It’s better to buy a home than to rent one in most cases. But not in every case. Comparing buying to renting is actually a fairly complicated endeavor. However, there are a few easy guidelines you can use to aid you in your decision. Buying a home is usually more beneficial than renting except when:
You intend to move within a few years
Your rent is very low
You don’t expect to live more than another 15 years
There is a long-standing rule that a household should not spend more than 28% of its income on housing expenses. With nearly half of renters (48%) surveyed already spending more than that, and with their rents likely to rise again… why are they renting?
When asked why they haven’t purchased a home yet, not having enough saved for a down payment (44%) came in as the top response. The report went on to reveal that nearly half of all respondents believe that “a 20% down payment is required to buy a home.
If the majority of those who believe they haven’t saved a large enough down payment believe that they need 20% down to buy, that means a large number of renters may be able to buy now!
If you are one of the many renters who is fed up with rising rents but may be confused about what is required to buy in today’s market, let’s get together to help you on your path to home ownership!
You can create a FREE custom market report to see what’s active, under contract, and sold in your neighborhood!
Contact us today to find out how we can be of assistance to you!