Rent or Buy House?
This caller is trying to figure out whether to buy or rent.
ANSWER: You’re always better off to buy a home if it’s a reasonable expense in your budget and if you’re going to own it for at least five years. If you’re going to buy a home, you need to pay 100% cash or put 20% down and get a 15-year fixed rate mortgage. Your monthly payments should also be no more than 1/4 of your take home pay.