And now, a few words of wisdom from our friends at CNN Money on renting vs. buying
Theresa King of Illinois knows lots of young people who dream of owning their own home. It’s ingrained in the American psyche, like turkey on Thanksgiving.
But Theresa sees it differently. She calls her decision to rent a home instead of buying her smartest financial move.
In 2000, she found herself in a situation she never expected: going through divorce as the mother of two young daughters.
She and her ex-husband sold their Chicago home and Theresa faced a tough choice: Where would she go now? The homes she could afford were mostly in neighborhoods with mediocre schools.
“I did not spend all of the money I got from the sale of my home in the city on buying another home,” Theresa told CNNMoney. “I would have blown through the money fast.”
For Theresa, the decision was simple:. . .
Read more by Heather Long at money.cnn.com
Photo by Steven Depolo from Flickr using Creative Commons license.