A lot has been said about the economic benefits of owning a home over renting. Tax savings, possible appreciation, equity buildup, and relatively stable monthly payment amounts are all good reasons to buy. The same is true for the increased benefits to homeowners who move up to a nicer, larger, maybe newer home. These are all valid reasons to buy a home today, and they will remain valid any time in the future.
There is a more immediate, more perishable benefit from buying. Simply put, you can't get back lost time, and that is the most important reason to buy now. Apartments are temporary living conditions. You are a paying "guest" of your landlord. You are subject to your landlord's rules of living. You can't behave, decorate, or make physical changes that do not conform to your landlord's wishes. That is acceptable to many folks because it is temporary, a little like being in jail. Every day in the landlord's jail is a day of potential freedom that can never be recovered.
Likewise, and even more perishable, is the situation for families living in their starter homes who are considering a move up purchase. Starter home owners often want more physical room, both inside and outside, better schools, or more sports and recreation opportunities for the family. They want to satisfy a set of needs that will go away when the children grow and leave home. By waiting just a couple years to change to that bigger, better, newer home, you are depriving your ten year old of a quarter of his/her opportunity to live there, a quarter of their remaining life with you. I don't think you can place a monetary value on lost time.
Life is short, and each chapter even shorter. Our children are with us for about two decades, and, as it should be, each year brings us closer to their fledging. Dreams are meant to come to fruition before they become missed opportunities.
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