Buying a house is a huge part of the American Dream. That’s because a house isn’t just four walls and a roof. It’s a place to potentially raise a family and build memories to last a lifetime. Just for those soft benefits alone, buying a house should be worth it. The problem is that many young people who are looking to buy do not approach their goal with enough pragmatism….
Buying a house is a very big decision; don’t do it unless you can commit to staying in that house for at least 5 years
The geographic aspect of buying (which region of the country, which state and city) is more critical than ever—make it a deliberate, conscious choice.
If you decide to buy, there are five significant financial readiness tests you’ll need to pass.
Set a target price to yield just enough house to meet your needs for the foreseeable future, but no more than that.
The most important financial criterion in selecting a house is resale value.
Careful! A generation ago, the right answer was almost always "smarter to buy," that’s why your parents and others their age always advise that. But these days, it’s not so clear cut. It’s the single biggest financial decision you’ll make, so let this calculator size up your situation and give you a personal recommendation.