Interest rates are rising.
This means you may want to think about what your housing will look like long term.
The pandemic created unique economic circumstances that impacted the housing market dramatically. In attempt to recover, inflation has gone up. In turn, consumers don’t have as much buying power. Read more about it here.
One study found that in January 2022 home prices increased by 19.2% year-on-year. Average costs for single family rental property has also seen a jump, 12.6%. Right now is an expensive time for housing, if you’re buying or renting.
Timing is crucial
Housing isn’t the only thing being impacted by inflation. Gas and groceries are more expensive now too. The best option would be to wait until the market levels out to get the most for your money. However, housing is often time sensitive.
The biggest difference is between a mortgage and a rental agreement is length. Renting is the better option for short-term moves. However, buying a property usually ends up being the cheaper option long-term.
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