Is This The Right Time To Buy Or Should I Continue To Rent? What About The Benefits Of Owning Real Estate?
August 28th, 2023 by MG
I get this question a lot and it’s a valid question. Heck, it’s one I often ask myself as well. Owning a home in the long term has more benefits than detriments, but with the current financial climate, you have to ask yourself:
“If I’m renting my current place for $900 a month - Am I willing to live in what $900 a month will buy me on the housing market?”
If the answer is No… keep renting.
The reasoning for that is that the extra costs of HOA (homeowner association) dues, property taxes, etc. will drive that 900 upwards of 1,000 dollars and you’ll need that additional flexibility.
In the Gilbert area, large 4 and 5 bedrooms houses rent for $1250 on up to $1500 a month. However if you search the MLS, they’re often listed at $300,000 to $400,000. Depending on your credit and how much you can put down, that often puts you in $2,000+ area on house payments. Not including future property tax assessments and HOA dues.
A commenter recently posted this link in a comment and because it’s been so useful to everyone who’s used it and gotten back to me, I figured it’d be great to repost. Thanks Ubu!
If you’re curious what’s out there on the rental market, I’ve had great luck with Craigslist. Click here to visit the Phoenix Craigslist house rental search. For the sake of convenience, I’ve added in details for a 4 bedroom search with images.
Check out the related posts below for some more information if you’re curious! I’m going to be writing up some great tips for saving money on a rental and also how to rent while keeping purchasing in the future, in mind.
Check Out Some Related Posts
- Buying A House Is The Biggest Mistake You Could Make - The Renting Vs Buying Argument
- Jingle Jingle! New York County’s Foreclosure Filings Jump 113% - But Not Because Of Job Loss
- Facing Foreclosure - The Story Of My Short Sale - Part Three: The Home Equity Loan, The Foreclosure Notices, And Renters That Never Paid
- Arizona’s Foreclosure Creep Is Slowly Moving Inward From Out-Lying Areas To Metropolitan Areas
- The Housing Bubble Also Hurts The People That CAN Make Their Payments - Especially Condo Owners
- Walking Away From Your Mortgage - The Lights Are On In Almost 19 Million Homes But Nobody’s Home
- Can You Remember How Many Homes You Own? How About How Many Homes You Have That Are Going Through Foreclosure?
- McMansion Busting - Democrats Propose Removing Tax Benefits For Homes Larger Than 3,000 Square Feet
- The Real Reason A Bailout Won’t Work That Nobody Wants To Talk About - Housing Inventory And Empty Foreclosed Houses
- Facing Foreclosure - The Story Of My Short Sale - Part One: Buying My First Home
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