Should You Rent or Buy a House in NJ with Today’s Housing Market?

Rent Or Buy A House In Nj

If you’re interesting in buying a home in New Jersey, the current financial economy and housing market might come as a big surprise. Mortgage rates have skyrocketed, but home prices continue to stay high, making home financing a challenge for many families. As a result, many homebuyers have started to ask their Realtor if it might be better to rent instead of buying a house right now. Here are our thoughts.

The Economy is Uncertain; Buying a House in NJ is A Lasting Investment

While the economy may vary, your home purchase in New Jersey is a major investment that can last for decades. If you do choose to finance your home purchase, you may not be locked into today’s rates—if the economy changes, you can always refinance in the future. While everyone hopes that costs will go down, they have been steadily rising. There may not be many lower-cost options in the future either, so sometimes you have to accept the costs.

Consider Your Future Before Buying A Home

The economy shouldn’t stop you from buying a house in NJ, but your plans are very important. Do you know that you want to stay in New Jersey and live in the community where you are buying your home? Or are you a traveler who would love to move in a few years? Even if they are high, can you cover the costs of a home right now with a stable income? Just like when the economy is stronger, the facts of your life are really more important than anything else.

Here’s When Renting Is Smarter Than Buying A House in Sparta

Renting a home in NJ has historically been more costly than buying one. In today’s market, the costs are about even. If you’re not sure whether you should rent or buy, try calculating your expenses until the next time you plan to move. Renting can save you from being trapped in a mortgage you can’t afford, but may also come with hidden costs, such as application fees, security deposits, and background checks—plus the hassle of moving frequently. If you know that you aren’t planning to stick around, or if your finances aren’t secure for the future, renting may be a better option than buying for a few years.

Most of the time, buying a house in NJ is a worthwhile investment that will pay itself off over time. For help determining if a home purchase is in your future, get the advice of That British Agent and the rest of the team.

The data relating to the real estate for sale on this web site comes in part from the Internet Data Exchange Program of the NJMLS. Real estate listings held by brokerage firms other than RE/MAX Real Estate Limited are marked with the Internet Data Exchange logo and information about them includes the name of the listing brokers. Some properties listed with the participating brokers do not appear on this website at the request of the seller. Listings of brokers that do not participate in Internet Data Exchange do not appear on this website.
All information deemed reliable but not guaranteed. Last update: 06/05/18.
Source: New Jersey Multiple Listing Service, Inc