Sometimes renting can feel easier —
No large down payment; No surprise repair costs; No long-term commitment...
But rent keeps rising, and renters aren't building equity.
There is a lot of talk about affordability, yet when you look at the numbers, buying may make more sense than you think.
Buying Can Cost Less Than Renting
In many areas, the monthly cost of owning is lower than renting a three-bedroom home. Recent data from ATTOM shows owning is more affordable than renting in nearly 58% of U.S. counties, even when factoring in insurance and maintenance.
With slower price growth, more inventory, and easing mortgage rates, monthly payments are becoming more manageable in many markets.
It depends on the location, of course, as affordability varies. Some Midwest and Southern markets favor buyers, while parts of the West can still feel tight. The key is to look at numbers locally.
What About the Down Payment?
Upfront costs stop many renters, but there are thousands of down payment assistance programs available. The average benefit is around $18,000, which can significantly reduce what you need out of pocket.
Renting is not always cheaper, and buying may be more possible than you imagined!
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