Rental Prices Are at an All Time High. This Is the Year To Buy a Home.
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Rental Prices Are at an All Time High. This Is the Year To Buy a Home.
This year more than ever many renters are asking themselves the same question: Should I finally transition from renting to homeownership? If you’re a current renter you’re probably asking yourself this question more than ever with prices skyrocketing up 20% this year setting record numbers, according to Census data.
Making a decision is difficult, but it should be made on a sound understanding of what is going on in the market and what option better fits your financial long-term goals.
Rents Are Going Up and There is no Sign of Slowing Down
This year more than ever many renters are asking themselves the same question: Should I finally transition from renting to home ownership? If you’re a current renter you’re probably asking yourself this question more than ever with prices skyrocketing up 20% this year setting record numbers, according to Census data.
Making a decision is difficult, but it should be made on a sound understanding of what is going on in the market and what option better fits your financial long-term goals.
There is Stable Costs with Homeownership
Rents are increasing at never-before-seen rates throughout the country. Is leaving many wondering if this is the year to buy a home.
If you’re currently renting and plan on signing a new lease in the near future, your costs will more than likely go up when you do. These costs have an enormous impact on your financial status and the plans you’re making for the future.
There is Stable Costs with Homeownership
One of the key benefits of owning a home is that you can lock in a fixed and stable monthly payment for the duration of your loan. This however isn’t the case when you rent and are subjected the ebbs and flows of rental increases.
With rents going up it will challenge many individuals in 2022. For you that are on the fence of making the move from renting to buying their first-home, rising rents will definitely be a motivated factor.
So, if you’re ready to buy a home, waiting to make the decision may not make financial sense anymore. You can break the chain of being in the restrictions of rising rents and take advantage of the benefits that come with homeownership today.
Conclusion
Moving to homeownership this year will pay off significantly this year as homeowners recorded record breaking equity as well fueling their financial wealth. Link with someone on our team to discuss your options.