• HOME
    HOME
  • PROPERTY SEARCH
    PROPERTY SEARCH
    • DREAM HOME FINDER
      DREAM HOME FINDER
    • BERKELEY HEIGHTS HOMES
      BERKELEY HEIGHTS HOMES
    • DUNELLEN HOMES
      DUNELLEN HOMES
    • FANWOOD HOMES
      FANWOOD HOMES
    • METUCHEN HOMES
      METUCHEN HOMES
    • NORTH PLAINFIELD HOMES
      NORTH PLAINFIELD HOMES
    • NEW PROVIDENCE HOMES
      NEW PROVIDENCE HOMES
    • PISCATAWAY HOMES
      PISCATAWAY HOMES
    • SCOTCH PLAINS HOMES
      SCOTCH PLAINS HOMES
    • SOUTH PLAINFIELD HOMES
      SOUTH PLAINFIELD HOMES
    • WATCHUNG HOMES
      WATCHUNG HOMES
    • WARREN HOMES
      WARREN HOMES
    • SOMERSET HOMES
      SOMERSET HOMES
  • HOME SELLERS
    HOME SELLERS
    • HOME VALUATION REQUEST
      HOME VALUATION REQUEST
    • STAGING YOUR HOME FOR SALE
      STAGING YOUR HOME FOR SALE
    • COMMUNITY INFO
      COMMUNITY INFO
    • LOCAL SERVICE PROVIDERS
      LOCAL SERVICE PROVIDERS
    • NEWS FOR HOME SELLERS
      NEWS FOR HOME SELLERS
  • HOME BUYERS
    HOME BUYERS
    • LUXURY HOMES IN CENTRAL NEW JERSEY
      LUXURY HOMES IN CENTRAL NEW JERSEY
    • CONDOS & TOWNHOUSES
      CONDOS & TOWNHOUSES
    • RETIREMENT HOUSING IN NEW JERSEY
      RETIREMENT HOUSING IN NEW JERSEY
    • MORTGAGE CALCULATOR
      MORTGAGE CALCULATOR
    • LOCAL SERVICE PROVIDERS
      LOCAL SERVICE PROVIDERS
    • NEWS FOR HOME BUYERS
      NEWS FOR HOME BUYERS
  • ABOUT ROBIN
    ABOUT ROBIN
    • ABOUT ROBIN
      ABOUT ROBIN
    • CONTACT ME
      CONTACT ME
    • TESTIMONIALS
      TESTIMONIALS
  • BLOG
    BLOG
  • HOME
    HOME
  • PROPERTY SEARCH
    PROPERTY SEARCH
    • DREAM HOME FINDER
      DREAM HOME FINDER
    • BERKELEY HEIGHTS HOMES
      BERKELEY HEIGHTS HOMES
    • DUNELLEN HOMES
      DUNELLEN HOMES
    • FANWOOD HOMES
      FANWOOD HOMES
    • METUCHEN HOMES
      METUCHEN HOMES
    • NORTH PLAINFIELD HOMES
      NORTH PLAINFIELD HOMES
    • NEW PROVIDENCE HOMES
      NEW PROVIDENCE HOMES
    • PISCATAWAY HOMES
      PISCATAWAY HOMES
    • SCOTCH PLAINS HOMES
      SCOTCH PLAINS HOMES
    • SOUTH PLAINFIELD HOMES
      SOUTH PLAINFIELD HOMES
    • WATCHUNG HOMES
      WATCHUNG HOMES
    • WARREN HOMES
      WARREN HOMES
    • SOMERSET HOMES
      SOMERSET HOMES
  • HOME SELLERS
    HOME SELLERS
    • HOME VALUATION REQUEST
      HOME VALUATION REQUEST
    • STAGING YOUR HOME FOR SALE
      STAGING YOUR HOME FOR SALE
    • COMMUNITY INFO
      COMMUNITY INFO
    • LOCAL SERVICE PROVIDERS
      LOCAL SERVICE PROVIDERS
    • NEWS FOR HOME SELLERS
      NEWS FOR HOME SELLERS
  • HOME BUYERS
    HOME BUYERS
    • LUXURY HOMES IN CENTRAL NEW JERSEY
      LUXURY HOMES IN CENTRAL NEW JERSEY
    • CONDOS & TOWNHOUSES
      CONDOS & TOWNHOUSES
    • RETIREMENT HOUSING IN NEW JERSEY
      RETIREMENT HOUSING IN NEW JERSEY
    • MORTGAGE CALCULATOR
      MORTGAGE CALCULATOR
    • LOCAL SERVICE PROVIDERS
      LOCAL SERVICE PROVIDERS
    • NEWS FOR HOME BUYERS
      NEWS FOR HOME BUYERS
  • ABOUT ROBIN
    ABOUT ROBIN
    • ABOUT ROBIN
      ABOUT ROBIN
    • CONTACT ME
      CONTACT ME
    • TESTIMONIALS
      TESTIMONIALS
  • BLOG
    BLOG
To Blog

