When deciding where to live, one of the first and most important questions to answer is whether to buy or to rent. Many assume that renting is easier and less expensive than purchasing a house or a condo; however, more and more renters are finding that buying a home is actually more affordable. According to real estate research firm Reis Inc., the average U.S. rent for an apartment has increased 14 percent since 2010. To put that figure into perspective, this is more than the rate of inflation and more than double the increase in home prices over the same period. Furthermore, rents are projected to rise an additional 3.3 percent this year.
“A true benefit to purchasing a home is the ability to secure a fixed monthly cost,” said Jim Weichert, founder of Weichert, Realtors. “While rents typically rise a few percent each year, individuals who purchase a home with a 30-year fixed mortgage can count on having the same monthly payment over the course of the loan. In addition, homeowners will likely benefit from home price appreciation, which can provide thousands of dollars in additional personal equity which renters simply can’t capitalize on.”
Aside from being more cost effective in many instances, over the long haul, homeownership offers a number of other advantages that simply can’t be attained through renting. First, a home is much more than just a place to live. Buying a home of one’s own allows people to put down roots and create memories, not to mention the ability to make whatever home improvements and decorating decisions one would like.
For more information about Weichert, Realtors, to find your local office or to learn how attainable homeownership is, visit www.weichert.com and take the first step toward owning your own home.