The other thing people aren't looking at is the financing game has changed. Minimum loan amounts these days are 25K and they won't finance for 20 years unless the amounts exceed 50K depending on the lender. So you're looking at 10 year loans for the low amounts. You get car loans with better rates for that amount. So there's certainly a lack of financing market for the under 50K aircraft out there.
As to the costs year by year, no doubt renting is way cheaper. Just like homes, renting allows you to stop-start-stop your costs on command. If you finance you're stuck with that amount month after month. One bad month and you're now sweating. Forget that. And good luck selling anything in this market. I have a C-150, a ratted out one, and paid cash for it. About the only thing I get out of the premium I pay over renting is that I have access to it on command. That's about it. These things are the cheapest certified contraption out there for flying, and it's still a money pit. 800 for gyro overhaul/replacement. 450 dollars for wiring harness. 250 for a battery. Another 350 for tires. insurance is about the only cheap thing (for me was 450/yr with only $16K hull coverage) and I run mogas so it's about 2.60/gal. If you run 100LL then forget it, my gas costs would double or I would fly half as much, which would increase my per hour cost on top of it. Then there are transponder checks and pitot static checks. I'm gonna plead the fifth on those and leave it at that
. Bottom line, nickle and dime, nickle and dime.
Truth is nobody expected these 70s vintage contraptions to be the workhorses of recreational General Aviation in 2010. As such, they are mx prone because everything in them is old, brittle and due for replacement. But even after you overhaul everything you still have a 40 yo airplane. Cessna calls a 162 affordable...gimme a break. I guess I'll continue to swallow asbestos and whatever crap comes out of my air vents everytime I touch the thing, in my C150 for the premium of not paying 110K for a 2010 de facto 150. Oh an the engine is one failure away from putting the thing in the scrapyard...blow-by for sure in one or more cylinder, cylinders are 400 a pop, A&P wants to clean your savings account everytime you have to open the cowling....no way I'm putting 15-20K on an airplane I paid 15K for.....and surprise surprise, I don't have 15K to dump on an 50 year old O-200 technology engine, nor I would want to (I have the 15K, but not for that...). That said, neither do most "aircraft owners". We're all one overhaul away from shortselling these rat traps...I want to go places, 90kts and 400fpm single pilot on a good day is simply not a useful way to get any fun out of traveling. So consider your mission. Putzing around the home field gets old quick.
Yea, in your situation even a ratted out C-150 would be a hardship. And for all it's worth, it might not even fit your mission profile (have you ever tried going somewhere on a certified two seater?...It's painful). Just rent. I would if the local FBO wasn't a total scumbag. 120/hr for a 172M with no IFR GPS? I'll play flight simulator instead....
I've garnered some passion for the experimental RVs as it's truly a useful airplane as far as being fun, fast and simple system based. But their purchase price is way out of my tolerance level. I echo the sentiments here, financing is not something I really wish for myself in the aircraft arena, considering all these ongoing operating costs. I could afford to finance it, but not use it. I could afford to use it, but not finance it. It's a freggin catch-22.
I did the numbers when comparing to the median renter and realized recreational flying is simply beyond the reach of the median wage earner. I made monthly cost benchmarks: 500, 750, 1000, 1250, 1500/mo. That is the kind of monthly amortized-to-annual outlay of cash the activity of flying takes out of your net home income every month. Most renters fell in the 500-750/mo catgeory, many on much much less. Owning a 150 is on 500/mo catgeory, and I'm not getting any of my mission profile out of it. 1000/mo? Most people simply can't afford a continual outlay of cash in that regime for occassional monthly flying. They simply can't. That's where the majority of your vintage rat traps fall under. Then you have the truly useful and expensive ships, those are the 1500/mo and above category. As you can see, it's unaffordable.
On 20K/yr income. Brother, no way no how. It can't be done responsibly. You won't even get financing. even if you could you shouldn't do it. I hear ya it sucks. You gotta make more money.