{"id":2310,"date":"2019-06-11T05:00:59","date_gmt":"2019-06-11T10:00:59","guid":{"rendered":"https:\/\/nwiloanguy.com\/blog\/renting-or-owning-what-is-better-for-you\/"},"modified":"2019-06-11T05:00:59","modified_gmt":"2019-06-11T10:00:59","slug":"renting-or-owning-what-is-better-for-you","status":"publish","type":"post","link":"https:\/\/nwiloanguy.com\/blog\/renting-or-owning-what-is-better-for-you\/","title":{"rendered":"Renting or Owning, What Is Better for You?"},"content":{"rendered":"

\"\u00acRenting<\/p>\n

In a real estate market where home prices are rising, many have begun to reexamine the idea of buying a home, choosing instead, to rent for a while. But often, there is a dilemma: should you keep paying rent, knowing that rent is rising too, or should you lock in your housing cost and buy a home?<\/span><\/p>\n

Let\u2019s look at both scenarios and analyze the pros and cons of each:<\/strong><\/h4>\n

Renting<\/strong><\/h4>\n

With the housing market crash in 2008, many homeowners lost their homes and became renters. According to Iproperty Management<\/em><\/a>, \u201cthe number of households renting their home \u2026 rose from 31.2% of households in 2006 to 36.6% in 2016<\/em>\u201d.<\/p>\n

Some choose to rent because it is more convenient for their lifestyle. Those whose job requires frequent moves need the flexibility that a 6-12 month lease agreement gives them so they can move to their next assignment!<\/p>\n

Many renters believe that renting is cheaper because they do not have to pay for maintenance and repairs. (Not true! Landlords work those expenses into your rent and other fees)<\/em>. Another reason many rent is that they feel like they cannot afford the down payment and closing costs required to buy a house, due to their inability to save much after paying their monthly expenses.<\/p>\n

That can be true! Nearly 1 in 4 renters<\/a> spend at least half their household income on rent. In 2017 the \u201cseverely<\/em>\u201d burdened renters\u2019 rate was 24.7% with 24.9% reporting they were \u201cmoderately<\/em>\u201d burdened.<\/p>\n

Renting also brings some financial disadvantages. Homeowners can take advantage of tax deductions that let them claim their property taxes and mortgage interest. Additionally, there is a big risk that your rent will go up every time you renew your lease, as we know the median asking rent has been increased steadily since 1988!\"Renting<\/a>One of the major challenges with renting is that you don\u2019t have a space to call your own. When you rent, you are paying your landlord\u2019s mortgage, and therefore they are the beneficiaries of the equity gained from paying that mortgage<\/a>.<\/p>\n

Now let\u2019s explore the other side: Homeownership<\/strong><\/h4>\n

In the past, we have mentioned the many financial and non-financial benefits<\/a> of becoming a homeowner. So, let\u2019s just focus on the one big difference between renting and owning, the ability to lock in your housing cost! <\/strong><\/p>\n

Assuming you will have a fixed-rate mortgage, your costs are predictable! You will know exactly what your mortgage payment will be for the next 15-30 years. The homeownership rate in 2018 was 64.4<\/a>%, and has been on the rise. Those households locked in their housing cost rather than wait for their landlord to raise their rent again!<\/p>\n

What are the disadvantages of owning a home? Well, it is a long-term financial commitment! It is not easy to pack quickly and move. You will need time and good planning to do it in a short amount of time.<\/p>\n

You need to save your money! Getting a mortgage requires a down payment<\/a>, closing cost<\/a>s, and moving expenses. Again, that will require some savings and planning<\/a>!<\/p>\n

Unless you have a homeowner\u2019s association (HOA) (and you pay an HOA fee<\/em>) or a home warranty, you will be responsible for maintenance and taking care of the home. This may range anywhere from regular landscaping to major repairs.<\/p>\n

Bottom Line<\/strong><\/h3>\n

Like everything in life, there are pros and cons. What is better for you depends on your situation! If you are interested in becoming a homeowner and want to discuss the pros and cons, let\u2019s get together to help you review your current situation and answer any questions you may have!<\/p>\n

Source: New feed<\/p>\n","protected":false},"excerpt":{"rendered":"

In a real estate market where home prices are rising, many have begun to reexamine the idea of buying a home, choosing instead, to rent for a while. But often, there is a dilemma: should you keep paying rent, knowing that rent is rising too, or should you lock in your housing cost and buy […]<\/p>\n","protected":false},"author":1,"featured_media":2311,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10157519356927224_105287467588662":"","twitter_15771620_15771620":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[54],"class_list":{"0":"post-2310","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-local-info","8":"tag-100-financing","9":"entry"},"yoast_head":"\nRenting or Owning, What Is Better for You?—NWI Loan Guy Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nwiloanguy.com\/blog\/renting-or-owning-what-is-better-for-you\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Renting or Owning, What Is Better for You?—NWI Loan Guy Blog\" \/>\n<meta property=\"og:description\" content=\"In a real estate market where home prices are rising, many have begun to reexamine the idea of buying a home, choosing instead, to rent for a while. 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