You’ve been waiting for something to change before you buy. It just might not be the thing you expected…While everyone’s paying attention to mortgage rates, only the savviest
Dated: May 1 2024
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Thinking about buying a home? While today’s mortgage rates might seem a bit intimidating, here are two solid reasons why, if you’re ready and able, it could still be a smart move to get your own place.
1. Home Values Typically Go Up Over Time
There’s been some confusion over the past year or so about which way home prices are headed. Make no mistake, nationally they’re still going up. In fact, over the long-term, home prices almost always go up (see graph below):

Using data from the Federal Reserve (the Fed), you can see the overall trend is home prices have climbed steadily for the past 60 years. There was an exception during the 2008 housing crash when prices didn't follow the normal pattern, but generally, home values kept rising.
2. Rent Keeps Rising in the Long Run
Here’s another reason you may want to think about buying a home instead of renting – rent just keeps going up over the years. Sure, it might be cheaper to rent right now in some areas, but every time you renew your lease or sign a new one, you’re likely to feel the squeeze of your rent getting higher. According to data from iProperty Management, rent has been going up pretty consistently for the last 60 years, too (see graph below):

So how do you escape the cycle of rising rents? Buying a home with a fixed-rate mortgage helps you stabilize your housing costs and say goodbye to those annoying rent increases. That kind of stability is a big deal.
Your housing payments are like an investment, and you've got a decision to make. Do you want to invest in yourself or keep paying your landlord?
Bottom Line
If you're tired of your rent going up and want to explore the many benefits of homeownership, let’s talk to explore your options.
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice.
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About George & Maribel MedinaGeorge and Maribel Medina bring over 30 years of combined experience in the real estate industry, consistently delivering results with integrity, professionalism, and ....
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