A friend of mine is buying a house. She flies for a large regional, and her husband flies for a legacy major, and they have a young child. Talking to her was a reminder of my years as a renter, as well as someone eventually in the market for a home to own.

As you enter the airline industry, it’s important to understand the need to be flexible. Virtually every airline has multiple crew bases, some of which may or may not be in the hubs of their major airline partners. With all of the growth and movement going on in both sectors, it is not unreasonable to assume that you will change bases multiple times.

If you’re single, or married to someone with a sense of adventure and a mobile job (teacher, nurse, flight attendant, et cetera), your best decision might be to move with the job. This will eliminate the stress of commuting, it could save you money in the long run (crashpads and hotels), and it could allow you to make more premium pay money by being able to get to work quickly when Scheduling is in a jam for available pilots because of severe weather or other issues.

Renting is a short-term solution that has benefits. The down payment is usually only a couple of months’ rent (one of which you’ll get back when you return the unit in good condition), as opposed to 20 percent of the purchase price for a house. Renting also forces you to minimize your personal stuff, since you’ll need to fit it all into your car and maybe a U-Haul trailer. Upkeep and maintenance are someone else’s problem, as long as you report any issues in a timely manner. With a roommate, you can cut your payment in half and start saving for that eventual house.

The key is to rent for as short a term as possible, which is usually a year. But, you might be able to negotiate something with a flexible landlord. Going to a month-to-month situation gives you quite a bit of flexibility. Another trick is this: When you negotiate your lease, ask for a clause that lets you out of the lease without penalty in the event you get transferred or lose your job. Explain in simple terms what could happen, and emphasize that it isn’t likely, but you need the protection just in case.

Buying a home is something you should wait on until your life is a bit more settled. It generally takes four or five years to be able to sell a home and be able to walk away with no more obligation on your mortgage. That obviously isn’t universal, but it’s a good rule of thumb to use. Renting will often make more sense for a while, and by the time you’re in a position to buy, you’ll have a better idea of where you want to live, what you can afford, what you can afford if you change jobs, et cetera. After all, it’s one thing to be on the hook for 12 monthly payments, and something else to be in for 360 of them.—Chip Wright