The real estate market is a hot topic. Friends, family, blogs, cable TV talking heads…they’re all weighing in on the latest predictions and concerns.
At Meritage Homes, we’re here to help you sort through the chatter to find out what’s really going on, and what it means for you.
In this article, we’re looking at what’s going on with rental prices and finding out if renting is better than buying.
Rumor: Renting is better than buying in the current market.
Reality: Inflation? High demand for housing in your area? These issues can impact rental prices year after year, but they won’t affect your mortgage payment on a fixed rate loan.
Once you buy your home with a fixed rate loan, you have the peace of mind knowing that your monthly mortgage payment will be your monthly mortgage payment for the life of the loan,1 unless you choose to refinance if rates happen to go down in the future, in which case your monthly payment would be even lower.
There are many advantages to owning, a recent Census Bureau report revealed that homeowners’ median net worth is 80 times larger than renters’ median net worth.2 This suggests that home ownership can be a smart move for individuals and families looking to build wealth in the long run.
Should you keep renting or make the move to homeownership? Check out our Rent vs. Buy calculator to help you weigh the fees, taxes, and monthly payments to help you determine the best next step for you. Click the Rent vs. Buy Calculator tab and use the slider buttons to adjust numbers. The chart below will show you different scenarios to consider.3
Visit a Meritage Homes community and talk with a Sales Counselor to learn about monthly payments that fit your budget and give you piece of mind for the future.
1Reference is solely to loan payment, and does not include impounds for taxes, insurance, and other payments that may vary and may be payable with the loan payment pursuant to the terms and conditions of your loan.
2https://www.census.gov/library/stories/2019/08/gaps-in-wealth-americans-by-household-type.html
3This calculator is provided solely for general information purposes. Although this calculator may be a useful tool in evaluating certain financial information and assumptions provided by the user, it is not intended in any way as financial, securities, insurance, tax, or legal advice or services. Further, this calculator may not include all financial information relevant to any particular user, and there often are other important considerations to any home buying decision that are difficult to quantify in financial terms. Accordingly, this calculator is provided on an "AS IS" AND "AS AVAILABLE" BASIS WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF SUITABILITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT. Meritage Homes does not assume any duty by making this calculator available, all of which duties are expressly disclaimed, and Meritage Homes shall not be responsible for any errors or omissions in this calculator or the consequences of any decisions or actions taken in reliance upon this calculator.