Buy Now or Rent Now?

Renters stuck in the renters trap or newly interested young buyers are curious as to whether or not they should actually renew their lease or look into investing in their first home.

The top question is, of course, is it really cheaper to buy a home rather than rent one?

KCM recently released compelling statistics that make a strong argument for buying a home instead of renting one.

Buy Now, or Rent Now? KCM

From this data, it is clear that even the youngest of homebuyers can expect to be paying a lower percentage of income on a mortgage payment than on a rental property. An average homeowner can expect to pay 15.3% of income on a mortgage (17.4% for first-time, 23-to-24 year old buyers), compared to a staggering 29.9% of income for renters.

Buy Now, or Rent Now? KCM

From another perspective, the affordability ratio is in pretty stark contrast. On average, it is 30.8% more affordable to buy a home than rent one (-19.8% less affordable).

If you're wondering what these statistics really mean for your current situation, don't hesitate to send us an email or give us a call! We would be happy to help you.

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