If you’re trying to decide whether to buy a home or continue renting, work with your real estate expert to explore your options With rents rising, it may make more sense to pursue your dream of homeownership
Wondering if you should continue renting or if you should buy a home this year? If so, consider this. Rental affordability is still a challenge and has been for years. That’s because, historically, rents trend up over time. Data from the Census shows rents have been climbing pretty steadily since 1988.
And, data from the latest rental report from Realtor.com shows rents continue to grow today, even though it’s at a slower pace than we saw at the height of the pandemic:
“In March 2023, the U S rental market experienced single-digit growth for the eighth month in a row The median asking rent was $1,732, up by $15 from last month and down by $32 from the peak but is still $354 (25 7%) higher than the same time in 2019 (pre-pandemic) ”
With rents much higher now than they were in more normal, prepandemic years, owning your home may be a better option, especially if the long-term trend of rents increasing each year continues. In contrast, homeowners with a fixed-rate mortgage can lock in a monthly mortgage payment for the duration of their loan (typically 15-30 years).
The following graph uses national data on the median rental payment from Realtor.com and median mortgage payment from the National Association of Realtors (NAR) to compare the two options. As the graph shows, depending on how much space you need, it’s typically more affordable to own than to rent if you need two or more bedrooms:
SOURCES: Realtor com, NAR
So, if you’re looking to live somewhere where you have two or more bedrooms to accommodate your household, give you more breathing room to spread out your belongings, or dedicate the extra space to practice your hobbies, it might make sense to consider homeownership.
In addition to shielding you from rising rents and being more affordable when you need more space, owning your home also allows you to start building your own equity, which in turn grows your net worth.
And, as home values typically rise over time and you pay off your mortgage, you build equity That equity can set you up for success later on because you can use it to help fuel a move to an even bigger space down the line That’s why, according to Zonda, the top reason millennial homeowners bought their home over the past year was to build their own equity instead of someone else’s.
Simplify Your Move. Save Time & Money. Reduce Stress.
Movingisexpensive,butMoverEngagecanhelp!Youwillreceiveexclusive dealsanddiscountsthroughoutyourmove,including15%offHomeDepot and20%offBudgetMoving.Tapintoalltheexclusivedeals!
Connectingutilitiescanbetime-consuming,butitdoesn'thavetobewith ourUtilityConnectconcierge Thisisaone-stopshopwithtrained expertstoresearchthebestservicesanddiscountsavailableandmake theconnection.Youalsohaveaccesstoyouronlineself-serviceplatform togetestimatesandbookservices.Itʼsallinoneplace,youwillloveit!
Manageeveryaspectofmovingandhomeownershipwithyourunique personalHomeownershipPortal. Accessreal-timemarketinformation, findlocalprofessionalsandservicesyouneedtorepairorrenovateand storeallyourhomedocumentssecurely Allwithinonesimpleand convenientplatform!
When you call us a personal advisor will review your credit profile to determine how our program will effectively increase your credit scores Then your dedicated credit coach will provide a customized plan to quickly exceed the minimum credit qualification thresholds of a mortgage
“The paint choices for 2023 are colors that will make you feel calm and cheerful at the same time,” says Tamra Toney Pfeifer of Set the Stage Interiors. “After several years of unsettledness and isolation, people are looking for a sense of hope and comfort in their lives. Color is a powerful, mood-evoking tool, and your home is your sanctuary, so you want it to create those feelings for you the minute you wake up or walk through the door!”
1. Neutrals with pops of bold colors is the most popular palette. This palette ranked third last year, just behind warm neutrals and earthy tones, which have dropped slightly in popularity
2. Terracotta is the most popular color for 2023, chosen by 50% of surveyed experts. The rich, redbrown color is reminiscent of Southwestern designs and iron-rich clay
3. Paint brands’ colors of the year are more diverse for 2023. While last year shades of green dominated the industry, this year the colors are much more diverse, as well as richer and more vibrant, says the report
4. Warm neutrals are the top interior color choices for selling,says 82% of the surveyed designers. Following warm neutrals, white is the next most recommended color by 61% of experts.
5. White remains most popular exterior color for selling. When asked which exterior colors they most recommend, 74% of top experts agree that white is the color to choose Natural wood stains and tan have both increased in popularity, with 42% and 39% of experts recommending them, respectively
6. Painting a whole room is the most popular way to incorporate a new color, reports 57% of respondents. Following right behind is using new colors in textiles, of which 44% of experts said would be most popular, and wallpapering the entire room rounds out the top three choices with 36%.
7. Overwhelming majority of experts say that wallpaper is here to stay. Whether they think it will simply maintain its popularity or grow in demand, 96% of experts feel that wallpaper will continue to be a big trend in 2023 Of these, 63% also believe that it’s going to be even more popular than before Of all wallpaper patterns, botanical prints are the top choice of experts, with more than 50% of them believing this will be the most popular next year. Following botanical, murals were selected by 42% and floral by 40%
See how new paint colors look on your home... BEFORE IT'S PAINTED! Be "Color Confident" with a Virtual Color Consultation
Tell us your color preferences, and take our style quiz.
Our designers will create 3-5 initial designs for you to see online, then work with you to create more designs until you find the one you love.
Enjoy that feeling of knowing you'll love the paint color after your home is painted No more guesswork!