By Katie Bain
Buying vs. Renting, which option is better?
In Portland right now the answer is buying, especially since a recent report from oregonlive.com, and the National Association of Realtors, shows us that rents in Portland have risen by over 20 percent in the last five years alone.
Sixth Fastest Rent Increase
Portland rents have seen the sixth fastest increase in the nation, and that’s shocking, but the good news is that even though rents have increased in here, incomes are also increasing too for people aged 25 through 44.
Buying Vs. Renting – A Personal Choice
Although you might feel that buying a home, vs. renting shouldn’t be a hard decision to make, ultimately it all comes down to personal choice and where you might be at in your life.
When you buy a home you will benefit from building equity the longer you stay there, a set monthly mortgage and the pride of ownership which comes from living in a home which you actually own.
Renting has its many advantages too like not having to pay for major expenses to the home including: buying a new roof, or plumbing problems, so it’s important to debate each option very carefully before you decide to rent or buy.
Now Is the Right Time to Buy
To avoid missing great mortgage interest rates and still affordable home values across Portland, it’s better to make the decision to buy a Portland home during 2015 rather than wait another year for the “perfect time” to buy.
For more information on the Portland Real Estate market, or to view homes for sale across town, contact me, Katie Bain, Realtor ® with EquityPoint Real Estate, by calling me at (503) 595-8800 or click here to connect with me through my website.