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Putting Money Into A Mortgage Every Month Is Like A Guaranteed Savings Account

We fear being homeless
Despite the fact that many women have successful careers, there's still
a fear of being homeless. They are however active investors. The vast majority of low- and below- income seniors in this country are women. Putting money into a mortgage every month is like a guaranteed savings account coupled with a guaranteed place to live.

There's less of a stigma to striking out on our own
According to the National Association of Realtors, single women are not only the fastest growing segment of homebuyers, they account for one-third of all condominium purchases and they're buying a greater percentage of second homes than ever before. Twenty years ago, a woman might have said, “I think I'll wait until I get married.” Today that's not the case.

We get an emotional boost
And there's good reason for this. Research from the Harvard Joint Center for Housing Studies shows homeowners are likely to stay in their homes longer, participating more in community service and political activities. And according to the Homeownership Alliance, children of homeowners are likely to perform higher on academic achievement tests, more likely to finish high school and have fewer behavior problems in school.

Should you buy?

Are you planning to stay put for three years or more?
If you're not planning on living in the same place for at least three years — the cost of moving, the cost of buying and selling coupled with the fact that many economists suspect we are facing regional housing bubbles — makes renting a smarter move.

Are you willing to maintain it?
Owning a home is more work than renting. When someone else is the landlord, you have someone to call when the plumbing breaks, when the refrigerator breaks and someone else to maintain the lawn.

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