Are you paying rent every month?
Ask yourself these questions..
1. Do I see myself living in this area for the next 5 years or more?
2. Do I pay $1,000 or more on rent every month?
If you answer yes to both questions, then you should consider buying a home.
Paying rent every month is just as good as flushing your money down the drain every month. If you make around $20.00 per hour, that is equivalent to about 50 hours a month that you would be working for free!
Wouldn't you rather take your money every month that you work hard for, and pay it toward a great investment?
Think of it like you made a large purchase, and put it on your credit card. Every month you have to pay the minimal credit card balance until your balance is zero. Well a home mortgage is very similar. Once you pay off the full balance, then you have complete ownership!
When you pay your monthly rent, you are just helping your landlord pay off his credit card balance .. That does not seem fair...
However, renting a place to live does make sense if it is temporary. My advice would be not to get too comfortable. Once you decide where you will be living for the long term, I do recommend thinking about purchasing a home to live.
~Purchase a home to live in. Rent a place to stay temporarily!