Another Year in an Apartment?

by Nick Molnar on August 17, 2006

Foreclosures have become a serious problem in Indiana, and have grabbed many headlines. The Indiana Apartment Association has leapt on that fact and launched a Web-site with an 18 question quiz that claims it will help you determine if you are ready to buy a home.

The questions are valid, though the apartment association is not out to encourage people to buy homes. When I took the quiz and answered honestly, I got the response “Renting is Right for Now.” Expect to see this answer unless you have perfect credit and have saved for a down payment…neither a description of the average homebuyer in the last few years.

Buying a house is a big deal and you should go into it with your eyes open. But don’t rely on anyone with a financial interest in your decision to be impartial. The US Department of Housing and Urban Development (HUD) is a better source of information. They host a Web-site about buying a home and, through their subsidiary Ginnie Mae, offer a Buy-vs-Rent calculator.

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