If you’re debating about whether it’s better to own a home or continue renting, there are some facts that you should know about.
1. Don’t become trapped. Rent has risen 2.7% nationally, and a quarter of renters are spending at least half of their income on monthly rent. Additionally, here in the Phoenix market over the last five years, rent has gone up 21%.
2. It’s cheaper to buy than it is to rent. Even with market values increasing, homeownership with a traditional 30-year mortgage remains cheaper than renting.
3. Make sure that you know your options. 80% of millennials are planning to buy a home eventually, but 72% of them cite affordability as their primary obstacle. Knowing your options and consulting with a professional is very important if you intend to buy a home in the future.
The bottom line is that you shouldn’t get caught in the trap of renting a home. Schedule an appointment with me today so that we can talk about what other options you have.
If you have any questions about the benefits of owning a home versus renting, or about buying or selling your home, feel free to give me a call or send an email. I’d love to get you scheduled for a free consultation.