Everyone is asking why Cyndi and I decided to rent in Richmond. We are planning to stay long-term and we could afford to buy. So, why "throw money down the toilet" of rent?
In the first place, I don't think rent is throwing money away. We are paying for a place to live. So? Yes, we don't own the house, but we don't have to deal with the hassles either. If the hot water tank goes kaput, we call the landlord. If the roof gets damaged in a storm, we call the landlord. There are advantages to renting.
We don't want to live in the city forever. Eventually, we want to save up money and purchase a house and acerage in the country. If we rent, we can save more money per month than we could if we purchased a house. When we buy, we will buy someplace we want to live and stay at for quite some time (15-20 years).
Additionally, I think the housing market is way inflated. It cannot keep going forever. Here are some links to some interesting articles in Money magazine:
Additionally, I think the economy is going to turn south sometime in the next 2-10 years. When that happens, it will be way way worse than the great depression. Cyndi and I can have enough money to pay off our lease and get out of Dodge; however, we couldn't be able to get out of a house payment as easily.