If you are ready, willing and able to purchase a home, owning is much better than renting.
Now is a great time to buy a home.
Owning has massive benefits and now is a sensational time to plunge into owning your own home.
Here are a few sources to consider:
Benefits of OwningJoint Center for Housing Studies, Harvard University:
“Homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord…Having to make a housing payment one way or the other, owning a home can overcome people’s tendency to defer savings.”
The Federal Reserve:
“Renters have much lower median and mean net worth than homeowners in any survey year.”
Benefits of Buying NowTrulia:
“Buying costs less than renting in all 100 large U.S. metros… Now, at a 30-year fixed rate of 4.5%, buying is 38% cheaper than renting nationally.”
"One thing seems certain: we are not likely to see average 30-year fixed mortgage rates return to the historic lows experienced in 2012…Yes, rates are higher than they were a year ago – and certainly higher than two years ago. But if you look at the averages over the last four decades, today's rates remain historically low."
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Jim Starwalt, Real Estate Broker
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Believing in Home Ownership in 2014