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On one hand, theyre holding the reality of a difficult housing market and high interest rates.
Its a conundrum that financial expert Dave Ramsey understands quite well.
No stranger to a strong opinion, even Ramsey acknowledges that theres nuance to this question.
Your most expensive line item in your budget is housing.
So the most expensive line item in your budget is out of your control, variable, and increasing.
Basically, the only constant thing about renting is that your costs will rise every year.
Unfortunately, being priced out of your current abode isnt out of the realm of possibility.
Of course, there are advantages to renting in the short term.
Youre not on the hook for hiring repair technicians or investing in overall property upkeep.
In addition to painting the walls whatever color youd like whos stopping you from a hot pink accent wall?
or planting a garden in your very own backyard, youre locked into a fixed payment.
No more worrying about unexpected letters from your landlord announcing another rent hike.
Another benefit of a fixed-rate, 15-year mortgage?
According to Ramsey, When you buy, you have a fixed payment for a property.
Once in the home, you should be able to afford monthly house payments and maintenance costs.
Renting can be a good short-term plan, but short-term is the key element here.
Dont let friends or family shame you into buying something when youre not ready.
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