I'm 29, single, and just bought my first house (2 bed, 2.5 bath townhome). We had the general inspection this morning and I just finished signing a slew of mortgage papers. I feel that I've been treated well by everyone I've dealt with, but it's still been quite an ordeal (and I have yet to go through the actual closing). My question - I was paying $1,300/month in rent before this, had a bunch of cash saved or invested, and had zero debt to my name. After buying the house, I have and will be bleeding cash - down payment ($26,000), closing costs ($4,000), prepaids ($1,200), inspection fee ($450), mortgage application ($350), new carpet & paint ($5,000), etc, and will have over $200,000 of debt and a higher housing payment every month. It's a ton of money and basically everything I had saved plus some (God bless parents). I don't regret buying the house at all, but somebody please remind me again - why is buying property worth it for someone in my situation? Wouldn't I have been just as well served to continue renting and saving/investing cash?