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From housing bubble to foreclosure crisis to somewhere in between, the housing market has changed dramatically over the past decade -- and so have many of the rules of homebuying. Here are five once commonly believed myths that no longer apply. If the housing bust taught us anything, it's that the housing market can be just as risky as the stock market -- if not, worse. Homes lost a third of their value nationwide and some markets took an even bigger hit. Over the past 10 years, home prices have risen just 0.
There are, of course, other factors that can eat even further into those returns, such as maintenance. Have to repair the leaky roof? Need a new water heater? Now that the housing recovery has taken hold, some markets have become way too expensive for homebuyers.
One quick way to figure out whether to buy or not: If the home costs more than 15 times the annual cost of renting a similar home, you're better off renting. In Manhattan, for example, the average cost of buying a house is about 24 times the average cost of renting one.
Some other factors to consider:
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- Name: Ilene
- Age: 28
- Heigh: 5'.2"
- Weight: 45 kg.
- Drinker: Non-drinker