• Menu
    805-419-0781
    mary@addingtonrealtygroup.com
  • Please Setup your Menus

Addington Realty Group | eXp RealtyAddington Realty Group | eXp Realty

Bringing You Home, Throughout California and Arizona

  • Home
  • Buyers
    • Featured Homes
    • 8 Steps to Buying
    • All About Location
    • Home Buying Tips
  • Sellers
    • 8 Steps to Selling
    • Good Seller’s Etiquette
    • Sell and Make a Profit
    • Staging Tips
  • Communities
    • Oxnard / Port Hueneme
    • Simi Valley / Moorpark
    • Temecula
    • Murrieta
    • Wildomar
    • Newbury Park / Thousand Oaks
    • Oak View / Ventura
    • Camarillo
  • About Us
    • Client Testimonials
    • Submit a Testimonial
  • Blog
  • Featured Homes

The Perks Of Buying Over Renting in Scottsdale, Arizona.

The Perks of Buying over Renting

Thinking about buying a home? While today’s mortgage rates might seem a bit intimidating, here are two solid reasons why, if you’re ready and able, it could still be a smart move to get your own place.

1. Home Values Typically Go Up Over Time

There’s been some confusion over the past year or so about which way home prices are headed. Make no mistake, nationally they’re still going up. In fact, over the long-term, home prices almost always go up (see graph below):

No Caption Received

Using data from the Federal Reserve (the Fed), you can see the overall trend is home prices have climbed steadily for the past 60 years. There was an exception during the 2008 housing crash when prices didn’t follow the normal pattern, but generally, home values kept rising.

This is a big reason why buying a home can be better than renting. As prices go up and you pay down your mortgage, you build equity. Over time, this growing equity can really increase your net worth. The Urban Institute says:

“Homeownership is critical for wealth building and financial stability.”

2. Rent Keeps Rising in the Long Run

Here’s another reason you may want to think about buying a home instead of renting – rent just keeps going up over the years. Sure, it might be cheaper to rent right now in some areas, but every time you renew your lease or sign a new one, you’re likely to feel the squeeze of your rent getting higher. According to data from iProperty Management, rent has been going up pretty consistently for the last 60 years, too (see graph below):

No Caption Received

So how do you escape the cycle of rising rents? Buying a home with a fixed-rate mortgage helps you stabilize your housing costs and say goodbye to those annoying rent increases. That kind of stability is a big deal.

Your housing payments are like an investment, and you’ve got a decision to make. Do you want to invest in yourself or keep paying your landlord?

When you own your home, you’re investing in your own future. And even when renting is cheaper, that money you pay every month is gone for good.

As Dr. Jessica Lautz, Deputy Chief Economist and VP of Research at the National Association of Realtors (NAR), says:

“If a homebuyer is financially stable, able to manage monthly mortgage costs and can handle the associated household maintenance expenses, then it makes sense to purchase a home.”

Bottom Line

If you’re tired of your rent going up and want to explore the many benefits of homeownership, let’s talk to explore your options.

Posted in: Buyer Tips Tagged: Addington Realty Group, Arizona, Build Equity, Buy a Home, Buyers, buying myths, Buying Tips, California, Camarillo, First Time Home Buyers, for buyers, Hedge Against Inflation, Home Affordability, home prices, Homebuyer, Homebuyers, Homebuying, Homeownership, housing market, Housing Market Update, Housing Market Updates, Inflation, Low Inventory, market trends, mortgage rates, Move-Up Home Buyers, Oxnard, Phoenix, Prescott, Prescott Valley, Price Appreciation, Pricing, Real Estate, Real Estate Agent, Real Estate Broker, Real Estate Expert, Real Estate Market, Realtor, Rent, Rent vs Buy, Renting, Right Price, Scottsdale, Simi Valley, Things Realtors See, Thousand Oaks, Trusted Realtor, Ventura, Wealth Building

Post navigation

« What More Listings Mean When You Sell Your House in Phoenix, Arizona.
What Is Going On With Mortgage Rates in Simi Valley, California? »

Resources

  • Sellers
  • Buyers
  • Blog

Featured Communities

  • Temecula
  • Murrieta
  • Wildomar
  • Newbury Park / Thousand Oaks
  • Oak View / Ventura
  • Camarillo
  • Oxnard / Port Hueneme
  • Simi Valley / Moorpark

Search Tools

 

Serving Southern California & Arizona
Mary Tan Addington CA DRE: 01918535|AZ DRE: BR700334000
Raymond Addington CA DRE: 01976687|AZ DRE: SA700523000
EXP Realty is an Equal Opportunity Employer and supports the Fair Housing Act

Addington Realty Group
Serving California & Arizona

805-419-0781