Key Takeaways:
- Rental prices are expected to rise throughout 2022.
- Here’s why homeownership is more affordable than renting.
- Contact us today so we can help you make the best decision!
You Should Consider Buying a Home in 2022
If you’ve been on the fence about becoming a homeowner, there’s something you need to consider about continuing to rent. According to a new report, owning a home remains more affordable than renting in the majority of the country. Let’s take a look at why and what that means for you.
What the Experts Are Saying
In the latest Single-Family Rent Index report from CoreLogic, the costs typically associated with single-family rent saw their fastest year-over-year growth in over 16 years when comparing data for November each year.
Also, according to the latest report from ATTOM Data, a leading provider of nationwide property information: “owning a median-priced home is more affordable than the average rent on a three-bedroom property in 58% of the U.S. counties analyzed.”
While home prices and mortgage rates are rising in today’s competitive housing market, so are monthly rents, meaning that the costs associated with homeownership end up consuming a smaller portion of your total income. When you rent, the big difference is those rising costs benefit your landlord’s investment strategy, but it doesn’t deliver any return for you.
What’s the Right Choice for You?
In contrast, your monthly mortgage payment serves as a form of built-in savings when you buy a home. Over time, as you pay down your loan and your home value rises, you’re building equity (and, by extension, your net worth). Not to mention, you’ll lock in your mortgage payment for the duration of your loan (typically 15 to 30 years) and give yourself a stable and reliable monthly payment.
If buying takes up a smaller portion of your pay and has benefits renting can’t provide, the question becomes: is renting worth it?
We’re Here to Help!
If you’re weighing your options between renting and buying, it’s essential to look at the whole picture. While purchasing a home can feel like a daunting process, having a trusted advisor on your side is critical. So let’s connect to explore your options so you can learn more about the benefits of homeownership today. Contact Linda Craft & Team at 919.235.0007 with any questions or to discuss working with us in your search for a new home!