June 6, 2025
You’ve probably asked yourself lately: Is it even worth trying to buy a home right now? With high home prices and stubborn mortgage rates, renting can seem like the safer choice right now. Or maybe your only choice. That’s a very real feeling. And perhaps buying today does not feel that it is your best move; it’s not for everyone. You should only buy a home when you’re ready and able to do it, and if the timing is right for you. But here’s the thing you need to know about renting. While it may feel like a safer bet today – and in some areas might even be less expensive month-to-month than owning – it can really cost you more over time. In fact, renting is 100% interest. You are paying somebody else's mortgage, and get no ownership benefits. A recent Bank of America survey found that 70% of aspiring homeowners worry about what long-term renting means for their future. And they’re not wrong. Owning a home may seem way out of reach, but if you make a plan now and steadily work toward it, homeownership comes with serious long-term financial benefits. Homeownership Builds Wealth Over Time Buying a home isn’t just about having a place to live – it’s a step toward building your future wealth. Why? Home prices typically rise over time , which means the longer you wait, the more expensive it is to buy. And even in some markets where home prices are softening today, the overall long-term trend speaks for itself ( see graph below ):