Langhorne Group | 4/14/2022

It's no secret that buying a home is a huge investment. But what may be less obvious is that the longer you wait to make that purchase, the more expensive it becomes. In this blog post, we'll take a closer look at exactly how much money you could be losing by not buying a home right now. So whether you're on the fence about whether or not to buy, or you're just looking for some more information, read on for all the details!

For generations, owning a home has been the American dream, but renting has become increasingly popular in recent years, especially among young adults. There are benefits to both renting and owning a home, but which of these options is the most beneficial for you? In the short run, renting can be cheaper than owning, as it does not require a down payment or monthly mortgage payments. Additionally, renters are not responsible for maintenance or repairs. However, owning a home is usually cheaper than renting in the long run, as mortgage payments build equity while rent payments do not. Additionally, owning a home can provide stability and security. It can be a more financially sound decision that far outweighs the flexibility that renting offers.

It's no secret that the cost of housing has been on the rise in recent years, and there's no sign of that trend slowing down anytime soon. According to a recent report by the National Association of Realtors, the average cost of a home is expected to reach $317,000 this year, and the average monthly payment is projected to reach $1,652. However, these rising rates and prices should not stop you from considering owning a home; the picture isn't much rosier for renters. The report found that the average cost of renting will increase to $1,397 per month. When you rent, that rising cost benefits your landlord's investment strategy, but it doesn't deliver any sort of return for you. While owning a home, on the other hand, you're building equity (and, by extension, your own net worth). Not to mention, you'll lock in your mortgage payment for the duration of your loan (typically 15 to 30 years) and give yourself a stable and reliable monthly payment.

Now is the time to ask yourself, keep renting, or it's time to buy a home?

Whether you're a first-time homebuyer or someone who is considering a move, it's important to look at all the angles. Renting vs. buying can be a complicated decision, but with the help of an experienced advisor, you can feel confident in your choice. Buying a home is a big investment, but it can also be gratifying. Contact us today to learn more about the benefits of homeownership!