Buying vs renting a home is a huge decision for anyone and one that shouldn't be taken lightly. According to the U.S. Census Bureau, homeownership rates sat at 63.7% in the second quarter of 2017. Working with young adults and newlyweds I get the question a lot - "so, should I buy or rent?"
There are many pros and cons to both so what's important to do first is weigh them both to determine which will be best for you in your unique situation. I was drawn into this recent article on Money Crashers by Brian Martucci that shared how to go about weighing those pros and cons.
Brian's article covers a lot of really great detail including:
- Costs of buying vs renting your home
- Upfront and closing costs when buying a home
- Reoccuring homeownership costs
- Special or one-time homeownership costs
- Upfront and reoccuring rental costs
- Advantages and disadvantages to buying a home
- Advantages and disadvantages to renting a home
Seeking help in making a decision in buying vs. renting in New York? We can help!