For a single person w/no children and no family, & somewhat handicapped, is it better to rent or buy a house?

Answer 1

Rent or buy is an economic decision and not related to having family or handicaps .
If you plan to be there longer than 5 years , buying is the economic best choice usually .
Having handicap issues , however , you may wish to seek a condo or PUD development that maintains the yards and exteriors .
Also seek a place that is viable for your issues or can be easily modified .

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Answer 2

This is dependent on LOTS of considerations -- most of which you conveniently neglect to mention.

As general rule, if you have the $$ it is usually better to own than rent if you are planning on staying somewhere long term.

However, houses take a lot of maintenance and upkeep -- both inside and outside. (think landscaping, roofs, snow shoveling, etc.) Therefore, unless you can do the maintenance it may be worthwhile for a handicapped person to own a condominium.. therefore at least the outside maintenance is done for you.

Additionally, owning ties you down.. it is expensive to resell a house or condo (realtors fees are usually 6% of the sales price). and it can take months to sell (years in some places now) ...

It is also a lifestyle choice.. etc.

So much of this decision is NOT dependent on whether you are married, single, have children, etc.

Answer 3

What really matters is your financial situation and how long you are planning on living in the house. If you are financially able to purchase and will live in the home atleast 3-5 years. It is usually better to purchase. The home will gain value over the years and when you are ready to move you may make a profit. If you rent you do not have the ability to make a profit on your home.

Answer 4

Regardless of your status, I would always suggest buying. That way you are building equity for yourself, vs just lining the landlord's pocket.