Should I Own A House Or Rent? Which is better?

This is something I have been hearing a lot of recently and I thought it would be beneficial to give a little clarity to this. Let's start with this helpful graphic!

Source: Census

Benefits of Renting

  • Flexibility: it is well known that renting can be beneficial for the purpose of moving in the next year or two. It is a general rule that you own a house or about 3-5 years in order to break even on a home.

  • Expenses are controlled: you know that you will be paying a certain amount in rent every month.

Benefits of Buying

  • Pride of Homeownership: gained from being a homeowner. There is something to say about the joy and excitement of owning a home. There is a sense of joy and pride in taking care and cultivating a home to what you desire it to be.

  • Build Equity: on average, single-family homes in Iowa have gone up 25% in the past 3 years, which means if you owned a home worth $200,000 3 years ago it is now worth 250,000 dollars.

  • Your Money is better utilized in a home than a savings account. Learn more here.

What is right for you?

One of the greatest things about this process is there are people that can help you walk through this decision! If you want to learn more, let's connect, I would love nothing more than to walk through these things with you.

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