Why is buying a home make more sense than renting today?
1. RENTS TREND UP OVER TIME
Rental affordability is still a challenge and has been for years. That’s because, historically, rents trend up over time. Data from the Census shows rents have been climbing pretty steadily since 1988.
“In March 2023, the U.S. rental market experienced single-digit growth for the eighth month in a row…the median asking rent was $1,732, up by $15 from last month and down by $32 from the peak but is still $354 higher than the same time in 2019 (pre-pandemic).”
In contrast, homeowners with a fixed-rate mortgage can lock in a monthly mortgage payment for the duration of their loan.
2. OWNING A HOME COULD BE MORE AFFORDABLE IF YOU NEED MORE SPACE
Depending on how much space you need, it’s typically more affordable to own than to rent if you need two or more bedrooms.
3. HOMEOWNERSHIP ALLOWS YOU TO START BUILDING EQUITY
In addition to shielding you from rising rents and being more affordable when you need more space, owning your home also allows you to start building your own equity, which in turn grows your net worth.
And, as home values typically rise over time and you pay off your mortgage, you build equity. That equity can set you up for success later on because you can use it to help fuel a move to an even bigger space down the line.
Connect with us today thru Shea Preferred Realty Group and let’s discuss the equity you could have as a homeowner in today’s market!
