Renting Vs Buying

If you know people who bought a home 5, 10, or even 30 years ago, you’re probably going to have a hard time finding someone who regrets their decision.?Why is that? The reason is tied to how you gain?equity?and?wealth?as home values grow with time.

While home price growth varies by state and local area, the nationwide average tells you that the typical homeowner who bought a house thirty years ago saw their home almost triple in value.?This is why homeowners who bought their homes years ago are still happy with their decision.

Even if home price appreciation eases from double-digit increases this year,?experts say?home prices are still expected to appreciate nationally in 2023. That means, in most markets, your home should grow in value over the next year even if the pace is slower than it was during the peak market frenzy when prices skyrocketed.

The alternative to buying a home is?renting, and rental prices have been climbing for decades. Buying a home is an investment in your future that could set you up for long-term gains without having to fight annual rent increases.?

The National Association of Realtors? shares:

????????“Homeownership is the largest source of wealth among families, with the median value of a primary residence worth about ten times the median value of financial assets held by families.?Housing wealth (home equity or net worth) gains are built up through price appreciation and by paying off the mortgage.”

In the example shown in the 'Renting vs Buying' graphic,?based on a home sold recently, if you're planning to live in the same?town for at least 2 years you will be net positive vs if you were to rent for those two years.

If you want to learn more about what homeownership would look like for you reach out to start the conversation!

Email Ryan:

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HOME BUYING, REAL ESTATE, RENTING, HOME EQUITY, HOME OWNERSHIP, REALTOR, REAL ESTATE AGENT