Thursday, April 2, 2015

Should You Buy or Rent in Colorado Springs?

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Almost everywhere in the country, it's currently more affordable to buy a home than to rent one. If you're moving around a lot, it may be wiser to rent, but studies consistently show that purchasing a home is a wiser financial decision. 

Homeowners spend 15% of their income on housing, and renters (age 23-34)  will pay 29% of their income towards monthly rent payments. That's a large amount of income to just toss away.
It's also much more affordable to purchase a home right now than in recent years. Interest is historically low, and there are a lot of fantastic loan products available for first-time home buyers. When you purchase a home, you're building wealth. When you rent, you're depleting it. 

The average rent right now in Colorado Springs is $1,200, and this is all money that you could be investing into a home. Homeowners often save for retirement much quicker than renters do because monthly rent eats away at their savings. 

Purchasing a home is right for most people if you're not planning on moving around a whole lot. Please don't hesitate to contact me in regards to purchasing a home. I'd like to set up a time to speak with you to determine if this would be a good choice for you.

As always, please consider me your #1 resource for real estate in Colorado Springs!