I am being appointed to a new church in June. We are very excited. The only point of stress we feel comes from the fact that the church offers a housing allowance instead of a parsonage. I think the housing allowance is a good thing, but it does mean we will be making some major decisions soon. The biggest decision will be choosing whether to buy or rent a home. In today’s economy, we are scared to buy, but at the same time, there does not seem to be many decent homes for rent in our future area. Add in an extremely attractive 5% interest rate, and an $8,000 first time home buyer tax credit, and we become very tempted to buy. The drawback is that we can not be sure how long we will be at our next appointment. We would like to stay for a long time, but we could get moved again in 3-5 years. So, buying a house now would be taking a risk that our house woud sell in the future.
Any advice out there?