Because home prices are continuing to rise throughout the country, a lot of people are starting to talk about affordability. Some say the goal of buying a home in our market is totally out of reach, while others believe that homes are more affordable than ever right now.
The alternative to buying a home is renting one, so let’s talk about the differences between each. First of all, renters typically pay more than homeowners. For example, one statistic says that homeowners pay around 16% of their income on housing, while renters pay 26%.
Additionally, mortgage payments remain about the same, but rent continually increases over time. The only increase a homeowner might see would be from rising property taxes and insurance.
Finally, waiting can cost you big time—especially in today’s market. Homeownership is a tool that can create financial success through equity, so if you can afford to buy a home, it’s a good idea to do so.
If you’ve been thinking about buying a home, we’re here to help you throughout the entire journey. Feel free to reach out to us if you’d like to learn more about the home buying process, have any questions, or would like more information. We look forward to hearing from you soon.