But here’s another thing that’s certain. People need a place to live. And the fact is, due to the lowest interest rates in decades and housing prices comparable to those in 1971, the cheapest way to live today is to own your own house.
With some buyers able to qualify for loans below the 4% mark, mortgage money is as close to free as it’s ever going to be. Add to that the sharp increase in rental prices (due to such high demand in the rental market) and you can be just about sure it is less expensive to own than to rent.
While I always advise caution when it comes to spending any large sum of cash, I am confident owning a home is still the right thing today. Here are some great reasons to own a home:
2. Pride of Ownership. There’s just something to be said for having this great place that is truly YOURS.
3. Freedom. What landlord is going to let you paint the bedroom Lilac Purple when your daughter just HAS to have that color? Being able to put your style and personality into a home is half the fun!
7. Sooner or Later This Mess Will End. And when it does, when the real estate machine starts appreciating again, those who bought during this slippery time at (what we hope is) the bottom will be so glad that they did. Of that, I am certain.