\n
\u201cSince January of this year,\u00a0the national median rent has increased by a staggering 16.4 percent.<\/strong>\u00a0To put that in context, rent growth from January to September averaged just 3.4 percent in the pre-pandemic years from 2017-2019.\u201d<\/em><\/p><\/blockquote>\n
Looking back, we can see\u00a0rents rising isn\u2019t new. The median\u00a0rental price\u00a0has\u00a0increased<\/a>\u00a0consistently over the past 33 years\u00a0(see graph below)<\/em>: $\"Renters$ <\/a>If you\u2019re thinking of\u00a0 renting<\/a>\u00a0for another year,\u00a0consider that rents will likely be even higher next year. But that alone doesn\u2019t paint the picture of the true\u00a0 cost<\/a>\u00a0of renting.<\/p>\n
The Money Renters Stand To Lose This Year<\/strong><\/h4>\nA homeowner\u2019s monthly mortgage payment pays for their shelter, but it also acts as an investment. That investment grows\u00a0in the form of\u00a0 equity<\/a>\u00a0as a homeowner\u00a0makes their mortgage payment\u00a0each month to pay down what they owe on their home loan. Their equity gets an additional boost from home\u00a0 price appreciation<\/a>, which is at near-record levels this year.<\/p>\n
The latest\u00a0 Homeowner Equity Insights<\/em><\/a>\u00a0report from\u00a0CoreLogic<\/em>\u00a0found homeowners gained significant wealth through their\u00a0home equity<\/a>\u00a0this past year. The research shows:<\/p>\n
\u201c. . . the average homeowner gained approximately $51,500 in equity during the past year.\u201d<\/em><\/p><\/blockquote>\n
As a renter,\u00a0you\u00a0don\u2019t\u00a0get the same benefit.\u00a0Your\u00a0rent payment only covers the cost of shelter and any\u00a0included\u00a0amenities.\u00a0None of your monthly rent payments come back to you as an investment. That means, by renting this year, you likely paid more in rent than you did in the previous year, and you also missed out on the potential wealth gain of $51,500 you could have had by owning your own home.<\/p>\n
Bottom Line\u00a0<\/strong><\/h3>\n
When deciding whether you should rent or buy in the future, keep in mind how much renting can cost you. Another year of renting is another year you\u2019ll pay rising rents and miss out on building your wealth through home equity. Let\u2019s connect today to talk more about the benefits of buying over renting.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Rents have increased significantly this year. The latest National Rent Report\u00a0from\u00a0Apartmentlist.com\u00a0shows rents are rising at a rate much higher than the three years leading up to the pandemic: \u201cSince January of this year,\u00a0the national median rent has increased by a staggering 16.4 percent.\u00a0To put that in context, rent growth from January to September averaged just […]<\/p>\n","protected":false},"author":2,"featured_media":31425,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-31424","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news"],"_links":{"self":[{"href":"https:\/\/mylocalrealtyservices.com\/wp-json\/wp\/v2\/posts\/31424","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mylocalrealtyservices.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mylocalrealtyservices.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mylocalrealtyservices.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/mylocalrealtyservices.com\/wp-json\/wp\/v2\/comments?post=31424"}],"version-history":[{"count":1,"href":"https:\/\/mylocalrealtyservices.com\/wp-json\/wp\/v2\/posts\/31424\/revisions"}],"predecessor-version":[{"id":31426,"href":"https:\/\/mylocalrealtyservices.com\/wp-json\/wp\/v2\/posts\/31424\/revisions\/31426"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mylocalrealtyservices.com\/wp-json\/wp\/v2\/media\/31425"}],"wp:attachment":[{"href":"https:\/\/mylocalrealtyservices.com\/wp-json\/wp\/v2\/media?parent=31424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mylocalrealtyservices.com\/wp-json\/wp\/v2\/categories?post=31424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mylocalrealtyservices.com\/wp-json\/wp\/v2\/tags?post=31424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}