Owning a Home May be Cheaper than Renting

It’s no secret that the current housing climate is beneficial to buyers. It’s been difficult over the past few years to not hear about how mortgage rates are historically low, while home prices have fallen significantly.

However, another wrinkle in the housing market which hasn’t been getting quite as much ink is the increasing cost of rent. As rents rise, and the costs of purchasing a home fall, many people have come to the realization that owning a home is not just affordable, but actually cheaper than continuing to rent. The Tennessean recently ran an article highlighting this point.

“A combination of low interest rates, affordable home prices and rising monthly rents is convincing many first-timers that owning a home makes better financial sense than renting.” —The Tennessean

It’s easy to see why this makes sense. Instead of handing money over to a landlord each month, people are finding that they can purchase a home at similar, or even lower, cost than they can to rent a place. And instead of having the money just line someone else’s pockets, it is going toward building equity in what will probably be the most valuable asset they will own. In essence, home owners are paying themselves when they make mortgage payments.

If you’re tired of playing the rent game, give us a call at 865-909-0211 and get pre-qualified for a home purchase today!

Keystone Mortgage provides Tennesseans with the best mortgage experience, period. So what are you waiting for? Apply here now.

 

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