Tom and Tammy Jones have been renting a house for 5 years. They have been saving money to buy a house for their family and have over half of the down payment set aside.
The house the Jones’ have been living in has been sold and they are trying to figure out what to do. They are considering the following options:
Move in with Tom’s parents, who live nearby. With the low room and board they will
pay, they should be able to buy a house within a year.
Rent a house. Rental prices have gone up, so if they do this, they will not be able to add to their down payment account.
They could move to a less expensive town, which will add 45 minutes each way to Tom’s commute. They will be able to add to their down payment account and should be able to buy a house within 3 years.
What should the Jones family do? Discuss your reasons for making the choice you did.
I would suggest moving in with Tom's parents until they are able to get on their feet financially. Not only will they be able to save a down payment to buy a home, but they will also be helping his parents with some of their expenses.
Expert answered|danna21|Points 13153|
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