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Rent Vs Own | Chicagoland Home Search | Ryan Hill Group Blog

Thursday, August 26, 2021   /   by Teresa Ryan

If Housing Affordability Is About the Money, Don’t Forget This.

There are many non-financial benefits of buying your own home. However, today’s headlines seem to be focusing primarily on the financial aspects of homeownership – specifically affordability. Many articles are making the claim that it’s not affordable to buy a home in today’s market, but that isn’t the case.

Today’s buyers are spending approximately 20% of their income on their monthly mortgage payments. According to The Essential Guide to Creating a Homebuying Budget from Freddie Mac, the 20% of income that purchasers are currently paying is well within the 28% guideline suggested:
“Most lenders agree that you should spend no more than 28% of your gross monthly income on a mortgage payment (including principal, interest, taxes and insurance).”

So why is there so much talk about challenges regarding affordability?

It’s Not That Homes Are Unaffordable – It’s That Theyp ...

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Friday, June 18, 2021   /   by Teresa Ryan

Owning a Home Has Distinct Financial Benefits Over Renting [INFOGRAPHIC]

Some Highlights
When you rent, you build your landlord’s wealth, your monthly payment depends on ever-rising rents, and you don’t benefit from home price appreciation.
On the other hand, when you own your home, you build your own wealth, your monthly payment is locked in, and you benefit directly from home price appreciation.
If you’re feeling the challenges of a competitive market, remember that homeownership is a long-term game. Persevering today will lead to financial rewards in the future.

Call Teresa Ryan at 630-718-0424 today, for your home buying and selling needs in Naperville and the Western Suburbs of Chicago. For inquiries, please call 630-276-7575.
Subscribe to our YouTube Channel for real estate insights, updates, and news!
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Join us on social:
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Tuesday, March 16, 2021   /   by Teresa Ryan

What Is the #1 Financial Benefit of Homeownership?

There are many financial and non-financial benefits of homeownership, and the greatest financial one is wealth creation. Homeownership has always been the first rung on the ladder that leads to forming household wealth. As Freddie Mac explains:
“Homeownership has cemented its role as part of the American Dream, providing families with a place that is their own and an avenue for building wealth over time. This ‘wealth’ is built, in large part, through the creation of equity…Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.”

Odeta Kushi, Deputy Chief Economist at First American, also notes:
“The wealth-building power of homeownership shows that home is not only where your heart is, but also where your wealth is…For the majority of households that transition into homeownership, the most recent data rein/ ...

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Tuesday, November 3, 2020   /   by Teresa Ryan

Rent vs. Buy: How to Decide What’s Best for You

According to the U.S. Census Bureau, median rent continues to rise. With today’s low mortgage rates, there’s great opportunity for current renters to make a move into homeownership that stretches each dollar a little bit further.

While the best timeline to buy a home is different for everyone, the question remains: Should I continue renting or is it time for me to buy? The answer depends on your current situation and your future plans, so here are some thoughts to help you decide if you’re ready to own a home of your own.

1. Rent Will Continue to Increase
This is one of the top reasons why renters decide to move because in most cases, rent will continue increasing each year. As noted above, the U.S. Census Bureau recently released its quarterly homeownership report, and as the graph below shows, median rent is climbing year after year. When you own a home, you’ll lock in your monthly payment for the l/ ...

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Friday, August 28, 2020   /   by Teresa Ryan

The Cost of Renting Vs. Buying a Home [INFOGRAPHIC]

Some Highlights 
The percentage of income needed to afford a median-priced home today is declining, while that for renting is on the rise.
This is making buying a home an increasingly attractive option for many people, especially with low mortgage rates driving purchasing power.
Let’s connect if you’d like expert guidance on exploring your homebuying options while affordability is high.
 
Call Teresa Ryan at 630-718-0424 today, for your home buying and selling needs in Naperville and the Western Suburbs of Chicago. For inquiries, please call 630-276-7575.
Subscribe to our YouTube Channel for real estate insights, updates, and news!
http://bit.ly/RHGChannel
Join us on social:
Facebook: https://www.facebook.com/RyanHillGroup/
Twitter: https://twitter.com/ryanhillgroup
Instagram: https://www.instagram.com/ryanhillgroup/ ...

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  naperville il, teresa ryan, century 21 affiliated naperville, ryan hill group, homebuyer, first time homebuyer, homebuying tips, home buying tips, buy a house, rent vs own

Ryan Hill Group - Century 21 Affiliated
Teresa Ryan
1288 Rickert Dr, Ste 300
Naperville, IL 60540
630-276-7575
630-718-0424

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