08/18/2023
Renting is currently the way to go until this market cools down. The point of purchasing a home isn’t just for you to have a “home”. It’s for you to gain an asset that will aid you throughout your life. Purchasing at today’s interest rate will marry you to that property, and make it really challenging for it to be profitable for you (whether reselling or renting) in the future. You will spend your time waiting to refinance for a better rate when that can cost you close to 10K, where the breakpoint for that being a good investment decision would be MANY YEARS in the future. If you’re renting right now, this may be a good decision until this market calms down.
The higher borrowing costs, combined with limited housing supply and rising prices, make the market the least affordable since 1984.