Renting or Buying a New Home

I have lived in DC for some time now and I can tell you without a doubt it is going to be one of the most expensive places that you have ever lived, if you plan on moving here. Despite the fact that I did do some of my research before I moved here, I was still shocked to find just how much the average price for a town home, a home and even renting an apartment actually turned out to be. Shocked doesn’t even approach how I felt, truthfully. A friend looking for DC home insurance told me how much she was expecting to pay for her home, I nearly fainted. I could never imagine trying to take out that large of a mortgage for a place. Mortgages, to me, are nothing but a scam. How can anyone know how much they are going to be making five, ten, fifteen years down the line?

Growing up, sure, we have some sort of stability that is provided for us. But anyone who has had work drop out from under their feet, have their offices close or be bought out which ends up with the entire staff being replaced, you quickly learn just how uncertain life can be. It’s shocking to think that anyone would want to sign up for a 25 year mortgage. It blows my mind! I just cannot ever imagine myself signing something like that with the thought that everything is going to be okay in the next five years where I will not miss a single mortgage payment. It’s too much risk for something that is not going to be able to give me the return that I need to make me feel comfortable enough to invest into it. I much rather keep renting or pay for my home in cash.