I Cannot Afford a Mortgage Payment ~ "But You Are Affording One" - Someone Else's
If you are renting, you are paying someone else's mortgage in essence, whether they actually have one or not. Maybe their rental unit is paid for but now you're paying them back for their mortgage in your rent.
There are as many different reasons for renting as there are reasons for buying a home but avoiding a mortgage payment is not one.
Maybe you are renting because you do not plan to live in the area very long. Maybe you are renting because your credit scores are low. Maybe you are renting because you do not have money for a down payment on a home. Maybe you are renting because nothing has come on the market that "clicks" for you. Maybe you are renting because you absolutely have to live in a certain neighborhood and nothing is for sale in that neighborhood. Maybe you are renting because when you moved here, you had a home in your previous location and it has not sold yet. Maybe, Maybe, Maybe...
Some of those reasons can be overcome in a fairly quick manner and some will take a little longer. One that can be dealt with is that there are still some 100% loan to value mortgages available if you qualify.
More than likely, the home that you are renting has a mortgage on it. When the investor purchased it, it had to "cash flow" or he/she probably would not have purchased it. That means that it had to rent for enough to make the mortgage payment and pay other expenses. Most investors are getting a little more than that amount so they can do repairs if needed etc and often have some that funds their "clear income" for lack of a better term. An investor has a time period that he plans to pay for the property WITH YOUR MONTHLY RENT. You could be paying off your own mortgage instead of his.
So don't say "I Can't afford a mortgage" if you are renting and paying someone else's mortgage! Instead, talk to a lender about how much house you can afford... get pre-qualified to buy a home and then if you live in McCurtain County Oklahoma, call me at Integrity Real Estate Services in Idabel, and let's go shopping!