Should I Buy a House or Keep Renting in 2024? Ask MMB

“Should I buy or rent?” It’s a question that comes up a lot, but outside of the finances, how do you know if it makes sense? In this “Ask Mind Money Balance” episode, financial therapist Lindsay Bryan-Podvin answers a flight attendant from Atlanta’s question about this exact topic. There are some unique considerations, such as assessing values, determining the why behind short-term renting, and benchmarks to have saved. If you’ve ever wondered whether you should buy or rent, tune in to navigate the emotional and practical steps to achieve your housing goals!
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The information and content provided by Lindsay Bryan-Podvin LMSW, LLC/Mind Money Balance is for entertainment and informational purposes only. It should not be considered legal or financial advice. You should consult with an attorney or other professional to determine what may be best for your individual needs. No one should make any investment changes without first consulting his or her financial advisor and conducting his or her research and due diligence. To the maximum extent permitted by law, Lindsay Bryan-Podvin LMSW, LLC/Mind Money Balance disclaims any and all liability in the event any information, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable, or result in any investment or other losses.
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Chapters
0:00 Intro
0:41 Question
2:17 WHY do you want a home?
3:53 Financial Anxiety
5:15 Values Check
6:58 Do the Numbers
10:19 Short Term Rental
11:25 Emergency Fund

[@ruthnathans3806]

keeping your housing expenses close to 28% was tough in NY. And now is also tough in GA. Where does that actually work lol?

[@ArEmWagner]

Great video and analysis, thanks! Curious where one can get 6.25% on a 30 year mortgage now? I've been hearing the avg is around 7% even with excellent credit. Maybe 6.25% is for a 15 year loan?

[@MindMoneyBalance]

Great question, and (drumroll) it depends! Shopping around for loan rates is a good idea-rates bounce around, and you're right: The interest rate ranges up to 7-7.5% (I filmed this about a month before I posted it, hence the differentiation in interest rates). Sometimes, a local credit union will have a better rate than a national bank, and sometimes, the opposite is true.

[@ArEmWagner]

@MindMoneyBalance Makes sense, thanks for responding and for clarifying!