Why doesn't my husband want to buy a house?

We are both in the military and we have a 14 month old son. I want to purchase a house due to the fact that I have been in the same area for 3 years and plan on continuing for at least 3 more years. I am trying to apply for a pharmacy program through the military, so if I get accepted, we will stay here for at least 5-7 more years. I think a house is a great investment and more room for us. My husband thinks renting is fine. Why doesn't he want to buy? We take home about $5400-5600 a month.

With this market, you may do a lot better by waiting another year. It depends upon your local market, but most homes are decreasing in value right now.

Say you purchase now and the home's value falls by 5% (most analysts estimate a higher fall) in the next year. Then it stabilizes and remains flat for a year (it will probably be flat for longer than that). Then it increases in value for the next three years at 2% a year (the average annual increase in value). When you factor in closing costs, homeowner's association dues, taxes, etc, you will still have paid more for the home after 5 years than what it would be worth.

If you wait a year, you then buy the same house at 5% less, avoid a year's worth of taxes and association dues, and save more money for the down payment (and get a smaller mortgage) . At the end of 5 years, you will have a house wotrth more than what you put into it. It's all about timing.

Buying a house is a commitment, and he may not be ready to commit to staying in one place for a while, especially if he has been moving around quite a bit. If you want to buy a house, check with a lender and see if you qualify on your own!

He's scared of the commitment that a house involves. I don't know about yoru area, but in Michigan, for example, the housing market is such crap that if you needed to sell your house in 5 or more years, you may not even be able to find a buyer. I know many people who have ended up selling their houses for less than they owe, even after living there for 10 or more years.

It's a significant risk in this housing market, but nonetheless, you can't beat owning a house. There's so much responsibility, and if something breaks, it's up to you to fix it, but renting sucks every way you look at it.

Do some research about current market conditions in your city. If people are still making profits, it's probably going to be ok in the next few years. If you live in Michigan right now....keep renting!

Trashella,
thanks for the giggles.
u believe the military when they 'say' u'll be in one area for a time?
ur husband can be at any time shipped some where else at their choice.
should u buy a house in the military yes if u retired, no if u active.
what will happen if u buy is - market is down and u get shipped else where . u become a desperate seller in down market and - u lose.
suggest a visit to daveramsey.com to learn what u haven't been taught yet.
rent cheap/safe , save the money, when u retire buy any where u want.
ur kid will not get a psychois from living in an apartment.
don't buy when in military simple as that.