"If you can't commit to being there [at least] three years, don't buy," said Elliott.
Benefits of ownership are 'vastly overstated'Richard Newstead | Moment | Getty ImagesThe financial benefits of homeownership are "vastly overstated," Boudreaux said.
For one, a financial assessment of affordability is incomplete if consumers only compare monthly rent and mortgage costs.
Secondly, a tax deduction for mortgage interest isn't as valuable as it once was, Boudreaux added.
Jude Boudreaux senior financial planner with The Planning CenterIn a general sense, it's also more difficult to get the financial benefits of a tax deduction.
Persons:
Kamila Elliott, Elliott, Boudreaux, Guido Mieth, There's, landscapers, Richard Newstead, Trump, Jude Boudreaux, it's, Laurie Goodman, Christopher Mayer
Organizations:
Wealth Partners, Urban Institute, Columbia University . Home
Locations:
Atlanta