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Is It Really Better To Rent Than To Own a Home Right Now?

News and Advice You may have seen reports in the news recently saying it’s better to rent right now than it is to own your home. But before you let that impact your decisions, you should understand what these claims are based on. Call us 928-237-4400 - 928-227-8575 https://bit.ly/3mxB0Es

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Renters Missed Out on $51,500 This Past Year Rents have increased significantly this year. The latest National Rent Report from Apartmentlist.com shows rents are rising at a rate much higher than the three years leading up to the pandemic. “Since January of this year, the national median rent has increased by a staggering 16.4 percent.” Looking back, we can see rents rising isn’t new. The median rental price has increased consistently over the past 33 years. If you’re thinking of renting for another year, consider that rents will likely be even higher next year. But that alone doesn’t paint the picture of the true cost of renting. A homeowner’s monthly mortgage payment pays for their shelter, but it also acts as an investment. That investment grows in the form of equity as a homeowner makes their mortgage payment each month to pay down what they owe on their home loan. Their equity gets an additional... #Bgroup #Prescott #Realtor #Homes #Smart