Buying A House Now Will Save You Money

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According to a new report from the National Association of Realtors, buying a home today will save you more than $200,000 over the next 30 years. The data – part of an effort to weigh the financial benefits of owning a home vs. renting – revealed that the longer you wait to buy a home, the less money you’ll save. In fact, putting off buying a home for even just one year could mean losing out on nearly $19,000 in savings. That’s because mortgage rates and home prices are expected to continuing rising. However, rent has also been increasing nationally and, since it is subject to inflation while homeownership costs are mostly fixed, the sooner you buy a home the more money you’ll save over the long run. Of course, the amount of money saved by buying a home today varies from one local market to the next but, on a national basis, buying is cheaper than renting and – as long as you plan on staying in the home you buy for at least five years – you should benefit financially. More here.

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