With Rents on the Rise – Is Now the Time To Buy?

August 3, 2021
-
First Time Home Buyers, For Buyers, Pricing, Rent vs. Buy
-
Posted by Robin Taylor Roth

With Rents on the Rise – Is Now the Time To Buy? | Simplifying The Market

According to recent data from realtor.com, median rental prices have reached their highest point ever recorded in many areas across the country. The report found rents rose by 8.1% from the same time last year. As it notes:

“Beyond simply recovering to pre-pandemic levels, rents across the country are surging. Typically, rents fluctuate less than 1% from month to month. In May and June, rents increased by 3.0% and 3.2% from each month to the next.”

If you’re a renter concerned about rising prices, now may be the time to consider purchasing a home.

Monthly Rents Are Higher Than Monthly Mortgage Payments

When you weigh your options of whether to buy a home or continue renting, how much you’ll pay each month is likely top of mind. According to the National Association of Realtors (NAR), monthly mortgage payments are rising, but they’re still significantly lower than the typical rental payment. NAR indicates the latest data on homes closed shows the median monthly mortgage payment is $1,204.

By contrast, the median national rent is $1,575 according to the most current data provided by realtor.com. In other words, buyers who recently purchased a home locked in a monthly payment that is, on average, $371 lower than what renters pay today (see graph below):With Rents on the Rise – Is Now the Time To Buy? | Simplifying The Market

Rents Are Rising Sharply, and They Continue To Increase

The difference in monthly housing costs when comparing renting and homebuying today is significant, but many would-be homebuyers wonder about the future of rental prices. If we look to historical Census data as a reference, the median asking rent has risen consistently since 1988 (see graph below):With Rents on the Rise – Is Now the Time To Buy? | Simplifying The MarketThe rise in rent over time clearly shows one of the major advantages homeownership has over renting: stable housing costs. Renters face increasing costs every year. When you purchase your home, your mortgage rate is locked in for 30 years, meaning your monthly payment stays the same over time. That gives you welcome peace of mind and predictability for many years ahead.

Bottom Line

With rents continuing to rise across the country, renters should consider if now is the right time to buy. There are multiple benefits to buying sooner rather than later. Let’s discuss your options so you can make your most powerful decision.

PREVIOUS POST
Key Questions To Ask Yourself Before Buying a Home
NEXT POST
Sellers: Make Today’s Home Price Appreciation Work for You

Robin Taylor Roth

Find Your Dream Home
Price
Beds
Baths
More
Save Search
Get In Touch!

What is My Home Worth?

