Even though I don't really have much means, I'm struggling with an odd decision - Should I look into buying a house?
It seems like an odd question to ponder, since at best, I probably make $30,000 a year, and my guaranteed income is only about $18,000. But because the economy is historically bad, and the real estate market has collapsed, and there is a $7,500 tax credit for first-time homeowners, and because my credit rating is really good - I still pay everything on time - it might make more sense for me to buy a house as opposed to renting an apartment.
I looked into a $100,000, two-bedroom cottage, very preliminarily, online last night. Even if I put $0 down, the monthly payment on a 30-year mortgage for me would be about $423. Meanwhile, most one-bedroom apartments in the area go for about $525 to $650, more for two bedrooms. I would have to pay electricity, heat and cable, but I'd have to do that in an apartment as well, and I wouldn't be getting any equity into the place. There are things like upkeep to think about, but relying on landlords to fix problems in my past apartments has been as big of an issue as relying on myself to call someone anyway.
Thoughts? I know at least one person on here has bought a house recently, so I'm curious about getting some perspective on the whole situation.