Freedom from Renting

Owning is cheaper than renting in most of the country. According to a new report from ATTOM Data, owning a median-priced home is more affordable in 58% of the 1100 counties surveyed than the average rent on a three-bedroom home. “Home ownership still remains the more affordable option for average workers in a majority of the country because it still takes up a smaller portion of their pay,” says Todd Teta, Chief Product Officer at ATTOM Data.

 “This means in all of these places, renters shelled out more every month on rent alone than their home-owning neighbors did on their monthly mortgage payments plus other ownership expenses,” says Antonella DDininno, “And what’s even worse, renters will never see that money again. Homeowners do when they sell.”

 Rents are expected to keep climbing in 2022, and landlords will pocket that extra money. “The big difference between renting and owning is, when you rent you’re funding your landlord’s investment strategy, not your own,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty.

 When you buy a home, your monthly mortgage payment works like a forced savings account. Over time, as you pay down your loan and as home values rise, you build equity (and by extension, your own net worth).

 According to the latest data from CoreLogic, the average homeowner gained $56,700 in equity over in 2021, a number that continues to grow as home values appreciate. “This should give Millennials and Gen Z buyers peace of mind that investing in real estate is worthwhile,” says Dininno. “We’ve lived through a time that has truly changed our needs and who we are, and as a result, homeownership has a whole new meaning for many of us,” adds Darby Metzger.

 If you’re looking for freedom from renting this Independence Day,  it’s important to look at the full picture. Antonella Dininno or any of the seasoned professionals at ERA Justin Realty can help you explore your options. Call us at 201-939-7500.