Renting Vs Buying has always been a point of discussion amongst real estate experts. Depending upon the economic situation of the city or state, the debate between buying vs renting keeps fluctuating. But due to the economic crunch in the last few years, the housing prices have stabilized and mortgage rates decreased. On the other hand, many cities have seen a drastic rise in the apartment and home rents. This has discouraged a lot of renters who find it difficult to pay continuously rising rents. Instead of paying a big chunk from their salaries as rent, they prefer to buy a home and pay monthly mortgage.
No one can give you an estimate about the right time to buy a home. It depends upon a lot of factors including:
- Your Finances
- The city and state you are living in
- The kind of home you want
- The neighborhood you want to live in
Both renting and buying has their pros and cons. One can weigh them to see which situation suits them best. It will eventually help them to determine what’s good for them in the long run.