Buy or rent in 2019 is the topic being debated by populations looking to make their housing investment in the new year. Just less than two decades ago renting was not a readily available solution for most of the population where as now with a rush of development and new market categories, rental living can offer the same accommodations and fulfill the same requirements as those living in their own home.
These better amenities along with flexible liabilities are two main pulls bringing even former home owners to the rental market and now studies show affordability may be the latest attraction. This contradicts much of historical housing trends that focus in on home ownership as being the best investment. But as analysts look at some of the nation’s most populated counties including Houston, Texas, limited availability, high mortgage rates and stiff competition are pricing many would be buyers out of the market.
Renting today may even mean long term benefits for those seeking residence in popular areas as the going market rate for the same house just 5, even 3 years ago has gone up substantially. This upswing isn’t expected to continue on for good however, as many veterans and analysts in the industry project that housing markets have become inflated and will soon meet their cap – and inevitable downturn. These are just some of the reasons why renting is becoming a more popular option. Other impacts like demographic changes as a new group of consumers become the majority decision makers in the market, home ownership is not always the sound investment it was thought to be with past generations.