Are You Tempted to Rent for Another Year? Here’s Why You Should Consider Buying Instead

Are You Tempted to Rent for Another Year? Here’s Why You Should Consider Buying Instead

When faced with the choice of renting for another year or taking the leap into homeownership, many first-time homebuyers struggle with the decision. However, a closer look at the numbers could help you make the right choice.

According to U.S. Census data, rents have been consistently rising for decades. The graph above shows the steep increase in median asking rents since 1988. This trend shows no signs of slowing down, which means renewing your lease could result in you paying even more in rent than you do today.

At the same time, home prices also tend to rise over time. While this may seem like a reason to hold off on buying, it actually highlights a key benefit of homeownership: equity. As your home’s value increases, so does your net worth. Unlike renting, where your payments don’t build any lasting value, owning a home means you’re investing in your future.

If you can afford to buy now, it may make more financial sense in the long run. You lock in your monthly payment with a mortgage, build equity, and benefit from future home price appreciation.

Curious about what a starter home costs in our market? Contact me today to explore your options! Whether you're ready to buy now or just want more information, I'm here to guide you. Let’s see how you can start building your wealth through homeownership.