Deciding whether to rent or buy a home this year? Rental affordability has been challenging for years, and it isn't changing any time soon. That's why many are considering the advantages of purchasing property despite the higher rates.
According to data recently released by Realtor.com, while the rental market is experiencing slower-paced growth, as of March 2023, rent is still over 25% higher than in March 2019! With rents much higher now than in pre-pandemic years, owning your own home can provide a more affordable and stable option.
Homeowners with a fixed-rate mortgage can lock in a monthly payment for the duration of their loan, usually 30 years, unlike renters, who are subjected to fluctuating rental rates.
If you need a larger living space, like two or more bedrooms, then you should definitely look into buying a home. When comparing the cost of rent of a two-bedroom to a mortgage payment for a two-bedroom, the homeowner comes out on top. According to Realtor.com, the median monthly mortgage payment for a two-bedroom property is $74 less than renting.
Furthermore, owning a home allows you to start building equity, which grows your net worth as home values typically rise over time. As you pay off your mortgage, the equity builds, which can be utilized to fuel a move to an even larger space down the line. Building your own equity is why many bought their homes in the past year.
There's no better time than the present to pursue your dream of buying your first home. If you're looking to accommodate your household in a bigger space, have more breathing room to spread your belongings, or dedicate space to your hobbies, consider homeownership and work with a trusted mortgage professional to explore your home financing options and home-buying assistance programs.
With rents rising, owning a home could be a more sensible option! Contact us today for an obligation-free consultation, and use the calculator on our website to get an idea of your future mortgage payment.
Helping clients break through the barriers that impede homeownership one loan at a time. Give us a call today for help with your home purchase or refinance!
Lighthouse Mortgage Group, LLC
6250 Orchard Lake Road, Suite A
West Bloomfield, Michigan 48322
Phone: (248) 383-0026
Fax: (248) 377-0168
Lighthouse Mortgage Group, LLC strives to ensure that its services are accessible to people with disabilities. Lighthouse Mortgage Group, LLC has invested a significant amount of resources to help ensure that its website is made easier to use and more accessible for people with disabilities, with the strong belief that every person has the right to live with dignity, equality, comfort and independence.
Lighthouse Mortgage Group, LLC makes available the UserWay Website Accessibility Widget that is powered by a dedicated accessibility server. The software allows lighthouse-mtg.com to improve its compliance with the Web Content Accessibility Guidelines (WCAG 2.1).
Lighthouse Mortgage Group, LLC accessibility menu can be enabled by clicking the accessibility menu icon that appears on the corner on the page. After triggering the accessibility menu, please wait a moment for the accessibility menu to load in its entirety.
Lighthouse Mortgage Group, LLC continues its efforts to constantly improve the accessibility of its site and services in the belief that it is our collective moral obligation to allow seamless, accessible and unhindered use also for those of us with disabilities.
Despite our efforts to make all pages and content on Lighthouse Mortgage Group, LLC website fully accessible, some content may not have yet been fully adapted to the strictest accessibility standards. This may be a result of not having found or identified the most appropriate technological solution.
If you are experiencing difficulty with any content on Lighthouse Mortgage Group, LLC website or require assistance with any part of our site, please contact us during normal business hours as detailed below and we will be happy to assist.
If you wish to report an accessibility issue, have any questions or need assistance, please contact us by sending an email to: email@example.com