for things like closing costs and broker fees (if needed). I heard that many lenders offer specials for first time buyers and I would obviously have someone I trust look it over first.