Is owning more affordable than renting?
If you were thinking about buying a home this year, but already pressed pause on your plans due to rising home prices and increased mortgage rates, there’s something you should consider. While it’s true home prices and mortgage rates are rising, so are monthly rents. Did you know that owning a home IS more affordable than renting?
Last year, rent saw the fastest year-over-year growth in over 16 years, according to CoreLogic. Here on the Treasure Coast, we are seeing that owning a median priced home is more affordable than the average rent of a 3 bedroom home. While rent may seem like an easy choice, we recommend owning. The big difference is, when you rent, that rising cost benefits your landlord’s investment strategy, but it doesn’t deliver any sort of return for you.
As a prospective buyer, rising rates and prices shouldn’t be enough to keep you on the sideline. In fact with interest rates still low, buying a 700,000 home at a 3% interest rate is cheaper than buying a 500,000 home at a 6% rate.
If the buying process is nerve wracking or you have had troubles in the past getting pre-approved, our team can help. We work with the best of the best mortgage lenders, title companies, and escrow attorneys to get our clients approved and in a home where they can build equity and financial gain.
If you’re weighing your options between renting and buying, it’s important to look at the full picture. Anything is possible when you have the right team of agents on your side. Give our team a call today at 772-283-9991 to learn more about the benefits of homeownership and discuss your home buying options! The Stracuzzi Team at RE/MAX Community. 2895 SE Ocean Blvd., Stuart FL 34996. stracuzzi.com.