There's no general rule if it's better to buy or rent, buy now or wait. It depends on your needs, your lifestyle, your age, location, and many other factors.
Just saying that what someone pays as rent is the same or less than a mortgage is not a valid argument. Homeowners have a lot more expenses than just the mortgage. Taxes, Insurance, HOA or condo fees, Maintenance, Maintenance and Maintenance. And etc. When you rent you don't have to pay any of that.
No expenses here. It's a new house. So, I feel its still a valid point 
There are also some other factors that may apply for certain markets. For example, in California most homeowners don't have earthquake insurance because it's expensive. And it covers only up to a certain amount. So if the quake comes all their equity will be gone in a matter of minutes. If you rent (and survive
) you'll still have your money in the bank.
Not every where has an earth quake. Actually earth quakes are seldom. Just as I am where you live hurricaines are rare or tornado's 
Some people (like me) can't even think about the possibility of renting long term. Owning a home is costly but it's your home. Redecorating, remodeling, putting additions, not having anyone above or below, all this can be priceless for some.
Buy new as most here are saying they are doing. Little to no costs. I have yet in a year to write a check for anything. Nothing goes wrong. Besides, we got the 5 year insurance. Builder covers first year, then insurance coveres the next 5 years!
What I don't understand is people who keep "waiting to buy" biting their nails in expectation for the bubble to burst. Sure, there have been market adjustments in a few markets, but I've been hearing about a bubble burst for 10 years. So if you're (very) patient, go ahead and wait. But it might be a while...
I agree. Stats show if you wait until your ready, you never will be.
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07-17-2006, 11:33 PM
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