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Old 07-27-2015, 07:54 AM
 
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What's better if you are making a low wage yet need somewhere to live at?
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Old 07-27-2015, 08:03 AM
 
Location: Cape Cod
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I would think renting; you might not qualify for a home mortgage.
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Old 07-27-2015, 08:12 AM
 
Location: Mount Laurel
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Quote:
Originally Posted by Europeanflava View Post
What's better if you are making a low wage yet need somewhere to live at?
It all depends on your rental market, how much saving one has and other factors.
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Old 07-27-2015, 08:39 AM
 
Location: Florida -
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Generally depends on one's ability to qualify for the mortgage on a desirable home; - and on their job stability outlook. Keep in mind that housing expenses are greater than just the monthly mortgage payment (taxes, insurance, maintenance, repairs, etc). These things are all rolled-up into a single monthly rental payment, which causes some to overlook them when comparing the costs of rent versus buying.

Also, in a rental, one can pack-up and move if necessary (forfeiting their deposit). A mortgage default can tie-up one's equity and follow one for years and prevent purchasing anything else. Also, damaged credit can negatively influence a number of things, including employment and future purchases.
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Old 07-27-2015, 08:49 AM
 
Location: NC
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If you now have a low wage job, you are probably hoping to find a job that pays more in the future. Since that might mean you would want to move to be closer to the new job, you are better off having the flexibility of being a renter. As a renter you can usually move to a new location within a year (based on having one year leases).

Most times if you own a house, because of realtors fees and the costs of getting a new loan, you probably lose 10% of the price of the house everytime you sell. In bad economic times you might not be able to even find someone to buy your house so you would be stuck there. Keep renting until you are making decent money in a job you like before deciding to settle down permanently.
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Old 07-27-2015, 09:28 AM
 
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Quote:
Originally Posted by Europeanflava View Post
What's better if you are making a low wage yet need somewhere to live at?
Get as many roommates as practical.
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