Should I Renew My Lease or Buy a Home?

Dated: 11/16/2018

Views: 24

Rents are rising FASTER than the payments to own the median priced home in north Texas.  Before you renew your lease, check out home prices.  And there are programs to help with down payment and closing costs when buying a home that may make it even more attractive to purchase.

The Cost of Renting vs. Buying a Home [INFOGRAPHIC] | Simplifying The Market

Some Highlights:

  • Historically, the choice between renting or buying a home has been a tough decision.
  • Looking at the percentage of income needed to rent a median-priced home today (28.4%) vs. the percentage needed to buy a median-priced home (17.5%), the choice becomes obvious.
  • Every market is different. Before you renew your lease again, find out if you can put your housing costs to work by buying this year!

Before you renew your lease, contact an agent familiar with the area where you want to live and question them on purchase assistance programs.  You may qualify to buy a home with as little as $1,000 out of pocket.  Your agent should be able to discuss programs that fit you and suggest lenders with experience in approving and closing these loans.

Blog author image

Michael Dryden

Michael Dryden has helped North Tarrant County families buy and sell homes using the skills developed over more than fifty years of work experience and over 25 years in North Tarrant County. Michael....

Latest Blog Posts

Should I Renew My Lease or Buy a Home?

Rents are rising FASTER than the payments to own the median priced home in north Texas.  Before you renew your lease, check out home prices.  And there are programs to help with down

Read More

To Get The Right Answer, You Must Ask The Right Questions

Isn't the internet great?   Put in a zip code and get a list of homes for sale.   Enter you home address and get an instant quote of your home's market price.   One of

Read More

What's The Scariest Thing EVER?

Homebuying is not for the faint of heart!  What's the scariest thing ever?Click Here To Find Out         IF YOU!!!!!

Read More