Every year, many renters ask themselves the same question, "Shall I continue renting or is it time to buy a home?" If you're a renter, chances are you've asked yourself that question at least once and it's because you've faced an increase in your monthly housing cost over time.

According to census data, rents have driven consistently for decades. To make an informed and powerful decision, the first step is understanding what's happening in today's housing market so you can determine if buying or renting is the better long-term decision for you. Hey, it's Andy Mandel with The Mandel Team at RE/MAX and rents are skyrocketing right now. Data from realtor.com shows just how much rental prices are surging throughout the country. This graph highlights the rental unit increases over the past year. If you're a renter and you plan on signing a new lease, your monthly costs are likely to go up when you do. Those rising costs can have a big impact on your financial goals, including any plans you're making to save for a home purchase.

Of course, one of the key benefits of owning your home is that you're able to lock in and stabilize your payments for the duration of loan. That's not the case when you rent. While rents are already on the rise, there's a good chance many people will see their rental costs increase even more this year as rental affordability will increasingly challenge many Americans in 2022. For those thinking about making the transition from renting to buying their first home, rents will continue to be a motivating factor. We hear from renters all the time that they're quote, saving up for a bigger down payment. With rents, home prices, and interest rates continuing to rise this year, unless you can save money significantly faster than the increase in prices, you're likely gonna fall further behind and waiting longer might not make financial sets.

Instead escape the cycle of rising rents and enjoy the many benefits that come with home ownership today. Starting your journey towards home ownership can pay off significantly this year. If you're financially ready today, let's connect so we can discuss your options.

Posted by Andy Mandel on
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