What is in buying a house for you? Our basic needs are housing, food and transportation. Notice, housing is number 1. Under housing, we have rentals, owning and other forms of providing housing such as sleeping in your car or the street. The last two have some severe obstacles.

Renting is a great alternative to buying except in our current economy environment. Once you pay your rent, the money is gone, spent! As a general rule, personal privacy falls to the wayside when renting. Your rent will probably not buy as much as your mortgage payments will.

On the other side, the status of our economy couldn’t be better to consider buying your own house. “Homes For Sale” inventories are high, interest rates at an all-time low, government assistance is available and sellers are anxious to sell their homes.

I feel really strong about buying your first house when you are young. At first, you may find that home ownership is a struggle but this struggle will lessen as time goes on. This assumes you will have a fixed rate mortgage and wages will increase over time). When you get to retirement, you will probably will have your home paid for which will enhance your financial position as you try to make it on your retirement income. Retirement income tends to be fixed and does not keep up with the rate of inflation (rises in costs of living).

Just keeping a roof over your head is one of the many reasons buying your first house satisfies, what’s in buying a house for you!

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