Are You Wondering if This Is the Year To Buy a Home?

<article class="post-221192 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-221192"><span class="entry-date">March 16, 2022</span><div class="entry-header center-block text-center"><h1 class="entry-title">Are You Wondering if This Is the Year To Buy a Home?</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Are+You+Wondering+if+This+Is+the+Year+To+Buy+a+Home%3F&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fare-you-wondering-if-this-is-the-year-to-buy-a-home%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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<p><img alt="Are You Wondering if This Is the Year To Buy a Home? | Simplifying The Market" class="webfeedsFeaturedVisual wp-post-image" decoding="async" link_thumbnail="" loading="lazy" sizes="auto, (max-width: 549px) 100vw, 549px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/03/15132003/20220316-KCM-Share0-549×300.jpg" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/03/15132003/20220316-KCM-Share0-549×300.jpg 549w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/03/15132003/20220316-KCM-Share0.jpg 750w" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" width="358"/></p>
<p>Every year, many renters ask themselves the same question: <em>Should I continue <a href="https://www.simplifyingthemarket.com/2022/02/25/the-difference-between-renting-and-owning-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2">renting</a>, or is it time to <a href="https://www.simplifyingthemarket.com/2022/03/10/how-to-navigate-a-market-where-multiple-offers-is-the-new-normal/?a=712984-fa409495d5d70154d03a25e81e9540e2">buy a home</a>?</em> If you’re a renter, chances are you’ve asked yourself that question at least once, and it’s likely because you’ve faced an increase in your monthly housing costs over time. After all, according to <a href="https://www.census.gov/housing/hvs/files/currenthvspress.pdf"><em>Census</em></a> data, rents have risen consistently for decades.<span id="more-46167"></span></p>
<p>To make an informed and powerful decision, the first step is understanding what’s happening in today’s housing market so you can determine which option is the better long-term <a href="https://www.simplifyingthemarket.com/2022/01/31/owning-is-more-affordable-than-renting-in-the-majority-of-the-country/?a=712984-fa409495d5d70154d03a25e81e9540e2">financial decision</a> for you.</p>
<h4><strong>Rents Are Going Up Again This Year</strong></h4>
<p>Rents are skyrocketing right now. <a href="https://news.move.com/2022-02-22-Realtor-com-R-January-Rental-Report-Buying-a-Starter-Home-is-More-Affordable-than-Renting-in-Over-Half-of-the-Largest-U-S-Metros">Data</a> from <em>realtor.com</em> shows just how much rental prices are surging throughout the country. The graph below highlights rental unit price increases over the past year:</p>
<p><a href="https://files.simplifyingthemarket.com/wp-content/uploads/2022/03/15114120/20220316-MEM-Eng-1.png"><img alt="Are You Wondering if This Is the Year To Buy a Home? | Simplifying The Market" class="aligncenter wp-image-46162" decoding="async" height="488" loading="lazy" sizes="auto, (max-width: 650px) 100vw, 650px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/03/15114120/20220316-MEM-Eng-1.png" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/03/15114120/20220316-MEM-Eng-1.png 1000w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/03/15114120/20220316-MEM-Eng-1-400×300.png 400w" width="650"/></a></p>
<p>If you’re a renter and plan on signing a new lease, your monthly costs are likely to go up when you do. Those rising costs can have a big impact on your financial goals, including any <a href="https://www.simplifyingthemarket.com/2022/03/02/down-payment-assistance-programs-can-help-you-achieve-homeownership/?a=712984-fa409495d5d70154d03a25e81e9540e2">plans</a> you’re making to save for a home purchase.</p>
<h4><strong>Homeownership Offers Stable Monthly Costs</strong></h4>
<p>Of course, one of the key benefits of owning your home is that you’re able to <a href="https://www.simplifyingthemarket.com/2022/02/21/real-estate-voted-the-best-investment-eight-years-in-a-row/?a=712984-fa409495d5d70154d03a25e81e9540e2">lock in</a> and stabilize your payments for the duration of your loan.<strong> That’s not the case when you rent. </strong></p>
<p>While rents are already on the rise, there’s a good chance many people will see their rental costs increase even more this year. As Danielle Hale, Chief Economist at <em>realtor.com</em>, <a href="https://www.prnewswire.com/news-releases/realtorcom-december-rental-report-rental-market-wraps-up-2021-with-price-growth-thats-5-3-times-faster-than-in-2020–301468347.html">says</a>:</p>
<blockquote>
<p><em>“<strong>With rents already at a high and expected to keep going up, rental affordability will increasingly challenge many Americans in 2022</strong>. For those thinking about making the transition from renting to buying their first home, rising rents will remain a motivating factor. . . .”</em></p>
</blockquote>
<p>So, if you’re ready to become a homeowner, waiting any longer may not make financial sense. Instead, escape the cycle of <a href="https://www.simplifyingthemarket.com/2022/01/04/avoid-the-rental-trap-in-2022/?a=712984-fa409495d5d70154d03a25e81e9540e2">rising rents</a> and enjoy the <a href="https://www.simplifyingthemarket.com/2022/02/14/are-you-ready-to-fall-in-love-with-homeownership/?a=712984-fa409495d5d70154d03a25e81e9540e2">many benefits</a> that come with homeownership today.</p>
<h3><strong>Bottom Line</strong></h3>
<p>Starting your journey towards homeownership can pay off significantly this year. If you’re financially ready today, let’s connect so we can discuss your options.</p>
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