so, i’ve (24f) been renting in a college town in Oklahoma since 2019. i received a settlement & have wanted to use part of it for a down payment on a house. i’m absolutely fed up with renting. in my current town.. rent has been increasing $100-$200/month about once a year. the 3 places i’ve rented at, i’ve constantly had issues with maintenance, bug spraying, shitty neighbors, etc. literally, where i live, rent & a mortgage cost about the same. a 3bed 2bath is about $1500/mo to rent & the current houses were looking at (3bed/2bath) run about $250-$270k, so only about $100 more/month with 20% down. i do have a realtor who says the market is steady.
but, here’s the issue we’re running into.. there’s hardly anything available for purchase in those price ranges. keep in mind, i’m in Oklahoma, where our minimum wage is still $7.25. our cost of living is quite low for the US, typically. we have endless 1.5-4million dollar homes for sale. but, i genuinely don’t know anyone in my life that could even afford that. our average salary here is only $50,000/year. we were approved for $300k & have been looking for over a month so far, but the current economy is scaring me. i’m not knowledgeable in real estate & i was too young to remember the 2008 crisis when my parents were renters. & everyone around me, except my realtor, is saying it’s a bad time to buy a house. they keep telling me to wait until the market crashes. but, we don’t know if/when that’ll happen. & renting in my area right now is bleak. too many of us need housing & there’s not enough affordable housing.
TLDR: is it better to rent or buy right now with the current economy & the direction it’s headed?
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source https://www.reddit.com/r/RealEstate/comments/1m0ditf/is_it_just_a_bad_time_to_buy_a_house/
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