January 14, 2020

Is now a good time to buy a house?

Buying versus renting: it's a question that comes up all the time. Should I buy, should I continue to rent? If you’re asking those questions, then here’s some information you need to know.

  1. Home owners have 44 times more net worth than renters. It's just a statistical fact.
  2. Affordability.

Did you know that over the last forty years, it takes about 25.8% of your average income to pay for rent, whereas it took 21% of your income to buy a home?

Today, it actually takes upwards of 29% of your income to rent a home. Renting has become much more expensive.

It only takes 15.8% percent of your income to buy a home. So, it's actually more affordable to buy a home today, statistically, than it has been in any other point previously. Home prices did dip after 2008-2010, but even today, it's more affordable than it was in the 2000s and even the 1900s when we look at the numbers.

What are some other non-numerical reasons to buy a home? We've got things like:

  1. Your own space. It's your home! You can set up the home the way you want.
  2. Children typically are happier in a home that's owned by their family than a home that's rented.
  3. Peace of mind and security. This is going to be your home. It's not a home that's somebody else's, you can do with it what you want.

If you have questions about how you qualify for buying a home, or any of these stats that we just talked about, contact us today. We’re here to get you home.

Watch our video on this topic here.