[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f22dc55mlklway":3,"$ffeh0925h8cuz":47,"$fbwk2pqjjqsc7":51},{"item":4,"previous":35,"next":41},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":33,"updatedAt":34},4206,"buying-a-home-may-make-more-financial-sense-than-renting-one","Buying a Home May Make More Financial Sense Than Renting One","If rising home prices leave you wondering if it makes more sense to \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F07\u002F15\u002Fshould-i-rent-or-should-i-buy-infographic\u002F\">rent or buy\u003C\u002Fa> a home in today’s housing market, consider this. It’s not just \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F07\u002F25\u002Fwhats-causing-ongoing-home-price-appreciation\u002F\">home prices\u003C\u002Fa> that have risen in recent years – rental prices have skyrocketed as well. As a recent article from \u003Cem>realtor.com\u003C\u002Fem> \u003Ca href=\"https:\u002F\u002Fwww.realtor.com\u002Fresearch\u002Fjune-2022-rent\u002F\">says\u003C\u002Fa>:","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F08\u002F02125721\u002F20220803-KCM-Share.jpg","If rising home prices leave you wondering if it makes more sense to \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F07\u002F15\u002Fshould-i-rent-or-should-i-buy-infographic\u002F\">rent or buy\u003C\u002Fa> a home in today’s housing market, consider this. It’s not just \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F07\u002F25\u002Fwhats-causing-ongoing-home-price-appreciation\u002F\">home prices\u003C\u002Fa> that have risen in recent years – rental prices have skyrocketed as well. As a recent article from \u003Cem>realtor.com\u003C\u002Fem> \u003Ca href=\"https:\u002F\u002Fwww.realtor.com\u002Fresearch\u002Fjune-2022-rent\u002F\">says\u003C\u002Fa>:\u003C!--more-->\r\n\u003Cblockquote>\u003Cem>“The median rent across the 50 largest US metropolitan areas reached $1,876 in June, \u003Cstrong>a new record level for Realtor.com data for the 16th consecutive month\u003C\u002Fstrong>.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nThat means \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F07\u002F21\u002Fthink-home-prices-are-going-to-fall-think-again\u002F\">rising prices\u003C\u002Fa> will likely impact your housing plans either way. But there are a few key differences that could make \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F07\u002F13\u002Fshould-i-buy-a-home-right-now\u002F\">buying a home\u003C\u002Fa> a more worthwhile option for you.\r\n\u003Ch4>\u003Cstrong>If You Need More Space, Buying a Home May Be More Affordable\u003C\u002Fstrong>\u003C\u002Fh4>\r\nWhat you may not realize is that, according to the latest data from \u003Ca href=\"https:\u002F\u002Fwww.realtor.com\u002Fresearch\u002Fjune-2022-rent\u002F\">\u003Cem>realtor.com\u003C\u002Fem>\u003C\u002Fa> and the \u003Ca href=\"https:\u002F\u002Fcdn.nar.realtor\u002Fsites\u002Fdefault\u002Ffiles\u002Fdocuments\u002Fhai-05-2022-housing-affordability-index-2022-07-08.pdf\">\u003Cem>National Association of Realtors\u003C\u002Fem>\u003C\u002Fa> (NAR), it may actually be more affordable to buy than rent depending on how many bedrooms you need. The graph below uses the median rental payment and median mortgage payment across the country to show why.\r\n\r\n\u003Ca href=\"https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F08\u002F02125720\u002F20220803-MEM-Eng.png\">\u003Cimg class=\"aligncenter wp-image-46935\" src=\"https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F08\u002F02125720\u002F20220803-MEM-Eng.png\" alt=\"Buying a Home May Make More Financial Sense Than Renting One | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>\r\n\r\nAs the graph conveys, if you need two or more bedrooms, it may actually be more affordable to buy a home even as prices rise. While this doesn’t take into consideration the interest deduction or other financial advantages that come with owning a home, it does help paint the picture that it may be more affordable to buy then rent for that unit size based on nationwide averages. So, if one of the factors motivating you to move is a desire for more space, this could be the added encouragement you need to consider homeownership.\r\n\u003Ch4>\u003Cstrong>Homeownership Also Provides Stability and a Chance To Grow Your Wealth\u003C\u002Fstrong>\u003C\u002Fh4>\r\nIn addition to being more affordable depending on how many bedrooms you need, buying has two other key benefits: payment stability and equity.\r\n\r\nWhen you \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F07\u002F27\u002Fwant-to-buy-a-home-now-may-be-the-time\u002F\">buy a home\u003C\u002Fa>, you lock in your monthly payment with your fixed-rate mortgage. And that’s especially important in today’s \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F07\u002F20\u002Fshould-you-buy-a-home-with-inflation-this-high\u002F\">inflationary economy\u003C\u002Fa>. With \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F06\u002F23\u002Fhomeownership-is-a-great-hedge-against-the-impact-of-rising-inflation\u002F\">inflation\u003C\u002Fa>, prices rise across the board for things like gas, groceries, and more. Locking in your housing payment, which is likely your largest monthly expense, can provide greater long-term stability and help shield you from those rising expenses moving forward. Renting doesn’t provide that same predictability. A recent article from \u003Cem>CNET \u003C\u002Fem>\u003Ca href=\"https:\u002F\u002Fwww.cnet.com\u002Fpersonal-finance\u002Fmortgages\u002Fshould-you-buy-a-home-in-2022-or-wait-3-factors-to-consider\u002F\">explains\u003C\u002Fa> it like this:\r\n\u003Cblockquote>\u003Cem>“...