[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f1d3p9i902nvrf":3,"$ffeh0925h8cuz":43,"$fbwk2pqjjqsc7":47},{"item":4,"previous":31,"next":37},{"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":29,"updatedAt":30},15172,"why-buying-a-home-makes-more-sense-than-renting-today","Why Buying a Home Makes More Sense Than Renting Today","\u003Cp>\u003Cspan style=\"color: rgb(0, 0, 0);\">Wondering if you should continue renting or if you should buy a home this year?\u003C\u002Fspan>\u003C\u002Fp>","","blog","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20230428\u002F20230501-why-buying-a-home-makes-more-sense-than-renting-today.jpg","\u003Cp>Wondering if you should continue renting or if you should \u003Ca href=\"\u002F2023\u002F03\u002F10\u002Fbuying-a-home-may-make-more-sense-than-renting-infographic\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">buy a home\u003C\u002Fa> this year? If so, consider this. Rental affordability is still a challenge and has been for years. That’s because, historically, rents trend up over time. \u003Ca href=\"https:\u002F\u002Fwww.census.gov\u002Fhousing\u002Fhvs\u002Ffiles\u002Fcurrenthvspress.pdf\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">Data\u003C\u002Fa> from the \u003Cem>Census\u003C\u002Fem> shows rents have been climbing pretty steadily since 1988. \u003C\u002Fp>\u003Cp>And, data from the \u003Ca href=\"https:\u002F\u002Fwww.realtor.com\u002Fresearch\u002Fmarch-2023-rent\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">latest rental report\u003C\u002Fa> from \u003Cem>Realtor.com\u003C\u002Fem> shows rents continue to grow today, even though it’s at a slower pace than we saw at the height of the pandemic:\u003C\u002Fp>\u003Cblockquote>\u003Cem>“In March 2023, \u003C\u002Fem>\u003Cstrong>\u003Cem>the U.S. rental market experienced single-digit growth for the eighth month in a row\u003C\u002Fem>\u003C\u002Fstrong>\u003Cem> . . . The median asking rent was $1,732,\u003C\u002Fem>\u003Cstrong>\u003Cem> \u003C\u002Fem>\u003C\u002Fstrong>\u003Cem>up by $15 from last month and down by $32 from the peak but is \u003C\u002Fem>\u003Cstrong>\u003Cem>still\u003C\u002Fem>\u003C\u002Fstrong>\u003Cem> \u003C\u002Fem>\u003Cstrong>\u003Cem>$354 (25.7%) higher than the same time in 2019 (pre-pandemic).”\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fblockquote>\u003Cp>With rents much higher now than they were in more normal, pre-pandemic years, owning your home may be a better option, especially if the long-term trend of rents increasing each year continues. In contrast, homeowners with a fixed-rate mortgage can lock in a monthly mortgage payment for the duration of their loan (typically 15-30 years). \u003C\u002Fp>\u003Ch4>\u003Cstrong>Owning a Home Could Be More Affordable if You Need More Space\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>The graph below uses national data on the \u003Ca href=\"https:\u002F\u002Fwww.realtor.com\u002Fresearch\u002Fmarch-2023-rent\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">median rental payment\u003C\u002Fa> from \u003Cem>Realtor.com\u003C\u002Fem> and \u003Ca href=\"https:\u002F\u002Fcdn.nar.realtor\u002Fsites\u002Fdefault\u002Ffiles\u002Fdocuments\u002Fhai-02-2023-housing-affordability-index-2023-04-14.pdf\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">median mortgage payment\u003C\u002Fa> from the \u003Cem>National Association of Realtors\u003C\u002Fem> (NAR) to compare the two options. As the graph shows, depending on how much space you need, it’s typically more affordable to own than to rent if you need two or more bedrooms:\u003C\u002Fp>\u003Cp>\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20230428\u002F20230501-the-cost-difference-between-renting-and-buying-based-on-the-number-of-bedrooms.png\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cimg src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20230428\u002F20230501-the-cost-difference-between-renting-and-buying-based-on-the-number-of-bedrooms.png\">\u003C\u002Fa>\u003C\u002Fp>\u003Cp>So, if you’re looking to live somewhere where you have two or more bedrooms to accommodate your household, give you more breathing room to spread out your belongings, or dedicate the extra space to practice your hobbies, it might make sense to consider homeownership.