Each year, home renters face the question of whether to renew their lease for another year or determine if it is time to buy a home of their own. Over the past couple of years, the US housing market has changed dramatically as home values have soared and interest rates have remained low. So, if you are still renting your home, it might be time to buy instead.
4 Facts About Renting your Home
1. Rents Are Rising Quickly – Higher priced home values drive higher rent costs. While a 30-year fixed home loan will provide steady monthly payments for the duration, most renters are shocked to see their housing payments rise each year.
2. Paying for Your Landlord’s Equity – As home prices rise, so does the equity in the property. As a renter, you are…