A shelter is considered to be one our basic commodity, and many got stuck thinking it’s just that, a commodity that we need to have and pay for every month. Truth is, it can be something so much more, it can be an investment, a legacy or a source of income. It mainly depends on how you utilize it to your advantage particularly by owning instead of renting.
People often ask if now is a good time to buy a home, but nobody ever asks whether or not it’s a good time to rent. Regardless, we want to make certain that everyone understands that now is NOT a good time to rent.
The Census Bureau recently released their 2018 first quarter median rent numbers. According to their report, here is a graph showing rent increases from 1988 until today:
As you can see, rents have steadily increased and are showing no signs of slowing down. If you are faced with making the decision of whether or not you should renew your lease, you might be pleasantly surprised at your ability to buy a home of your own instead.
You can either stick to making money for your landlord or make it your own and sell it in the future. The choice is yours to make.