Not only is buying a home a personal decision, but a long term financial one as well. Any increase in interest rate will decrease what you qualify to buy a home for. Property values do rise and fall, but with a fixed interest mortgage, your payment isn’t going to go up every year. Your rent most likely will.
Think about the following “You buy a house now for $400,000. There’s a crash, and your house is now worth $200,000. Have you “lost” $200,000? No. You haven’t lost a penny. On paper your home may have decreased has declined by $200,000 and though you might owe a total of $400,000.00. You haven’t really lost $200,000.00 as of yet, you simply on paper owe the difference. However, what you do not take into account, is that after purchasing a property your loan is actually anywhere from 15-30 years. It is during this time, the market will continuously change, in which regardless if the market temporarily crashes due to changes in the economy, your mortgage payment will still continue to decrease over time, while your property value continues to rise. Buyers should never be leery as buy a home offers enormous benefits to purchasers as if keeps their living costs low while allowing them to simply continue put more money in their pocket over time.
As a potential buyer, you will want to first determine the right size of home compared to what your income allows you to buy. Regardless if you have a lower income than most, there is always a home out there to support a buyers needs.