Renting Versus Buying a Home in Portland Oregon

Posted on: May 24, 2007

I was talking with a friend the other day, and she indicated she wants to buy a house now but just can’t “afford” it. She thinks she will start saving some money for a down payment; wait a year or two, and then buy when she is in a better financial place. I explained the cost of housing is going up faster than she can save for a down payment, and with all the options available from mortgage companies she is better off buying now.

Banks offer 100% financing, with low to no down payments. I also presented her with a Renting vs. Buying spreadsheet that showed her the immediate advantages of buying now. I am happy to say we have started the home search, and she will be in her new home by the end of this summer.