Is it time for you to get out of the rent race and buy a home of your own?

Is it time for you to get out of the rent race and buy a home of your own?

The most recent news stories can persuade you to buy a house if you're on the fence about it. Renting is getting more and more expensive by the month while home ownership is getting easier (and more affordable).

1.National rents are at all-time highs

July of 2022 also saw the highest U.S. median rental-price of all time at $1,879 per month and national rents remain at historic highs, regardless of urban or suburban areas.

2.Rental properties are getting older and not cheaper,?

It would be one thing if those record-breaking rents included stunning views and A-plus amenities, but that isn't the case right now. In actuality, just 9% of rental properties were ever constructed in the last ten years. Did you know that 66% of rental homes are more than 30 years old and have apartments from before 1960? Since 2000, rents have increased by 21.4%.

3.Cost Savings

Homeownership frequently results in reduced monthly payments. There are several reasons why mortgage payments are lower than rent, but one of the main ones is that landlords of rental properties frequently have to raise their own monthly expenses in order to make a profit. With homeownership, you own the basic level mortgage, thus your overall monthly expenses will be cheaper because you won't be paying a premium to rent on top of a bank loan.

4.Investment Opportunity?

When you purchase a home with a 15- or 30-year mortgage, you are doing more than just making monthly payments; you are also investing for the long run and generating equity in your home. While there may be short-term financial benefits to renting, one of the main benefits of homeownership is the ability to accumulate wealth over the long term through purchases.