Are You Wondering if This Is the Year To Buy a Home?
Every year, many renters ask themselves the same question: Should I continue renting, or is it time to buy a home? If you’re a renter, chances are you’ve asked yourself that question at least once, and it’s likely because you’ve faced an increase in your monthly housing costs over time. After all, according to Census data, rents have risen consistently for decades.
To make an informed and powerful decision, the first step is understanding what’s happening in today’s housing market so you can determine which option is the better long-term financial decision for you.
Rents Are Going Up Again This Year
Rents are skyrocketing right now. Data from realtor.com shows just how much rental prices are surging throughout the country. The graph below highlights rental unit price increases over the past year:
If you’re a renter and plan on signing a new lease, your monthly costs are likely to go up when you do. Those rising costs can have a big impact on your financial goals, including any plans you’re making to save for a home purchase.
Homeownership Offers Stable Monthly Costs
Of course, one of the key benefits of owning your home is that you’re able to lock in and stabilize your payments for the duration of your loan. That’s not the case when you rent.
While rents are already on the rise, there’s a good chance many people will see their rental costs increase even more this year. As Danielle Hale, Chief Economist at realtor.com, says:
“With rents already at a high and expected to keep going up, rental affordability will increasingly challenge many Americans in 2022. For those thinking about making the transition from renting to buying their first home, rising rents will remain a motivating factor. . . .”
Starting your journey towards homeownership can pay off significantly this year. If you’re financially ready today, let’s connect so we can discuss your options. Buying a home in 2022 can be a great idea. Especially if you are renting and or growing out of your current property. If there are items in your house you cannot change an if you are getting to the point where you just can’t take care of the property you have. Maybe you want to move to another state, start a new career. There are plenty of good reasons to sell this year and many more reasons to buy. For more information please contact Song Real Estate at 541-935-8855. We will provide a one on one consultation with you to provide some insight into buying and selling in 2022.