Is it a good time to rent or buy a Boston condo in 2022?
Diana Olick reports it’s still more affordable to own versus renting a home, but only because of low mortgage rates, and that’s about to change. She joins ‘The Exchange’ to discuss.
People often ask me if now is a good time to buy a Boston condo, but nobody ever asks whether or not it’s a good time to rent a Boston condo. Regardless, I want to make certain that everyone understands that now is NOT a good time to rent.
The Census Bureau recently released their 2018 first quarter median rent numbers. According to their report, here is a graph showing rent increases from 1988 until today:
As you can see, rents have steadily increased and are showing no signs of slowing down. If you are faced with making the decision of whether or not you should renew your lease, you might be pleasantly surprised at your ability to buy a home of your own instead.
One way to protect yourself from rising rents is to lock in your housing expense by buying a home. If you are ready and willing to buy, let’s meet to determine if you are able to today!