In these times of soaring prices in groceries, gas, and other essentials, the effects of high inflation are palpable on a daily basis. If you’re currently renting, the impact may be even more pronounced as your monthly rent steadily climbs. Faced with these escalating expenses and the uncertainty surrounding a possible economic downturn, you might question whether it remains wise to pursue homeownership. Fortunately, the answer is a resounding “yes.” Allow us to delve into the reasons why, particularly when you consider the advantages of joining a vibrant real estate social network.
Homeownership actually shields you from the rising costs inflation brings.
Freddie Mac explains how:
“Not only will buying today help you begin to build equity, a fixed-rate mortgage can stabilize your monthly housing costs for the long-term even while other life expenses continue to rise – as has been the case the past few years.”
In contrast to the volatile nature of rent, where prices have a tendency to climb over time, opting for a fixed-rate mortgage offers predictability throughout the mortgage’s duration, typically spanning 15 to 30 years. As the cost of various commodities continues to rise, maintaining a steady housing payment assumes even greater significance.
When contemplating housing options, the alternative to homeownership lies in renting, wherein rental rates often mirror the trajectory of inflation. Consequently, as inflation escalates, your monthly rent payments typically follow suit, as depicted in the graph below:
Shield Yourself from Rent Increases: Leveraging a Real Estate Social Network to Embrace the Stability of a Fixed-Rate Mortgage
Amidst persistent inflation, a fixed-rate mortgage presents an opportunity to safeguard yourself against potential rent hikes. As inflation continues to exert its influence, property managers may opt to raise rental payments during lease renewals as a means to counteract its impact. This possibility becomes apparent when considering a recent survey, which revealed that 73% of property managers have intentions to increase rents within the next two years.
However, by harnessing the power of a real estate social network, you can proactively navigate this landscape.
Enhanced Financial Security: The Advantage of Homeownership in an Era of Economic Uncertainty within a Real Estate Social Network
real estate social network
Amidst the prevailing economic uncertainty, one of the significant advantages of homeownership lies in the stability of your largest monthly expense. Unlike renters, who lack this benefit, homeowners can find solace in the fact that their housing costs remain consistent and aren’t as susceptible to the impact of rising expenses. This particular advantage becomes even more pronounced when you’re an active participant within a real estate social network.
Bottom Line
In periods characterized by high inflation, the significance of a stable housing payment cannot be overstated. We invite you to connect with us and explore the benefits within our real estate social network, where you can gain valuable insights and initiate your journey towards homeownership. Let us guide you as you navigate the path to financial stability and seize the advantages of owning a home in uncertain times.
Find out why Kaya Homes is the leader in Long Island Real Estate and are your go-to realtor in the Lynbrook, Oceanside, Malverne, Hewlett, Valley Stream, East Rockaway, Woodmere, Cedarhurst, Baldwin, North Woodmere, Woodsburgh, Hewlett Neck Hewlett Harbor, Bellmore,Wantagh,Merrick and Freeport area.
Tue, 30 May 2023 02:28:47 +0000
by Mottek Group