More often, we are hearing that the cost of buying is cheaper than renting in the majority of the US. In 2018, that statement holds true again. There are quite a few numbers to consider in the report linked above – and in the one that follows. Have a look and decide if the timing to buy a new home is right for you. Time to let the landlord pay his own mortgage - or find someone else to!
Have a look at the chart. It takes more of your income to qualify for rent than it does to buy. Go back and read that again. Who would have thought?
Why own? Well, at the end of 30 years, you have a paid investment (unless you borrow on it of course). At the end of 30 years renting – you have a stack of rent receipts and a bill due next month!
Along the way, as an owner you can essentially do what you want to do, you enjoy more freedoms, you are a broader part of the community – and you have achieved a goal. It takes a first step to begin and a fair portion of your lifetime – and worth it!