My husband's income is above $90,000 but we live in a modest condo in a nice neighborhood. We decided never to purchase a home based on the very
frightening way in which banks operate. It is worth it to us that the most we would ever lose should our life situation change is a month or so in
rent or a security deposit.
It is sad that is has come to this. Owning a home used to be the American Dream. But after spending a year renting a home from someone that lost it to
the bank, and basically going through all that (just from a renter's point of view), we said NEVER.
It is pretty versatile this way. I can stay at home with the kids, we can afford nice things, vacations, comfortable cars and we have ZERO debt.
Husband has a very comfortable cushion for emergencies, and we have a lot more freedom. If we should ever find ourselves in a tighter situation (we
have been there before), we can simply move to a more affordable house that someone else is responsible for..
Got a leak? Call the landlord!
Floor falls in? Call the landlord!
HOA fees? Landlord, pay them!
Of course I am not putting down everyone who is dedicated to buying their own home..whatever works for your personal needs! Just telling you why we
came to our decision.