Hello! Looking for advice. (Theoretically, I could calculate the answer to my question...but so many factors are involved that I am not sure it would even be accurate. I think other's personal experience may be more helpful.) Current rent is 1K/mo. I was planning on continuing to rent another year or so until I can afford to buy a home. When I say afford, I mean buy a home with a 3-5% down payment, which would result in mortgage insurance, etc. An amazing property is for rent in a desirable neighborhood for 2.2K/mo. I would have to use my savings for the first/last/security. Also, since this rent is twice what I'm currently paying, I wouldn't be able to save as much as usual. (This is the kind of home I would love to purchase, comparable homes sell for 350-450K.) But, I figure that renting a home for 2-4 years would afford me the time to save the full 20% down payment for home ownership. Time is really my problem. I can't continue renting my current space until I have 20% for a home because our family is growing. We have a 7 year old son, I want to grow our family as soon as possible because we are already looking at an 8 year gap between him and his future siblings. However, this rental property would allow us to start growing our family asap. Is it counter-intuitive to rent a more expensive property because we can't afford to buy a similar property?
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