Every year, a large number of renters ask themselves the same question: Should I keep renting or should I buy a house? If you're a renter, you've probably asked yourself that question at least once, and it's probably because your monthly housing bills have risen over time. After all, rents have been steadily rising for decades, according to Census data.

Understanding what's going on in today's housing market is the first step in making an informed and empowered decision. From there, you can assess which option is the better long-term financial decision for you.

Rents Are Going Up Again This Year

Right now, rents are soaring. Rental prices are soaring across the country, according to data from realtor.com. The graph below shows the price increases in rental units over the last year:

If you're a renter, your monthly expenditures are likely to increase when you sign a new lease. Increasing expenditures might have a significant influence on your financial goals, especially any plans you have to save for a home.

Homeownership Provides Consistent Monthly Costs

One of the most significant advantages of owning a house is the ability to lock in and stabilize your payments for the duration of your loan. When you rent, this is not the case.

While rents are already on the rise, many people will likely see their rental payments rise even further this year. As realtor.com's Chief Economist Danielle Hale puts it:

“With rents already at a high and expected to keep going up, rental affordability will increasingly challenge many Americans in 2022. For those thinking about making the transition from renting to buying their first home, rising rents will remain a motivating factor. . . .”

So, if you're ready to buy a property, waiting any longer can be a waste of money. Rather, break free from the cycle of escalating rents and take advantage of the many advantages that come with homeownership today.

Conclusion

This year is a great time to get started on your path to homeownership. Let's connect so we can talk about your alternatives if you're financially ready right now.