I do agree. Renting seems like a much better option for now... I pay around 40% of my income to my mortage, with renting it would have been around 15%, also when you rent, you have flexiblity of moving around (there is an old Indian proverb, when you own your house, only that belongs to you, when you rent, the whole town belongs to you).On the other hand if inflation catches up (even without any real growth) renting can become expensive, and what is seen as flexiblity may become loss of security (forced to move for any reasons).. One thing I understood from this experience, owning a place is to be seen as a roof over your head,feel secure, and live within your means, not as a grandiose scheme to get rich...

indicates my expenses are about average

if we are only considering the minimum payment (which has PMI and taxes escrowed in) and only my income, since hubbie has not been working much since Jan... it is nearly half of my income for the mortgage... however I put an additional $111 per month towards the principle so it is actually more of my income going towards the mortgage... I have money saved and standard bills are the only things I have to pay... fortunately my money is going for something that I will have, instead of down the tubes, as in rent, where I live... I however live in the country, not a city so our circumstances are a bit different around here.

How much do you spend on heating your home every year? http://www.filife.com/stackers/how-much-do-you-spend-on-heating-your-home-every-year/577

yes thats is the true for that reason I prefer to rent and dont have to pay mortage plus condo fee, all togheter can be 40 % of my salry

Good point Mario, I think as long as you have done the math you are good. Too many people just "feel" they should own a home when they have not hit pen to paper to really understand the full implication.

bensun535 you are ok about what you think I share that motion

Interesting

Actually, I'm paying only 21% of my takehome income in rent. I upped my level to 35% in anticipation of assuming a mortgage in a year or two. Of course, by then, I also am going to try to increase my income so the mortgage percentage remains about 25%

I think rent and mortgage payments should be considered in two different categories... mortgage payments are generally significantly higher than rent (usually at least 30-40% more).

Personally, my current mortgage payment takes up about 43% of my after-tax monthly income. If I was still living in my apartment, my rent would've taken about 26% (FTR, my mortgage payment is approx. 39% higher than what my rent was), and my heat was included in the latter.