All Generations Believe Renting Is More Affordable Than Owning—Even Though It’s Not True
According to new research from lender Freddie Mac, every generation—from millennials to Gen Xers to Baby Boomers—are continuing to rent because they think it’s saving them money. From to the report, 76% of Millennials, 75% of Gen Xers, and 81% of Baby Boomers said renting was the more affordable option.
But with rents rising across the country, that’s just no longer the case. According to the most recent Market Outlook Report from Realtor.com, rents rose year over year in nearly ¾ (73%) of counties across the United States. And according to Trulia, it is now more affordable to own a home than to rent in a whopping 98% of the largest metro markets in the US.
The Takeaway
The misconception that renting is more affordable than homeownership is not only costing renters of every generation money, it’s also costing them the ability to own their own home. If you’ve been renting because you believe it’s saving you money—no matter how old you are—it’s time to look at the facts, reevaluate your situation, and consider transitioning to homeownership.
Does Owning A Home Make More Sense Than Renting?
A guide for determining what’s right for YOUR situation
Renting vs Owning a Home: Which Makes More Sense for YOU?
Not everyone is cut out for owning. This guide wasn’t written to convince you that buying is better than renting or vice versa. Rather, it’s to help you figure out which makes more sense for you and your particular situation.
sometimes renting makes more sense. Sometimes buying does.
The answer to this really depends on who you are, how you live, and what your long-term plans are.
Some just buy a home because they feel it’s “what you’re supposed to do.” They don’t even question whether or not it makes sense for them.
On the other hand, some people don’t buy a home because they feel it’s something they aren’t qualified to do, can’t handle, or have heard other people say it doesn’t make sense to do.
It’s a quick read, and it’s filled with over a dozen thought-provoking topics. It makes sense for you to read this if you:
• Question the value of owning a home.
• Have never owned a home.
• Owned a home, but went back to renting due to past financial issues.
• Simply want to think through which scenario (owning vs. renting) makes more sense.
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Don’t hesitate to contact me with any questions you have regarding Residential Real Estate in the Valley of the Sun!
