how do I get out of the rental trap?

Answer 1

Buy a house. I bought my first when I was 19, a tiny little two bedroom. I used my tax savings, plus the sale to buy a regular home a couple of years later.

Just remember that you don't have to start off with your dream house, but if you get started you will have it before you know it.

Answer 2

Try to save up as much as possible and limit any spending expenditures. Pay off or reduce outstanding debt. Clean up any credit issuess to the best you can.

After all that hit up the usual sources of "free" money, parents, etc.

Then it's a question of finding the right deal, a house which suites you needs and makes good sense to purchase. Unless you know alot about or can learn pretty fast, stay away from "fixer-upers." * This last tidbit can almost be ignored if youre young and plan to be in the same location for a couple of years you realistically could buy something cheaper and put in the repairs over a longer timeline, which could have profitable results.

Lastly, don't ignore condominiums or townhouses, somtimes you can get much better deals than you would looking for homes. They have theyre advantages and disadvantages as well.

Answer 3

Move to the most inexpensive room rental (but still has to have heat , hot & cold running water etc) you can find and save all your $$$$ for the 20% house downpayment (because you do NOT want to flush bucks down the drain on PMI).
With the housing market sliding lower , this will be a good time for buyers the next couple of years.

Answer 4

Get a cheap house (and a cheap loan for it). Mortgage payments can cost the same amt as rent and you own the place at the end of it. Then you can fix the house up and then re sell it when the market gets better (someday). We are selling a house, and it's CHEAP. It's in Waynesburg Pa if you are interested.

Answer 5

Delayed gratification. Save a downpayment, and go for a buy.

Answer 6

Become very, very frugal. Limit any unnecessary expenses and try purchasing an affordable house.