Owning A Home Is Not Only Smarter Than Renting, It Is Also Cheaper
Copyright SNAP Real Estate Photography LLC
Even though house prices are on the rise and mortgage rates are starting to increase, buying a home is still a smart move. ATTOM Data found that owning a home in 2022 is more affordable than renting across most of the country.
“. . . Owning a median-priced home is more affordable than the average rent on a three-bedroom property in 666, or 58 percent, of the 1,154 U.S. counties analyzed for the report. That means major homeownership expenses consume a smaller portion of average local wages than renting.”
Not everyone is in agreement with ATTOM Data. CoreLogic’s Single-Family Rent Index revealed that single-family rent saw a huge growth year-over-year. Single-family rent growth hit its sixth consecutive record high. . . . Annual rent growth . . . was more than three times that of a year earlier.
Remember even if the house prices are rising along with rent prices, you benefit from owning. When you rent the increased monthly payments go directly into your landlord’s pocket. A monthly mortgage payment is a form of savings in a sense. You are building equity which you will get back once you sell your home. Homeownership also takes up a smaller portion of your paycheck.
If you are in the market to purchase a home, now is a great time. Contact a Realtor who can help you through this process. Having a trusted advisor on your side is the smart way to go.