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Is It Better to Rent or Buy?


Don’t get caught in the rental trap. Here’s why owning a home is the better option, financially.

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Today, we’ll be talking about rising rental rates and why you should avoid getting caught in the trap of renting.

If you’re debating about whether or not it’s better to rent or own a home, think about some of the things you’ll be paying for if you rent.

The national average for rental rates has gone up 2.7%. Most people spend almost half of what they make on rent, which only ends up going toward paying for someone else’s mortgage.

“Most people spend almost half of what they make on rent.”

With a 30-year fixed-rate mortgage, it’s a lot cheaper to own a home than it is to rent. Statistics show that 80% of millennials want to buy a home, but the biggest obstacle for many of them is having enough money for a down payment. A lot of people think that a 20% down payment is the requirement across the board when, really, you can get a 30-year fixed-rate mortgage with as little as a 3% to 5% down payment.

The bottom line is: Don’t get caught in the rental trap.

If you have any more questions about the cost of buying a home versus the cost of renting or you’re thinking about buying or selling a home soon, don’t hesitate to reach out to me. I’d be happy to help you.

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