Many renters ask the same question every year: Should I rent or should I buy a home? This is likely because your monthly housing costs have increased over time. According to data, rents have been rising steadily for decades.
You can make informed decisions and be more confident by understanding the current housing market. This will allow you to determine which option is best for your long-term financial future.
Rents are Going up Again in this Year
Right now, rents are on the rise. Data illustrates how high rent prices are in the country. Below is a graph that shows the increase in rental unit prices over the past year.
Renters who plan to sign a new lease will see their monthly costs rise. Rising costs can have a significant impact on your financial goals. This includes any plans that you are making to save money for a house purchase.
Homeownership Offers Stable Monthly Prices
Owning your home has many benefits. You can lock in your monthly payments and stabilize them for the term of your loan.
Rents are rising, but there is a good chance that many renters will see their rental prices rise even further this year. According to Danielle Hale (Chief Economist at realtor.com), is.
“With rents at an all-time high, and likely to continue rising, affordability for rental will be a major challenge for many Americans in 2022. Rising rents will continue to be a factor for those who are considering making the move from renting to purchasing their first home. . . .”
If you are ready to be a homeowner, it may not be financially prudent to wait. You can escape the rising rents cycle and take advantage of the many advantages associated with homeownership.
Your journey to homeownership could pay dividends this year. Let’s talk if you are financially ready to start your journey towards homeownership today.
This post was written by Josh Dotoli! Josh is the owner of Josh Dotoli Group which is a laser-focused real estate team at Compass comprised of industry experts selling Fort Lauderdale’s best neighborhoods. This dynamic group is one of the top-selling real estate teams in South Florida with over $94 million in sales in the past 12 months alone. Looking for Harbor Beach Fort Lauderdale homes for sale we are the real estate team for you!