the whole home ownership thing

I just had my birthday, meaning I’m now legal to drink everywhere…woohoo. But anyway this got me thinking about my future a little more than usual. I’ve been thinking and owning a house/my own place is something very appealing to me. I think it would teach me a lot, as let’s be honest I don’t know how to take care of a house or what to do when a leak happens. I’ve just started understanding what a mortage is, and it makes me want to work towards owning something instead of paying rent. I currently pay about $600 for rent every month which is VERY low for where I live. In my mind that $600 would be better spent towards my mortage. Plus I want a home…which I feel like I’m lacking (I live in a house with 5 smelly guys). But a few problems:

1) I live in one of the top two most expensive cities in this country. Seriously, my budget would be $180,000 and all that will get me is a box in the sky(apartment), with about 600sq feet. Painful I know.

2) The market is getting worse, and worse! I’m worried if I wait much longer that there will be no more homes within my budget. This may seem drastic but seriously, a year ago I could’ve got something significantly larger for $180,000.

Do you own a place? Rent? What are the challenges you have faced? Opinions? Do I wait, or buy now? Help!

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