Rental prices are skyrocketing this year

Every year, many renters ask themselves the same question: Should I continue renting, or is it time to buy a home?

Here are a few things to know if you’re thinking about making the switch from renting to owning this year:

Rents Are Going Up Again This Year

Rents are skyrocketing right now. According to Realtor.com rental prices are surging throughout the country. This graph highlights rental unit price increases over the past year:

If you’re a renter and 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.

Homeownership Offers Stable Monthly Costs

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 your loan. That’s not the case when you rent.

With rents are already on the rise, there’s a good chance many people will see their rental costs increase even more this year.

Bottom Line

Starting your journey toward homeownership can pay off significantly this year. Reach out to us when you’re ready.