Buying property instead of renting it has often been considered the financially smarter choice for housing. The argument has long stood on the fact that you're making an investment when you purchase real estate , with some form of money bound to come back to you if you sell. On the other hand, renting is seen as a no-return purchase; all that money you spent to live there won't be seen again once you decide to pick up and leave. In reality, however, the argument isn't so black and white.
There are many factors to consider when determining which choice is better for you and your finances like insurance, location, lifestyle and — of course — the state of the economy and the housing market. That last note is what's pushing many people to continue renting after the cost of homes skyrocketed in 2021 and supply saw a steep decline. And according to a recent report from CBRE, don't expect that to change anytime soon. The real estate firm released an analysis Thursday that states it'll take some time for the gap between renting and home buying to start closing, meaning renting will likely be the less expensive choice of the two no matter your situation due to the current state of the market. "Even though the premium to buy a home may come down over the next several years based on home-price, interest-rate and rent-growth forecasts, it is expected to remain high enough to keep today's renters renting for longer," CBRE said in its report
Source: News Formal (newsformal.com)
Renting Home Buying Housing Market CBRE Real Estate
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