It’s More Expensive to Rent Than Own: Plus Other Reasons Why You Should Buy a Home Now
Homeownership has long been held as an integral part of the American dream. Owning a home not only provides shelter and security, but you can enjoy tax benefits and possibly an increase in value.
Unfortunately, many people choose to rent instead, fearing it’s too expensive to purchase a home. Luckily for you, we’re at a rare time in our country’s history where it’s actually cheaper to own than it is to rent.
According to the second quarter median rent numbers from the Census Bureau, rent prices have increased steadily since 1988, and are currently at a high just over $800 a month. Keep in mind; this report also considers studio and one-bedroom apartments throughout the entire United States, so the median rent payment for a townhouse or home in South Florida is even more.
In Trulia’s Rent vs. Buy Report it’s not only more expensive to rent than it is to own a comparable residential property, but the longer you stay in your home, or the lower interest rate you get, the more money you save by owning.
While rents are likely to continue going up, now is the time to purchase a brand new home with a low interest. If you’re ready to stop wasting money on rent, Contact us for more information.