Rising Rent versus Fixed Mortgage
Posted by Catherine Wright on Tuesday, September 13, 2022 at 2:22 PM By Catherine Wright / September 13, 2022 Comment
Should you rent or should you buy a home?
With inflation rising, you may be wondering if you should put your plans to buy on pause. Here’s some information that may help you make your decision.
This graph shows the median asking rent since 1988.
Notice how steadily it’s been rising each year. If you’re still renting, ask yourself:
"How many times has your rent gone up?"
Probably every time you started or renewed a lease. As inflation raises prices all around you, that can be a harder pill to swallow these days.
When you buy a home, you can lock in your monthly payment for the length of your loan. Plus, as you pay that loan off and home prices continue to appreciate, you gain equity, and that will help you build your net worth. Those are two things renting can’t provide.
If building a Net Worth and having a Consistent Monthly Payment is your plan, we can help. The Wright Team knows the steps it takes to become a home owner from a renter.
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