In today’s housing climate, there’s a lot of evidence of inequality in the economic bubble. Without employment boosts or incomes rising, costs of living continue to shoot up all around us. With higher prices on goods and services, the housing market takes this into account and property managers look to raise prices to maintain their income.
Due to the state of our economy constantly changing, you may be asking yourself “In our current market, should I rent or buy a house?” Here are the biggest advantages to owning a home right now.
Long-Term Investment
Ultimately the former is true, owning a home is an amazing long-term investment opportunity. As you pay on your mortgage you build equity which is great for your estate holdings. For many people, it is more than that as well. A home is an emotional experience for most humans.
Your first home can create more security in your life. There is something very territorial about humans even still in 2022. We want to know where we come from and have a place to go back to. Owning your home gives you pride and a sense of community. Even renting in a good area is amazing, but owning a home there is even better.
Having a home to leave to your family may be near and dear to your heart and the legacy you would like to leave for your children. If you take care of your home, keep it functioning properly, do all the necessary upkeep, you can have an asset to hand down for generations.
It May Still Be a Buyer’s Market
I think we all should be expecting the housing market to wax and wane a bit with all of the global changes we are recovering from. Even with that, I see that mortgages are still coming in lower than rentals at this time in my area.
This could be completely different for your market, and mortgage rates have been slowly creeping upward. The housing market is hot right now, there is a lot of selling and buying that has been happening since pandemic times. And we are going to see evidence of that for a while.
Strike while the fire is hot and compare your rates in your housing market. You can usually find housing property value through online public records. Search your area for rentals and the average rent costs.
As I said above, in my market, it would be more beneficial to own a home. It’s vital that you search within your own market area. Maybe you can find decent homes for the same cost or less than renting where you are. We should be striving not to assist someone else with their equity, but assist yourself with building your wealth.
Privacy and Pride
Owning a home gives people a sense of self. Owning property is an accomplishment and if you’re able to create a home where you are comfortable in it every day, that is what some people would call the “American Dream”.
Along with our desires of comfort comes privacy. Some people don’t want to have to deal with anyone else telling them how to live. It’s everyone’s own right to live how they please as long as it’s in harmony with everyone else. Some folks enjoy their harmony where no one else can join them.
Being a kid and having…or even not having somewhere to go “home” characterizes your ability to feel secure and have privacy. Some basic needs are met when we have shelter, love, food, and warmth. This is one of the greatest advantages of owning your own home. Creating this for yourself and your loved ones is a milestone in life.
For some parents especially, it’s important to leave behind something for their children. Home may only be a feeling, however, it can be a place as well. We try to give our children somewhere safe to come back to every day after school. Being able to provide that for future generations will help build equity for them as well.
