|Jan 1, 2013, 02:03 PM||#1|
Rent vs. Buy
I would like to ask for some opinions. I know the rent vs. buy question varies greatly depending on where you live. I'm currently a college senior and I'm graduating in June with 30,000 dollars in student loan debt. I live in one of the most expensive parts of the country and home prices are very high. I can live in a very nice apartment for much less than what I would be able to buy the same place for. Should I rent the nice apartment and have the nice lifestyle I want or would I be doing myself a financial disservice? The only houses I would be able to afford in my area are in bad neighborhoods and they're very old and need a lot of work. Property is just very expensive here. But, I know that a lot of people think buying is better no matter what. What are your thoughts?
In case it helps, I'll give some background info. My expected pay for my first job is between 15-20 dollars an hour so I'm not dealing with a very high salary here or any kind of trust fund money. I'm essentially starting with nothing plus the 30k in debt and a BA degree. I do have the option to go to graduate school but the program I'm being offered is 150k and the salaries after are not guaranteed. So, potentially, I could be making more money in the future but I'll also be spending more money due to the high student loan repayments.
The bottom line is I feel like renting would give me a better lifestyle in a nicer place. Buying just might not be for someone in my situation and living where I do. What do you guys think? Thank you for any advice, I appreciate it all.
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