With home prices on the rise, current home interest rates, limited housing inventories, and inflation – buying or renting a home in this current market is as complex as ever. There aren’t any easy answers to act on, but you can consider all the different factors involved in such a decision and decide what is best for you and your current situation. J.A. Myers Homes provides the opportunity to own a home in the $200,000’s in a few locations. There are statistics that show that the average homeowner has up to 40 times more personal wealth than a renter. Additionally, many homeowners have the vast majority of their net worth in their personal residences. So, read on to learn whether or not you should rent or own your future home.Read more: Renting Verses Owning a Home, Which Makes More Sense for You?
The Different Pros and Cons of Renting vs. Buying a Home
You can expect to pay more for housing across the country, no matter if you buy or rent. Both rent and home prices have increased rapidly within the last couple of years, so it is important to act now and start asking yourself how you wish to live, and where. However, JA Myers Homes still can provide affordable opportunities to purchase. Do you want to live in a busy city or a quiet, charming move-in ready home community from J.A. Myers? There are pros and cons to consider with each.
The Advantages of Buying a Home
If you think you’re fine living in a home for five years or more, then buying a home within your budget makes sense and could provide you with many advantages. First, owning a housing mortgage means a portion of your monthly housing payments goes towards building equity in your property, not the landlord’s. Another advantage of buying a home is that you can improve and customize your living space, which is typically prohibited when you rent.
Along with the pride and joy of homeownership, there is also the possibility of gaining property value as time passes. This is called building equity. Although a rise in interest rates today could slow the growth of housing prices as time passes, a growth in housing costs might be on the horizon. We at J.A. Myers can help you determine how much you could spend on a home, based on your current income, mortgage term, and more. As mentioned earlier, we have plenty of homes available now in the mid $200,000 range, and we’re a builder of choices company, which means you can take any of our 50 designs, and we will modify them to meet your needs!
For Any Home Building Needs, Contact J.A. Myers Today!
Contact J.A. Myers Homes and we can provide guidance on thebenefits of owning versus renting as it applies to you individual situation. We are a beacon of innovation, commitment, and inspiration in the homebuilding industry. With move-in ready homes and a dedication to building your dream home in one of our communities or on your own land, we are prepared to help. We’re dedicated to serving customers in Hanover, Gettysburg, Stewartstown, Dover, York County, Adams County, and all of the Maryland counties that border the Pennsylvania line!Visit our website, reach us at 1.800.368.9990, or check us out on Facebook, X (formerly Twitter), Instagram, Linkedin, Pinterest, YouTube, or Houzz!