“Between 2009 and 2015, the number of renters aged 55 or above rose 28 percent, while those aged 34 or younger only increased 3 percent…
Meanwhile, more than 5 million baby boomers across the nation are expected to rent their next home by 2020, according to a 2016 analysis from Freddie Mac.”
This makes sense in the short term for many reasons. However, is renting a good long-term strategy?
A mortgage payment remains fixed. Rents, however…
The Census Bureau recently released their 2017 third quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:
As you can see, rents have steadily increased and are showing no signs of slowing down. If you are faced with making the decision of whether you should rent or buy your next home, you should take this into consideration.
To Rent or Buy?
One big advantage to rent before buying when moving to a new area is getting to know that area. Many times people think they know where they want to live only to find out that is not the case. I have personal knowledge of this! When we moved to the Metro Atlanta area we thought we wanted to live in Marietta. We rented in Lawrenceville and ended up purchasing a home and living there for 23 years. Marietta is Northwest of Atlanta, Lawrenceville is Northeast. That could have been a costly mistake!
One way to protect yourself from rising rents is to lock in your housing expense by buying a home instead of renting. Let’s get together so we can help you decide what the best step is for you and your family! contact us today!