I am a about to graduate from college and start a full time job. Should I look to rent or buy?
What I'm very curious about is how it appears that every single one of my peers when they graduate and move to work either in NY or Cali or Midwest (companies like Bloomberg, Google, Microsoft etc..) are all going for traditional rent. Every single one it seems to be the norm. Why is that? Is buying really that bad? I'm curious, maybe I'm missing something...
Asked By: Katia T - 11/17/2010
Best Answer - Chosen by Asker
It is not that buying is bad, but you probably do not have either the money or credit to buy. Even if you can get a place for $200,000, you still need 20% down, so that is $40k in cash you have to fork over. Plus, since this is your first job, you don't have the type of credit that banks want to make a loan like this... More
Answered By: Matt - 11/17/2010
Additional Answers (1)
Because you could have thousands of dollars in student loans to pay back, which you can't while also paying a mortgage and completing the down payment. Also, your credit score is probably awful.
Answered By: Reasonable Individual - 11/17/2010
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