r/Money • u/ImCoyyWR • May 03 '24

Is it worth buying a house in 2024, or renting?

25 years old, using my VA home loan. Just curious if it makes sense to buy a home, or wait for the market to subside and just rent?

I’m making 70k yearly, and pre approved up to 240k

Just wondering lol.

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u/PostMahomess May 03 '24

Just bought one with my VA loan last year. Im renting it out now making a bit of profit and theyre paying my note. Ill HELOC cash from it in 2 years and buy another rental. Rinse and repeat.

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u/ImCoyyWR May 03 '24

So I’m doing recruiting duty right now, so I’m in Missouri for the next 3 years, found a couple good homes around 180-200k, with the VA loan did you have to live there for a year minimum to then rent it out? That was my plan initially.

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u/PostMahomess May 03 '24

Yes, it has to be your main place of residence. After that, you can rent it out. Unless you can find a multi family for that price, in which you can occupy one a day rent the other from Day 1.

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u/camroon817 May 03 '24

Does it have to be your place of residence for the full year? What if you have to move after 6 months unexpectedly or something like that? Just as an example