3,986,423
I would tell them to rent as cheap as possible.That way they can work at keeping loans current and maybe put money aside for a down payment. Buying , even if it is the same as reant doesn't include the upkeep and other things nneded to be purchased to maintain a home.
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Michael Jacobs
Pasadena, CA
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Debbie Gartner
White Plains, NY
443,220
You really can't generalize Evelyn Johnston. There are other factors to consider, most notably, how long do they plan to stay in the area? Young folks starting out are often open to moving around for the right job opportunities.
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Michael Jacobs
Pasadena, CA
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Debbie Gartner
White Plains, NY
279,928
630,301
5,246,705
So much more goes into that decision, I think--how long do they plan to stay in an area, are they planning to expand their family, can they afford upkeep, etc.
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Michael Jacobs
Pasadena, CA
2,538,689
Student is one of the largest reasons that folks that want to buy, can't buy. Those folks don't currently have an option, they have to rent.
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Debbie Gartner
White Plains, NY
6,617,246
4,800,282
927,908
I would have them consult with a loan officer. They might be better off waiting one or two years. Do they, and will they have extra funds for home maintenence? Is there an hoa? Do they have kids reaching colleg age? Do they have dependable vehicles?etc. There is a huge combination of factors that have to be weighed in order to make a smart decison.
183,561
Working with a young couple right now. They have good to excellent credit, no downpayment, good job stability, are SWFL lifers, can cover closing costs, have terrific salaries but carry considerable student loan debt. Found them a no down loan. With all factors considered will cost about $450/mo. more to buy a 25% bigger and better home in a more upscale community compared to renting. They are now seriously considering buying.
4,321,670
Evelyn Johnston school loans are going to be part of it for many years for many of them - weather they buy home or not! By buying a home, they will have a discipline of indirect savings - so I'd always recommend them to buy.
Start with small condo/townhouse if need be and save for next big home.
1,683,912
I would think they would be better off buying, since rent, in many cases are twice the payment amount.
484,092
If they plan on staying put for a few years, definitely show them the value of purchase a house, and making mortgage payments versus rental payments.
Otherwise, if they can afford making a least a minimal down payments and the payments, I would suggest it.
3,988,138
If they can qualify for a home, are stable in their jobs, I think they should buy. Why pay rent when you can invest in yourself? We all had to start somewhere and even starting small has its merits. Rent can cost more than buying in my market.
1,139,819
So long it is in their budget I would say it is smart to buy. Home ownership is good
2,234,761
1,573,215
I'd look at the debt-to-income ratio scenario. Best to scrutinize it first prior to the decision.