The trap I’m talking about is the rental trap. That’s where the cost of living in a rental unit is so high that you don’t have enough money to save up the down payment necessary to purchase a home. Yes I know, it’s difficult to save money when you need to pay other bills, such as rent, utilities, health insurance, food and more.
But if you are still living in a rental you need to do whatever in you can in order to purchase a home. And do it now. Rents are rising due to a lack of available rentals units. Also adding to the problem is a very limited market in rental community new construction.
Owning your own home is a great way to protect yourself from rising rents. It allows you to lock in your housing costs or however long you have your mortgage.