Is Buying a Condo Now a Risk or Safe Bet?

The best way to "play it safe" is to actually buy a condo now.  Here's why:  studies show that owning a home is the best way to build household wealth.  The sooner a person owns a home, the faster they begin to build up equity and wealth.

Why you buy a home, you are also purchasing price stability, knowing that you will pay the same monthly payment for the life of your 30-year, fixed rate mortgage.

Now consider the current rental market.  While home prices have been moderating, rents continue to rise.  Where is the economic security in not knowing how much rent will increase in the next three years?  You don't receive any tax benefits from paying rent, nor do you accumulate any price appreciation, as you would if you owned the home on your own.

All the economic fundamentals show that this is a good time to buy a home.  And continuing strength in rental demand signals that there is upward pressure on rental apartments.  This real risk isn't in buying a home, it's continuing to rent.