Buying a home when you are in the military, or must move frequently due to work, can be tricky. We believe purchasing a home only makes sense if you can commit to living in the house for at least five to seven years. If you move much sooner, it is possible the home may have dropped in value and you could be underwater on your mortgage. Planning to live in a home longer-term helps ensure it won’t negatively impact your finances when you move.
The nyt calculator is great for helping make the decision. There are cities like Toronto where buying is almost impossible. I like rules of thumb but digging into the real numbers is preferred.