Related News

Other posts that you should not miss

Achieving the Dream of Homeownership

January 17, 2022
-
Posted by Robin Taylor Roth

Homeownership has long been considered the American Dream, and it’s one every American should feel confident and powerful pursuing. But owning …

Read More →
First Time Home Buyers, For Buyers
3 MIN READ

The Power of Pre-Approval

April 24, 2023
-
Posted by Robin Taylor Roth

If you’re buying a home this spring, today’s housing market can feel like a challenge. With so few homes on the market …

Read More →
First Time Home Buyers, For Buyers, Move-Up Buyers
2 MIN READ

What Experts Say Will Happen with Home Prices Next Year

September 22, 2022
-
Posted by Robin Taylor Roth

Experts are starting to make their 2023 home price forecasts. As they do, most agree homes will continue to gain value, …

Read More →
For Buyers, For Sellers, Housing Market Updates, Pricing
2 MIN READ
Contact Me

Robin Taylor Roth
Berkshire Hathaway HomeServices New Jersey Properties
564 Middlesex Ave, Metuchen, NJ 08840
NJ #0897458

Office : 732.494.7677
Cell : 908.612.4962
Email : robintaylorroth@BHHSNJ.com

Your Contact Info

     

    Agent Login

    © 2022 Robin Taylor Roth ©2017 BHH Affiliates, LLC. An independently owned and operated franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Equal Housing Opportunity. Information not verified or guaranteed. If your home is currently listed with a Broker, this is not intended as a solicitation.

    With Rents on the Rise – Is Now the Time To Buy? - Central New Jersey Real Estate

    Attraction in Dunellen Boro, NJ

    778 Frenchtown Rd
    Powered by Yelp
    The Famous River Hot Dog Man
    The Famous River Hot Dog Man - Milford Yelp Rating 17 reviews
    Rafting/Kayaking, Tubing
    80 Old York Rd
    Powered by Yelp
    Old York Cellars
    Old York Cellars - Ringoes Yelp Rating 216 reviews
    Wineries, Wine Tours
    778 Frenchtown Rd
    Powered by Yelp
    Delaware River Tubing
    Delaware River Tubing - Milford Yelp Rating 227 reviews
    Rafting/Kayaking, Boating, Tubing
    380 US 22
    Powered by Yelp
    Bowlero Green Brook
    Bowlero Green Brook - Green Brook Township Yelp Rating 178 reviews
    Venues & Event Spaces, Bowling, Eatertainment
    716 Union Ave
    Powered by Yelp
    Route 28 Farmers Market
    Route 28 Farmers Market - Middlesex Yelp Rating 28 reviews
    Farmers Market
    41 Mountain Blvd Ste E1
    Powered by Yelp
    4 Brothers Breakfast
    4 Brothers Breakfast - Warren Yelp Rating 639 reviews
    Southern, Breakfast & Brunch, Jazz & Blues
    42 Mountain Blvd
    Powered by Yelp
    SCLSNJ's Warren Township Branch
    SCLSNJ's Warren Township Branch - Warren Yelp Rating 8 reviews
    Libraries
    Powered by Yelp
    Derrick Joseph Psychic Medium
    Derrick Joseph Psychic Medium - Philadelphia Yelp Rating 26 reviews
    Psychic Mediums, Life Coach
    378 Route 6 & 209 Matamoras Base
    Powered by Yelp
    Kittatinny Canoes
    Kittatinny Canoes - Milford Yelp Rating 78 reviews
    Rafting/Kayaking, Tubing
    378 Route 6 & 209
    Powered by Yelp
    Kittatinny Canoes
    Kittatinny Canoes - Milford Yelp Rating 30 reviews
    Campgrounds, Tubing, Rafting/Kayaking
    Powered by Yelp
    The Happy Wanderer Travel Agency
    The Happy Wanderer Travel Agency - Plainfield Yelp Rating 1 reviews
    Travel Agents, Tours
    558 Bayway Ave Ste 1
    Powered by Yelp
    Party Factor
    Party Factor - Elizabeth Yelp Rating 5 reviews
    Party & Event Planning, Party Equipment Rentals, Wedding Planning
    Powered by Yelp
    OurBus
    OurBus - New York Yelp Rating 258 reviews
    Buses, Bus Rental, Travel Services
    225 US Hwy 46 Ste 7
    Powered by Yelp
    Ambassador Limo & Party Bus
    Ambassador Limo & Party Bus - Totowa Yelp Rating 7 reviews
    Limos, Party Bus Rentals