We can't afford a house!

And you know what? It's so freeing to know that! No more looking at over priced homes wondering how we are going to afford a possible mortgage. No more freaking out because I feel guilty that our real estate agent is not getting any business from us. We just can't afford it right now, period. First the market is crazy and houses that sold for 520K last November are sold 650K+ today. Second, FHA loans that have less than a 10% down payment require mortgage insurance for the whole duration of the mortgage (no thanks!). As it stands we don't have anywhere close to 10%.

So we're going to keep on renting for about 3 years, save as much as we can, and then re-assess. If prices go down, we may re-assess before 3 years, but considering this market, I doubt a decrease will happen in the near future. Renting is about 1.5K less expensive than any mortgage we will have if house prices are stable in 3 years. 1.5K PER MONTH. Argh. I'm totally fine with renting. Our lease ends in December and we need to figure out whether to stay or move -but that's a small headache compared to coming up with a huge mortgage every month. I love my job but my company might downsize down the road (we never know) and I want to be able to stay at home for a while if needed without developing an ulcer.

Aaaaah, I like when the message is that clear: nope, can't do it, move along.

Now... about this second car... ;-)