\u003Cstrong>if you buy a house and secure a fixed-rate mortgage, that means that no matter how much prices or interest rates go up, your fixed payment will stay the same every month\u003C\u002Fstrong>. That's an advantage over renting since there's a good chance your landlord will raise your rent to counter inflationary pressures.” \u003C\u002Fem>\u003C\u002Fblockquote>\r\nNot to mention, when you buy, you have the chance to build \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F06\u002F21\u002Fthe-average-homeowner-gained-64k-in-equity-over-the-past-year\u002F\">equity\u003C\u002Fa>, which in turn grows your \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F03\u002F28\u002Fa-key-to-building-wealth-is-homeownership\u002F\">net worth\u003C\u002Fa>. It works like this. As you pay down your home loan over time and as home values continue to appreciate, so does your \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F07\u002F06\u002Fhow-your-equity-can-grow-over-time\u002F\">equity\u003C\u002Fa>. And that equity can make it easier to \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F07\u002F08\u002Fwhy-growing-home-equity-is-great-news-if-you-plan-to-move-infographic\u002F\">fuel a move\u003C\u002Fa> into a future home if you decide you need a bigger home later on. Again, the \u003Cem>CNET \u003C\u002Fem>article mentioned above helps explain:\r\n\u003Cblockquote>\u003Cem>“\u003Cstrong>Homeownership is still considered one of the most reliable ways to build wealth\u003C\u002Fstrong>. When you make monthly mortgage payments, you're building equity in your home that you can tap into later on. When you rent, you aren't investing in your financial future the same way you are when you're paying off a mortgage.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nIf you’re trying to decide whether to keep renting or buy a home, let’s connect to explore your options. With home equity and a shield against inflation on the line, it may make more sense to buy a home if you’re able to.","\r\nIf you’re trying to decide whether to keep renting or buy a home, let’s connect to explore your options. With home equity and a shield against inflation on the line, it may make more sense to buy a home if you’re able to.","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F08\u002F02125720\u002F20220803-MEM-Eng.png",false,[17,21,25,29],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},9,"Home Prices","home-prices",{"id":26,"name":27,"slug":28},11,"First-Time Buyers","first-time-buyers",{"id":30,"name":31,"slug":32},53,"Rent vs. Buy","rent-vs-buy","2022-08-03T10:00:58Z","2023-02-03T15:34:01Z",{"id":36,"slug":37,"title":38,"featuredImage":39,"publishedAt":40,"contentType":10,"isVideo":15},4205,"3-graphs-to-show-this-isnt-a-housing-bubble","3 Graphs To Show This Isn’t a Housing Bubble","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F08\u002F01154641\u002F20220802-KCM-Share.jpg","2022-08-02T10:00:29Z",{"id":42,"slug":43,"title":44,"featuredImage":45,"publishedAt":46,"contentType":10,"isVideo":15},4207,"why-its-still-a-sellers-market","Why It’s Still a Sellers’ Market","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F08\u002F03124231\u002F20220804-KCM-Share.jpg","2022-08-04T10:00:11Z",{"cover":48,"open":49,"shareSpread":50},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",[52,56,57,61,65,69,70,71,75,79,83,87,91,95,99,100,104,108,112,116,120,124,128,132,136,140,144,148,152,156],{"id":53,"name":54,"slug":55},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":58,"name":59,"slug":60},6,"For Sellers","sellers",{"id":62,"name":63,"slug":64},7,"Foreclosures","foreclosures",{"id":66,"name":67,"slug":68},8,"Infographics","infographics",{"id":22,"name":23,"slug":24},{"id":26,"name":27,"slug":28},{"id":72,"name":73,"slug":74},34,"Senior Market","senior-market",{"id":76,"name":77,"slug":78},35,"Mortgage Rates","mortgage-rates",{"id":80,"name":81,"slug":82},38,"Move-Up","move-up",{"id":84,"name":85,"slug":86},41,"For Sale by Owner","for-sale-by-owner",{"id":88,"name":89,"slug":90},42,"Featured","featured",{"id":92,"name":93,"slug":94},45,"New Construction","new-construction",{"id":96,"name":97,"slug":98},52,"Luxury \u002F Vacation","luxury--vacation",{"id":30,"name":31,"slug":32},{"id":101,"name":102,"slug":103},80,"Time-sensitive","time-sensitive",{"id":105,"name":106,"slug":107},81,"Outdated","outdated",{"id":109,"name":110,"slug":111},147,"Internal","internal",{"id":113,"name":114,"slug":115},148,"Do Not Autopost","do-not-autopost",{"id":117,"name":118,"slug":119},320,"Inventory","inventory",{"id":121,"name":122,"slug":123},321,"Agent Value","agent-value",{"id":125,"name":126,"slug":127},322,"Affordability","affordability",{"id":129,"name":130,"slug":131},323,"Buying Tips","buying-tips",{"id":133,"name":134,"slug":135},324,"Downsize","downsize",{"id":137,"name":138,"slug":139},325,"Economy","economy",{"id":141,"name":142,"slug":143},326,"Equity","equity",{"id":145,"name":146,"slug":147},327,"Forecasts","forecasts",{"id":149,"name":150,"slug":151},328,"Selling Tips","selling-tips",{"id":153,"name":154,"slug":155},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":157,"name":158,"slug":159},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]