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1. You know that old saying "buy low", well the housing market is at it's low right now. Sure, it might go lower - but not so much it's going to be a big difference than where it is now.
2. By renting they're throwing that money away anyway. So just compare how much they're currently throwing away each year and it's pretty easy to figure out if it's worth it and how much house they can afford.
3. 5% down? WTF? I always thought you wanted at LEAST 10%, but 20% is the best (or more if you can afford it).
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