[freespirited]

How does one decide whether home ownership will be a good idea? On the one hand, the monthly cost (mortgage) is fixed (assuming a fixed rate mortgage). On the other, the cost of repairs and maintenance is bound to skyrocket.

[Myrddin]

If your mortgage is paid off, you simply need to set aside money to handle the repairs and maintenance as needed. I do most of my own repairs. Home Depot and Lowe's provide most of what I need. Maintenance and repair is an inescapable expense. You're not going to escape it by renting either. A prudent landlord includes enough extra in the rent to set aside a fund for keeping the property maintained. Likewise, renting is no shelter from property taxes. Those get included in the rent too. Renters who vote for property tax increases with the mistaken assumption that they won't be hit are living in la-la land.

[gieriscm]

How does one decide whether home ownership will be a good idea? On the one hand, the monthly cost (mortgage) is fixed (assuming a fixed rate mortgage). On the other, the cost of repairs and maintenance is bound to skyrocket.

Speaking as both a homeowner and a landlord... if you have decent credit and a down payment, a mortgage of 5-6% should look pretty good considering the inflation and subsequent rise in interest rates that's expected to hit us over the next few years.

As a renter, you're paying your landlord's mortgage(s), property taxes, insurance, and maintenance costs anyway. If I had extra money laying around, I'd buy more rental property.

[Atlas Sneezed]

How does one decide whether home ownership will be a good idea? On the one hand, the monthly cost (mortgage) is fixed (assuming a fixed rate mortgage). On the other, the cost of repairs and maintenance is bound to skyrocket.

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Owning may be a minor hedge against inflation. the real benefit is OWING. A fixed rate loan is probably your greatest asset in inflationary times, because you can pay off that house is significantly inflated dollars.

As far as repairs, most of that is labor, and your own wages (or investment income) will inflate along with the plumber’s wages.