Due in large part to the housing crisis several years back, many people are afraid to buy a home and instead opt to rent. While renting is a smart and viable option for people in certain stages of their lives, it also pays to understand the benefits of buying a home in today’s day
and age. As mortgage rates continue to remain low and rents are skyrocketing in many cities across the nation, it seems buying a home may be the way to go. However, before you go full throttle ahead and purchase your dream home, it is a good idea to weigh the pros and cons of renting vs. buying. Unfortunately, many people dive into homeownership much quicker than they should, which is where they get into trouble.
You may remember this infographic from one of our recent Facebook posts, and today we thought it would be beneficial to go into the topic of renting vs. buying in a little more detail. Here are a few facts about the very subject from that infographic:
- In today’s society, the percentage of income required to buy a median priced home is half the percentage of income needed to afford a median rent in most parts of the country
- The costs associated with buying a home are much less than those of renting
- Overall, buying costs significantly less than renting
With those stats in mind, here are a few additional advantages of buying a home:
- You are building equity
- You can take advantage of tax breaks for homeowners
- Your housing payments will remain stable
- You can use your home as an investment
- You can plant your roots in a community
If you are considering buying a home in the Tri-Cities area, we encourage you to check out the listings from our friends at Windermere Real Estate. And remember, RJ Burton Relocation Services is here for any and all packing and moving needs you may have.