Don’t wait any longer to build your dream home
Rent prices are up more than 30% in some cities nationwide – at the top of the list are three sunbelt metros: Miami +51.6%, Orlando +32.9%, and Tampa +27.8% year over year
Currently, the national average rent is up 16.7% year over year, sitting at a shocking $1,827 per month. In April alone, rent in the U.S. reached an all-time median high – and it’s expected to rise even further to a record average of $2,000 per rental unit by August.
Why is Rent Rising?
As the economy continues to open back up from the pandemic, we will continue to see inflation picking up and, in turn, rent prices rising. Current supply chain disruptions combined with shortages of workers and materials have caused the pipeline of new rentals to stall. This has led to a classic case of low demand and short supply, driving up rent prices.
On top of this, there is a booming demand for young adults to move out of their parents’ homes or away from their roommates to live independently post-pandemic. With work from home here to stay, more and more individuals realize they need their own space and flexibility. What they don’t realize is how much money they could save by choosing to buy instead of rent.
Buying > Renting
Undoubtedly, the housing market has become incredibly competitive throughout the pandemic. Working from home and stimulus checks combined with record-low interest rates and a seller’s market have contributed greatly to this competitiveness. Now, with interest rates on the rise, there’s an even greater push to buy now than ever before.
Learn more about our extended rate lock program, available only in Maronda Homes Greater Pittsburgh Division
Why You Should Buy Now
Purchasing a home is one of life’s biggest milestones and accomplishments. With rent currently on the rise, most mortgages are cheaper than rent right now. Instead of paying $1,800 a month on a studio apartment, you could build your own brand new, single-family, new construction home for $1,800 a month. If rent prices surpassing mortgage payments aren’t convincing enough, here are four additional reasons why you should buy now.
Purchasing a home can serve as a long-term investment. Buying a home builds equity for yourself and also offers plenty of tax benefits. Why would you continue to waste money renting and building your landlord’s equity when you could invest in your own?
It’s also common to see properties increase in value as time goes on – especially in new home construction. Whether that be buying now and renting it out to earn monthly profits, or selling it in a few years after the property value increases, buying now serves as an investment.
Owning a home offers a great deal of security and permanence. First and foremost, you won’t have to worry about the landlord increasing rent or putting the property up for sale at any time without reason. You’ll know exactly where your mortgage payments are going and have complete control over maintenance requests and noise control.
When you rent, you will not have exclusive rights to property access. This means the landlord or the property group may enter your home at any time without reason. When you own your own home, you alone will make the rules of entry, meaning no one has the right to enter without your permission. You can also change the locks or install a home security system at your own leisure.
When you own your own home, you have the flexibility and freedom to live however you want. You can have pets, upgrade appliances, and renovate as you choose.
Owning your own home gives you a feeling of stability and settlement, as well as freedom and privacy. It’s time to be your own landlord and to start building equity for yourself!