Buying vs Renting... Renting vs Buying... It's all the discussion nowadays in this crazy Housing Market of 2021. Will there be a housing crash? Is it better to rent or to buy? Allow me to give you some information, some REAL data and a recommendation to help answer this question.
Numbers don't lie
While it’s true that home values have gone up, so have rents. The largest landlord in the country, Invitation Homes, said that rents have gone up 14% since last year. The forecast is that rents will continue to go up about 6% annually.
So, while in most cases purchasing a home will be more expensive, your mortgage payment will remain relatively stable into the future; however, rental payments will likely rise significantly in the years to come. Some huge benefits to buying a home is of course the pride of ownership, more freedom in renovating and design, and of course building equity. And because of increasing demand and tight supply, it looks as if home values will be well supported, and many are forecasting home prices to move higher.
I have a calculator
I encourage anyone considering renting to do a complete analysis with statistics for your specific zip code so you can make accurate comparisons and see which choice is best for you. Click the link below to get my Buy vs Rent calculator.