Keep renting OP. If that fits your lifestyle and you're happy then I don't see the problem. A lot of people have missed the point, but some have pointed it out: interest is expensive! So, unless you have the cash to buy a home, don't forget about how much interest is paid on a mortgage. Talk about throwing away money...interest payments always have a guaranteed zero return.
This is the exact situation my wife and I are currently debating. We bought our home at the absolute right time: post recession when the market pretty much hit the bottom. The value of our home has nearly doubled since we bought in 2010. The home we're in is great, but not perfect and it's not my dream location. We're debating on selling the current home for our (as of right now) forever home.
I'm not sold on the idea because our mortgage is low and the next home would definitely have a jump in the mortgage, even with rolling over the equity of our current home. It's very nice to not worry if one of us loses our job. It's also nice to have additional expendable income (while still being responsible for savings/retirement/etc...).
While yes, buying post recession was killer for those who did. I was told repeatedly by friends that I was buying my first house at the top of the market. I was there 2 years to the day, and made $140k in profit and put next to zero into it.
I rolled that money into my 'forever home' and haven't looked back. I once again thought I was buying at the top, but have added another few hundred thousand in equity.
This is the exact situation my wife and I are currently debating. We bought our home at the absolute right time: post recession when the market pretty much hit the bottom. The value of our home has nearly doubled since we bought in 2010. The home we're in is great, but not perfect and it's not my dream location. We're debating on selling the current home for our (as of right now) forever home.
I'm not sold on the idea because our mortgage is low and the next home would definitely have a jump in the mortgage, even with rolling over the equity of our current home. It's very nice to not worry if one of us loses our job. It's also nice to have additional expendable income (while still being responsible for savings/retirement/etc...).