Originally Posted by josephr25
I always tell people who feel they are pressured to buy a home:
There are people who are richer than you that just rent.
There are people poorer than you who try to buy.
Then, depending on what you buy, maintenance can be a nightmare...
All you need is a place to live (legally).
Yup, it's all about the personal circumstances. I say if you have a sizable down payment, 20%+, and have reasonable expectations that your job will be around for more than 5 years, then buying right now isn't a horrible decision.
It's the people who drive a $60,000 M3, and then complain they "can't save 20%" and use FHA instead who should really think about their decision.