![]() In contrast to renters who face rent hikes every year, homeowners with a fixed-rate mortgage can lock in a monthly mortgage payment for the duration of their loan (typically 15-30 years). With rents much higher now than they were in more normal, pre-pandemic years, owning your home may be a better option. The median asking rent was $1,732, up by $15 from last month, but it's still $354 (25.7%) higher than the same time in 2019 (pre-pandemic). Even though the rental market experienced single-digit growth in March 2023, according to the latest rental report from, rents continue to grow today. ![]() In this article, we'll discuss the reasons why buying a home makes more sense than renting today.ĭata from the Census shows that rents have been climbing pretty steadily since 1988. ![]() ![]() Why Buying a Home Makes More Sense Than Renting TodayĪre you wondering whether you should continue renting or buy a home this year? With rental affordability being a challenge for years, owning a home might be a better option, especially if the long-term trend of rents increasing each year continues. ![]()
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