Why I rent instead of buying in a hot Baltimore neighborhood

Many of my millennial peers say "just buy already!" – especially in a place like Baltimore, Maryland, where grants for new homeowners are plentiful and where the value-promoting programs offered by the city facilitate the purchase of a startup home.

In fact, I live in a thriving arts district in Baltimore, so Sun Baltimore wrote an article about it and people are amazed at how they can buy here, and soon.

Here is my situation: I live alone (with a cat) in a one bedroom apartment, with a bathroom, which occupies the third floor of a completely renovated terraced house built around 1900. There is less than ten years old, my house was vacant. In 2013, the houses in my block sold for about $ 120,000. Now, they are worth between $ 350,000 and $ 450,000, depending on whether they have been renovated or not. I'm fortunate to live in a beautifully renovated home with modern industrial touches.

I could not pay mortgage in this area at the moment, but the rental here is accessible and is exactly what I need in this phase of life.

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I also have the chance to be surrounded by friendly neighbors, a mix of young DC commuters, lawyers, municipal officials and long-time Baltimore residents. The local community badociation worked with the proponents to ensure that during neighborhood transition and revitalization, seniors do not leave home. This will be important because the nearby Penn Station, which serves tourists and commuters daily, will soon undergo a $ 90 million renovation and will attract more and more hordes of people to this artistic neighborhood.

I live down the road where I grew up and coming home is important to me … for the moment. Baltimore operates because of its relatively affordable cost and its proximity to other central Atlantic coastal cities, such as DC and New York. It's a good place to rest and enjoy life while I settle in my career and plan my next move.

Up to now, I have been renting apartments in Baltimore for two years and I plan to stay there until I buy a house here or move to a new city to pursue graduate studies. Although buying in Baltimore is accessible, the rental makes sense for the moment. The main reason I rent is that I want to use the city's incentives, but they contain long-term stipulations that make me wonder if I'm ready for the commitment.

A loan for a first owner requires that the house be the principal residence of the owner. I can not ask for such a loan conscientiously, knowing that it is possible that I should rent it if I move. When and if I decide to stay in Baltimore, I do not want to miss the economy of a loan for a first owner. So, I'm waiting for it right now.

Another variable is that my partner will be eligible to receive a Live Near Your Work benefit from his employer once he has acquired his business, but moving in together is an important step that we are not yet ready to talk about. He also thinks of applying for graduate studies, which would change everything.

Despite the fact that it's nice to own one of the most beautiful artistic and historical mansions in my neighborhood – I consider buying as a lifestyle choice, NOT as an investment. At the moment, I feel lucky to have the chance to live in an artistic neighborhood, but when I will be ready to buy, I will take into account other factors. Features such as the backyard, basement and square footage will become much more important when I sign a 30-year mortgage.

Until then, while I am preparing to buy a house, I rent to try different styles of housing in different neighborhoods. I rented in rural areas, urban areas; in townhouses (like at home in Baltimore), in apartments, in breeders, on levels, bungalows, etc. I like the versatility of the rental allowed me. I can "try" and imagine what I want my future to be while working hard to gain opportunities and save for a home.

Conclusion: There are too many variables outstanding to justify buying right now, but I want to live in a beautiful place that I can afford in the meantime.

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