Boomers Are Selling Their Current Homes. Why Buying Is A Better Choice Than Renting
In a recent CNBC article, it was reported that many baby boomers are selling their current homes and moving into rentals, rather than purchasing another home. Are you wondering if you should buy a home or rent at this point in your life?
This makes sense in the short term for many reasons. If you are moving to a different part of town or a new region of the country, you may decide to rent until you pick the perfect home in an area you love. However, is renting a good long-term strategy?
A mortgage payment remains fixed. Rents continue to rise!
The Census Bureau recently released their 2017 third-quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:
As you can see, rents have steadily increased and are showing no signs of slowing down. If you are faced with making the decision of whether you should rent or buy your next home, you should take this into consideration.
Bottom Line-Should Boomers Buy or Rent After Selling?
One way to protect yourself from rising rents is to lock in your housing expense by buying a home instead of renting. There are so many reasons to buy a home in Raleigh. Let’s get together so we can help you decide what the best step is for you and your family!