At what point did you decide to buy a house?

Hello,

My DH and I are moving in 2 weeks to our new city, DH just finished residency and is starting a new job soon.

Anyhow, as we don't know anyone in our new city and are unfamiliar with it, we are renting an apartment for the first year. We have always rented and have never bought a place.

My question is....how do you know when it's time to buy a house as a first-time buyer? We're both 29, no kids yet, no real ties to anywhere. We chose this new city because we thought we'd try living in a new region for awhile....somewhere I've never lived before.

If we end up liking this area.....when would be a good time to buy? How long did you save up for a down payment? Does buying make sense if you have no ties to an area/ have no idea how long you'll be there? How long should you give yourself to decide if a new area is right for you?

A lot depends on our careers/whether we'll have to move again to pursue educational opportunities for me down the road. But at the same time, I feel ready for the responsibility of home ownership, and am tired of throwing away so much money each month.

The thing is, this new city is EXPENSIVE and our rent is, well......very expensive.

Any thoughts?

[Vishenka69]

We've lived in a big city all through training (med school included) and while our rent has varied, I'm sure it's more than most ppl's mortgage (outside of a big city). We've been renting for 6 years now and are now considering leaving the city, so that we can finally afford to buy something. Although, we're still thinking of renting for a bit after the move just to make sure we made the right decision (job and location wise).

If you know that you'll be staying in the area for at least several years and the monthly payments will roughly equal rent or be close, I think you should go ahead and buy. I personally don't believe in being house-poor but it all depends on your priorities.