With so much information swirling around it can be difficult to decide what option is the best for you and your family. There are positives and negatives to both living situations but finding after finding has shown, buying a home is the absolute winner.

The general assumption is that renting is less expensive than buying and that simply, is just not true. Since the total cost of purchasing a home is shown as one lump sum, it can be quite the intimidating sight. Overwhelming to be sure. Whereas when you rent, the price is shown in small month to month quantities which is a much easier amount to wrap your head around. What you might not know, however, is that your monthly payments on a home can be around the same price as rent. Don’t let the big number throw you off! Additionally, the percentage of income needed to afford a median priced home is almost HALF the percentage of income needed to afford median rent. In other words, it costs more to get into a rental than a down payment to buy your own home. On top of that, currently the percentage of income needed to buy a median priced home is below historic norms.  Although home prices have slightly increased, the cost of rent has continued to increase year after year.

Purchasing your own home is a way of forced savings. Each month you are contributing to your own wealth. What an exciting realization! When you rent, you are paying your landlord’s mortgage and putting money into their account. As a renter, you are taking care of who you pay, you are not taking care of yourself. Why not invest in your self and grow your financial portfolio?

Buying your own home does have it’s own set of things to consider. The challenge of saving/having enough for a down payment, the process of a home purchase, the paperwork, and the commitment are all potential hindrances. Deciding to rent or to buy is not always an easy decision, but you should have all the facts moving forward. Renting is good for a short term solution, but buying continues to be the best long term option. If you are interested in whether or not buying a home is in your future, I would be happy to have a free, no obligation meeting with you to discuss your options.