• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Johnson Team Real Estate

Johnson Team Real Estate

Your Bellingham Real Estate Resource

  • Search
    • Address
    • MLS#
    • Quick Search
    • Browse by City
  • Buying
    • Market Statistics
    • Mortgage Rates
    • Mortgage Calculator
  • Selling
    • Valuation Request
    • Get a Market Report
    • Market Statistics
  • Cities
    • Bellingham
    • Blaine
    • Everson
    • Ferndale
    • Birch Bay
    • Lynden
    • Lummi Island
    • Sandy Point
  • Neighborhoods
    • Alabama Hill
    • Birchwood
    • Bellingham’s Central Business District
    • Columbia
    • Cornwall Park
    • Edgemoor
    • Guide Meridian
    • Happy Valley
    • Fairhaven Historic District
    • Lettered Streets
    • Meridian
    • Mt. Baker
    • Puget
    • Roosevelt
    • Samish
    • Sehome
    • Silver Beach
    • South Hill
    • South
    • Sunnyland
    • Whatcom Falls
    • WWU
    • York
  • About
  • Blog
  • Contact
  • Email
  • Facebook

The Perks of Buying over Renting

May 1, 2024 by fawn

Thinking about buying a home? While today’s mortgage rates might seem a bit intimidating, here are two solid reasons why, if you’re ready and able, it could still be a smart move to get your own place.

1. Home Values Typically Go Up Over Time

There’s been some confusion over the past year or so about which way home prices are headed. Make no mistake, nationally they’re still going up. In fact, over the long-term, home prices almost always go up (see graph below):

No Caption Received

Using data from the Federal Reserve (the Fed), you can see the overall trend is home prices have climbed steadily for the past 60 years. There was an exception during the 2008 housing crash when prices didn’t follow the normal pattern, but generally, home values kept rising.

This is a big reason why buying a home can be better than renting. As prices go up and you pay down your mortgage, you build equity. Over time, this growing equity can really increase your net worth. The Urban Institute says:

“Homeownership is critical for wealth building and financial stability.”

2. Rent Keeps Rising in the Long Run

Here’s another reason you may want to think about buying a home instead of renting – rent just keeps going up over the years. Sure, it might be cheaper to rent right now in some areas, but every time you renew your lease or sign a new one, you’re likely to feel the squeeze of your rent getting higher. According to data from iProperty Management, rent has been going up pretty consistently for the last 60 years, too (see graph below):

No Caption Received

So how do you escape the cycle of rising rents? Buying a home with a fixed-rate mortgage helps you stabilize your housing costs and say goodbye to those annoying rent increases. That kind of stability is a big deal.

Your housing payments are like an investment, and you’ve got a decision to make. Do you want to invest in yourself or keep paying your landlord?

When you own your home, you’re investing in your own future. And even when renting is cheaper, that money you pay every month is gone for good.

As Dr. Jessica Lautz, Deputy Chief Economist and VP of Research at the National Association of Realtors (NAR), says:

“If a homebuyer is financially stable, able to manage monthly mortgage costs and can handle the associated household maintenance expenses, then it makes sense to purchase a home.”

Bottom Line

If you’re tired of your rent going up and want to explore the many benefits of homeownership, let’s talk to explore your options. Contact Johnson Team Real Estate today 360.303.2734.

Filed Under: Uncategorized

Primary Sidebar

Communities

Stay in the Loop

Sign up to receive market up date and the latest in real estate news!!

Search

  • Search
  • Buying
  • Selling
  • Cities
  • Neighborhoods
  • About
  • Blog
  • Contact
“Three Trees” icon indicates a listing provided courtesy of NWMLS.
DMCA Notice
The information contained in this listing has not been verified by The Johnson Team Real Estate at  Muljat Group Realtors® and should be verified by the buyer.
The database information herein is provided from and copyrighted by the Northwest Multiple Listing Service (NWMLS). NWMLS data may not be reproduced or redistributed and is only for people viewing this site. All information provided is deemed reliable but is not guaranteed and should be independently verified. All properties are subject to prior sale or withdrawal. All rights are reserved by copyright.
IDX information is provided exclusively for consumers’ personal, non-commercial use and that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed to be accurate. Listing information updated daily.

DMCA Notice

Copyright © 2025 · Office Help Center Log in