I'm 42 years old and have owned 3 different apartments in the past. Because of a failed business and a family member who needed assistance, I am just now feeling like I am getting out of financial hell and am back on track. I have a significant student loan (about $100k) but no other debt. Just got a great job making more than I have in my entire life, have $10k in emergency savings, $16k in retirement funds and my current housing costs are only 35% of my take home pay while living in NYC.
Question: If I never plan to have children, why should I ever buy an apt or house?
I feel like I just need money for long term care when I'm older, other health costs, and living expenses. I probably won't even retire until I'm 70-75, which I'm ok with since I love what I do. Wouldn't I do just as well continuing to save and diversify into bank accounts, 401k's, etc.?
The amount of house you buy (or rent) should depend on how much space you need. The same would be true if you had kids.
Buying or renting depends on the particulars of your neighborhood and how long you plan to stay. In different situations buying might be cheaper.