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Deciding whether to rent or buy a home this year? Rental affordability has been challenging for years, and it isn't changing any time soon. That's why many are considering the advantages of purchasing property despite the higher rates.
According to data recently released by Realtor.com, while the rental market is experiencing slower-paced growth, as of March 2023, rent is still over 25% higher than in March 2019! With rents much higher now than in pre-pandemic years, owning your own home can provide a more affordable and stable option.
Homeowners with a fixed-rate mortgage can lock in a monthly payment for the duration of their loan, usually 30 years, unlike renters, who are subjected to fluctuating rental rates.
If you need a larger living space, like two or more bedrooms, then you should definitely look into buying a home. When comparing the cost of rent of a two-bedroom to a mortgage payment for a two-bedroom, the homeowner comes out on top. According to Realtor.com, the median monthly mortgage payment for a two-bedroom property is $74 less than renting.
Furthermore, owning a home allows you to start building equity, which grows your net worth as home values typically rise over time. As you pay off your mortgage, the equity builds, which can be utilized to fuel a move to an even larger space down the line. Building your own equity is why many bought their homes in the past year.
There's no better time than the present to pursue your dream of buying your first home. If you're looking to accommodate your household in a bigger space, have more breathing room to spread your belongings, or dedicate space to your hobbies, consider homeownership and work with a trusted mortgage professional to explore your home financing options and home-buying assistance programs.
With rents rising, owning a home could be a more sensible option! Contact us today for an obligation-free consultation, and use the calculator on our website to get an idea of your future mortgage payment.
This licensee is performing acts for which a real estate license is required. C2 Financial Corporation is licensed by the California Department of Real Estate, Broker # 01821025; NMLS# 135622. Loan approval is not guaranteed and is subject to lender review of information. All loan approvals are conditional and all conditions must be met by borrower. Loan is only approved when lender has issued approval in writing and is subject to the Lender conditions. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. C2 Financial Corporation is an Equal Opportunity Mortgage Broker/Lender. The services referred to herein are not available to persons located outside the state of California.
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