I Swore I'd Never Buy a Home Again. Here's Why -- and Why I Changed My Mind

I remember a conversation I had with a board member, back in my museum days. He asked whether I was going to be buying a home, and I laughed and said, "No way!" Not only could I not afford the expenses of homeownership, but I had moved to that area only for work, and absolutely could not see myself staying there long term.

Clearly, getting a mortgage loan then wasn't in the cards for me. Plus, I've carried the sting of my first disastrous experience of owning a home, and knew I never wanted to be in the position of being unable to afford my housing costs ever again. But I changed my tune at the end of 2021 and made homeownership my goal. Here's why.

My work situation changed

As you may have gathered, a career in museums doesn't really come with a great salary, job stability, or the opportunity to stay in one area for long, especially if you want to advance in the field. Positions are hard to come by, competition is fierce, and any time I wanted a new job, I had to move for it. In several cases, those moves comprised over 1,000 miles and a different time zone. But I decided to change careers in 2021, and by switching to digital content writing and editing, I gave myself a leg up on being ready to buy a home.

My current career isn't location-based; I am fully remote and can work from anywhere. Plus, at the beginning of this year, I cut ties with my last W-2 job and became a full-time freelancer. None of my clients can compel me to work from a set location or on a set schedule. This means I can buy a home and not have to sell it before I recoup my costs and my home appreciates in value. And knowing that I want to buy a home has given me the chance to work more and save a big chunk of money to make it happen.

I found an area I want to stay in

Another big life change I've experienced is falling in love with the city I currently call home. This is the first place I've ever lived that I personally chose -- I didn't have to move here for work or school. It has its quirks, like all cities do, but I've been here more than two years, and I know I can be happy here for many years to come. I've started putting down roots, and I want to continue.

Another point in favor of me buying a home here is that the cost of living is quite low, especially for this state. I will still end up paying more than I want to for a mortgage loan thanks to this difficult housing market, but home costs aren't terrible here, and I should be able to afford a modest house. Home prices are up overall, but thankfully the average home price here is far below the national average of $348,539 (per Zillow data).

How can you get ready to buy in this market?

Unfortunately, my decision to buy a house is coinciding with an absolutely terrible housing market for buyers (it remains better for sellers, as they can still command higher prices for their homes, thanks to a lack of inventory). There's still just a 3.4 months' supply of homes, according to data from the National Association of Realtors -- it would take closer to six months' worth of homes to balance the market between buyers and sellers. Plus, mortgage rates are up; according to Freddie Mac, the average rate for a 30-year fixed mortgage loan as I write this is 7.76%.

What should you do if you're an aspiring buyer like me? Here are a few tips I've leaned on.

• Boost your credit score: Your credit score is incredibly important when you get a home loan -- mortgage lenders are going to scrutinize every aspect of your finances, including that. You can improve it by paying off existing debt, making every payment on time, and checking your credit report for errors. If you find any, you can have them removed, which will bump your credit score up.
• Save money: Yes, this is very reductive, but it's true -- buying and owning a home is expensive, so the more money you can put down, the better off you'll be. Plus, it's not a good idea to leave yourself with no cash savings at all when you buy; as a homeowner, your emergency fund becomes even more important.
• Shop around for a loan: Don't go with the first mortgage lender you meet; get pre-approvals from a few, and make sure you consider all loan types you're eligible for. For example, if you have a lower income and live in a qualified rural area, you might be able to buy with a USDA loan.

It's OK to change our minds about the big parts of life. In fact, it's downright necessary to grow as humans. I might be here eating crow on the internet, but I'm excited about the prospect of owning a home -- and I never could've said that before now.