\u003C\u002Fp>\u003Ch4>\u003Cstrong>Homeownership Allows You To Start Building Equity\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>In addition to shielding you from rising rents and being more affordable when you need more space, owning your home also allows you to start building your own \u003Ca href=\"\u002F2023\u002F04\u002F07\u002Fthe-key-advantage-of-investing-in-a-home-infographic\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">equity\u003C\u002Fa>, which in turn grows your net worth. \u003C\u002Fp>\u003Cp>And, as home values typically rise over time and you pay off your mortgage, you build \u003Ca href=\"\u002F2023\u002F04\u002F06\u002Ftrying-to-buy-a-home-hang-in-there\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">equity\u003C\u002Fa>. That equity can set you up for success later on because you can use it to help fuel a move to an even bigger space down the line. That’s why, \u003Ca href=\"https:\u002F\u002Fwww.builderonline.com\u002Fdata-analysis\u002Fwhat-is-the-millennial-mindset-on-owning-vs-renting_o?\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">according\u003C\u002Fa> to \u003Cem>Zonda\u003C\u002Fem>, the top reason millennial homeowners bought their home over the past year was to build their own equity instead of someone else’s.\u003C\u002Fp>","\u003Cp>If you’re trying to decide whether to buy a home or continue renting, let’s connect to explore your options. With rents rising, it may make more sense to pursue your dream of homeownership.  \u003C\u002Fp>","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20230428\u002F20230501-the-cost-difference-between-renting-and-buying-based-on-the-number-of-bedrooms.png",false,[17,21,25],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},11,"First-Time Buyers","first-time-buyers",{"id":26,"name":27,"slug":28},53,"Rent vs. Buy","rent-vs-buy","2023-05-01T10:30:00Z","2023-05-01T14:18:44Z",{"id":32,"slug":33,"title":34,"featuredImage":35,"publishedAt":36,"contentType":10,"isVideo":15},15169,"ways-to-overcome-affordability-challenges-in-todays-housing-market-infographic","Ways To Overcome Affordability Challenges in Today’s Housing Market [INFOGRAPHIC]","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20230428\u002FWays-To-Overcome-Affordability-Challenges-In-Todays-Market-KCM-Share.png","2023-04-28T10:30:00Z",{"id":38,"slug":39,"title":40,"featuredImage":41,"publishedAt":42,"contentType":10,"isVideo":15},15173,"a-recession-doesnt-equal-a-housing-crisis-2","A Recession Doesn’t Equal a Housing Crisis","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20230505\u002Fa-recession-doesnt-equal-a-housing-crisis.jpeg","2023-05-02T10:30:00Z",{"cover":44,"open":45,"shareSpread":46},"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",[48,52,53,57,61,65,69,70,74,78,82,86,90,94,98,99,103,107,111,115,119,123,127,131,135,139,143,147,151,155],{"id":49,"name":50,"slug":51},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":54,"name":55,"slug":56},6,"For Sellers","sellers",{"id":58,"name":59,"slug":60},7,"Foreclosures","foreclosures",{"id":62,"name":63,"slug":64},8,"Infographics","infographics",{"id":66,"name":67,"slug":68},9,"Home Prices","home-prices",{"id":22,"name":23,"slug":24},{"id":71,"name":72,"slug":73},34,"Senior Market","senior-market",{"id":75,"name":76,"slug":77},35,"Mortgage Rates","mortgage-rates",{"id":79,"name":80,"slug":81},38,"Move-Up","move-up",{"id":83,"name":84,"slug":85},41,"For Sale by Owner","for-sale-by-owner",{"id":87,"name":88,"slug":89},42,"Featured","featured",{"id":91,"name":92,"slug":93},45,"New Construction","new-construction",{"id":95,"name":96,"slug":97},52,"Luxury \u002F Vacation","luxury--vacation",{"id":26,"name":27,"slug":28},{"id":100,"name":101,"slug":102},80,"Time-sensitive","time-sensitive",{"id":104,"name":105,"slug":106},81,"Outdated","outdated",{"id":108,"name":109,"slug":110},147,"Internal","internal",{"id":112,"name":113,"slug":114},148,"Do Not Autopost","do-not-autopost",{"id":116,"name":117,"slug":118},320,"Inventory","inventory",{"id":120,"name":121,"slug":122},321,"Agent Value","agent-value",{"id":124,"name":125,"slug":126},322,"Affordability","affordability",{"id":128,"name":129,"slug":130},323,"Buying Tips","buying-tips",{"id":132,"name":133,"slug":134},324,"Downsize","downsize",{"id":136,"name":137,"slug":138},325,"Economy","economy",{"id":140,"name":141,"slug":142},326,"Equity","equity",{"id":144,"name":145,"slug":146},327,"Forecasts","forecasts",{"id":148,"name":149,"slug":150},328,"Selling Tips","selling-tips",{"id":152,"name":153,"slug":154},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":156,"name":157,"slug":158},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]