According to reatlor.com, rent rose by 8.1% then where it was last year. Usually, there is less than a 1% increase per month. Rent is rising at a record pace! The rise in rent over time clearly shows one of the major advantages home ownership has over renting: stable housing costs. Renters face increasing costs every year. One cannot usually control the cost of their rent. When you purchase your home, your mortgage rate is locked in for 30 years, meaning your monthly payment stays the same over time. That gives you peace of mind and predictability for many years ahead.
The graph below shows how the average mortgage payments are lower than the average rent price. Rental prices vary by state, especially in California.
There are many advantages of purchasing a home sooner than later. Contact The Aaronson Group today at 949-388-5194 or info@previewochomes.com and let us help you find the right home for you!
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