The conversation has changed. Once again, statistics are showing that owning may be less costly than renting. With house prices still very low in most areas, interest rates at an all time low, and rents on the rise, owning a home is probably a better financial option than renting.
That’s the financial fact. However, there are many other points to consider when making the buying versus renting decision, obviously.
For one, can you qualify to buy? Bank requirements are much more stringent than we’ve seen in the past ten years. I don’t blame the banks for this. I wouldn’t loan my money to a stranger at only three and a half percent, would you?
And, while having a fenced yard is a wonderful lifestyle advantage, do you want the responsibility of the upkeep? Do you like to mow? Have you ever tilled and reseeded?
And, don’t forget, if you miss this golden buying opportunity, how might that affect your future financially?
There are certainly more things to consider than finances when finding a place to live, but I find it interesting that buying a home is, once again, being found to be the best financial choice. Our economics have changed so quickly!
What’s your opinion on buying versus renting?
