Hello fellow Mustachians,
I’m hoping for some advice on timing of buying a house. My wife and I currently live in a 1br apartment, it’s small but it’s nice for us, and we love the location. It’s also a pretty great deal, which is helping us to save money and save up for a down payment. We are considering buying a house in the next few years and staying in it for a while, with a 30 yr fixed mortgage. Considering that interest rates are likely to go up, I’m wondering if we should be buying a house pretty much as soon as we can, or is there value in waiting and enjoying the low cost of living in our current place? In particular, I wonder if an interest rate increase of .25% or something would totally offset any savings from staying in our cheap apartment another year. Any advice, or thoughts on how to think of this, would be much appreciated!