That all changed when I hit my mid-20s. Some friends got married, others landed fantastic jobs with salaries to match. As a result, real estate began became a topic of discussion more frequently. Married friends bought houses, single friends bought condos (some did buy houses), and even though I had a HUGE apartment in the city with a rent that was practically unheard of, I began to feel the pressure.
Shortly before I turned 26, in 2006, I was promoted and earned a decent salary. It seemed like everyone around me was snatching up real estate, so I started looking around. I spoke with a mortgage broker and viewed several condos with a real estate agent. I looked at my finances and realized it would be a bit of a stretch to afford even the smallest of units, but I wanted to move forward anyway. Unfortunately, I wasn't approved for a loan.
I look back on that time now and think THANK GOD. I was laid off a year and a half later, then laid off again later that same year. If I had bought a condo, it's likely I would've had to sell. Or worse, foreclose. I've since been renting.
The rent in my apartment is less than $700 per month. Total. And since I live with The Scientist, we split that. The management in our complex is extremely responsive, efficient, and flexible. If something breaks, it's fixed. If we want to paint a wall or change the light fixtures, it's usually approved. The grounds are maintained beautifully. It's safe. We have an excellent quality of life, and we're saving so much money by renting (which is incredibly important now since we're getting married next year).
Sure, buying is still part of the plan...eventually. But for now, I'm not giving into the pressure. Buying isn't always the best option, especially nowadays. If you're looking for an apartment in your area, consider using an apartment finding service, such as UMoveFree owned by Nick Barber, which helps people find Desoto, TX Apartments.
Do you own or rent? What are the pros and cons of your living situation?