We’re not real estate agents here, but we’d love to help you buy a fine home in southern Illinois. But it may not be the best move. I’d also love to help you rent a nice home, I happen to have one coming on the market very soon. (Keep in mind I’m writing this on Sept. 17, 2013)
“At some point, [in the housing boom] the cost of owning shot right past the cost of renting. Owners were losing money, month after month, on a real cash flow basis relative to renting. But they didn’t care because they felt rich from the implied increase in their house’s value. They could even refinance at the greater valuation implied by “comps” – appraisals or sale prices of similar properties nearby – and pull money out to cover their monthly shortfall. That worked until it didn’t.” -Christian Science Monitor.
Renting vs owning is a tough call. Depends on the market. You’ll have to read this article and do a couple simple calculations.