This time of year, many young people debate whether they should renew the lease on their apartment or shop for their first home. Based on a recent study, here are two reasons buying a home might make more sense:
- The percentage of income that young, first time home buyers should expect to pay on a monthly mortgage is between 15.3% and 17.4%, whereas the percentage of income they can expect to pay in monthly rent is almost 30%!
- It is simply more affordable to buy a home. Buying a home is 30.8% more affordable, where renting can be -19.8% less affordable.
Are you thinking about buying your first home? Contact me and let's get started in 2015