The answer to the Rent Vs Buy question is constantly evolving to your current situations and your goals.
There are a few main points to consider:
1 — Where do you want to live? How long would you like to live there?
>> Neighborhood Safety
>> Drive Time to Work, Shopping, & Recreation
2 — The purchase price of the homes in the area.
3 — Down payment / Loan programs / Interest rates / Mortgage term
4 — What is the cost of renting a similar home
5 — Buying a home is an investment. It is a great opportunity to build equity each year
** If renting still outweighs the benefits of buying, those savings must be invested, not spent.
Curious about your purchase power? Reach out to a lender and they can let you know where you stand, what loan options are available to you and what you could possibly improve on. Then, reach back out to us and we can begin searching for your dream home!