Yesterday I was talking with a friend who recently got a promotion (and a raise). He and his wife and two kids have been renting a 2 bedroom apartment in Evanston for more than 5 years. Their rent is now $1,400 a month. I'm puzzled. Why rent a not-so-nice 2-bedroom place when you can own a really nice 3-bedroom place? Click here to check out my most recent post with a detailed example. Yes, saving money for a down payment is required. But qualified borrowers can still buy with as little as 3.5% down. What am I missing here? Low Rates + High Rents = Time to Buy
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