Every year, many
renters ask themselves the same question: Should I continue renting, or is it time to buy a home? If you're a
renter, chances are you've asked yourself that question at least once, and it's
likely because you've faced an increase in your monthly housing costs over
time. After all, according to Census data,
rents have risen consistently for decades.
To make an
informed and powerful decision, the first step is understanding what's
happening in today's housing market so you can determine which option is the
better long-term financial decision for you.
Rents Are Going Up Again This Year
Rents are skyrocketing
right now. Data from realtor.com shows just how
much rental prices are surging throughout the country. The graph below
highlights rental unit price increases over the past year:
If you're a renter and
plan on signing a new lease, your monthly costs are likely to go up when you
do. Those rising costs can have a big impact on your financial goals, including
any plans you're making to save for a home purchase.
Homeownership Offers Stable Monthly
Of course, one of the
key benefits of owning your home is that you're able to lock in and stabilize your payments for the
duration of your loan. That's
not the case when you rent.
rents are already on the rise, there's a good chance many people will see their
rental costs increase even more this year. As Danielle Hale, Chief Economist at realtor.com, says:
With rents already at
a high and expected to keep going up, rental affordability will increasingly
challenge many Americans in 2022. For those thinking about making the
transition from renting to buying their first home, rising rents will remain a
motivating factor. . . .
if you’re ready to become a homeowner, waiting any longer may not make
financial sense. Instead, escape the cycle of rising rents and enjoy the many benefits that come with homeownership
your journey towards homeownership can pay off significantly this year. If
you're financially ready today, let's connect so we can discuss your options. Contact
me at (904) 274-1692 to get started.