If you’re a renter, you’ll probably have to make an important decision this year: renew your current lease, start a new one, or buy a home.
Before you decide, you should think about your long-term plans. If you take a look at this graph, it shows the median asking rent has gone up pretty significantly since nineteen-eighty-eight. And that’s expected to continue, which makes renting a rising cost. On the other hand, homeowners have a set monthly mortgage, so their payments are more predictable.
So, if you’re looking for more stability in your housing costs, it might be time to think about buying a home instead of renting one. On top of that, homeowners also build equity, which helps grow their net worth. In fact, the average homeowner gained more than thirty-four-thousand dollars in equity over the last year alone. That’s money you won’t earn when you’re renting.
So, if you’re thinking of renting again this year, it’s important to keep the long game in mind. Wanna learn more about how you can become a homeowner? Let’s chat.