Consider the Advantages of Homeownership Over Renting in Suffolk County, NY
Mulling over the idea of purchasing a home in Suffolk County, New York? While current mortgage rates are currently higher than any prospective homebuyer would want, there are compelling reasons why, if you’re prepared and capable, taking the step to acquire your own residence on Long Island could prove to be a prudent move.
Home Values Have a History of Appreciating Over Time
Home prices, on a national scale, continue to rise, and so have prices on Long Island. According to Real Estate site redfin.com, Long Island housing prices rose 10.4 percent over 2023 values. In Suffolk County, prices appreciated about 12 percent year-over-year.
Over the long haul, home values exhibit a consistent upward trend. Using data sourced from the Federal Reserve (the Fed), it’s evident that home prices have steadily ascended over the past six decades. The sole exception to this rise occurred during the 2008 housing crisis, when prices deviated from the norm.
This long-term trend underscores why purchasing a home can be preferable to renting. As home prices increase and you chip away at your mortgage, you accumulate equity, thereby augmenting your overall net worth.
Escalating Rental Costs Over Time
Another compelling reason to consider homeownership over renting is the persistent upward trajectory of rental rates. Data from iProperty Management illustrates a consistent upward trend in rental costs over the past six decades.
Opting for homeownership with a fixed-rate mortgage allows for the stabilization of housing expenses, shielding you from the frustration of recurrent rent hikes. This stability holds considerable importance.
Your housing payments essentially constitute an investment, presenting you with a choice: invest in yourself by becoming a homeowner or continue contributing to your landlord’s wealth. Homeownership not only represents an investment in your future but also serves to mitigate the sense of financial loss associated with monthly rent payments. While renting may currently seem more economical in certain regions, each lease renewal or new rental agreement typically entails an uptick in rent.
As Dr. Jessica Lautz, Deputy Chief Economist and VP of Research at the National Association of Realtors (NAR), observes, purchasing a home makes sense for financially stable individuals who can comfortably manage mortgage costs and associated household maintenance expenses.
Another major advantage of making a decision to buy, not rent, is that there are currently far more residential properties for sale on Long Island than rental opportunities, which means you’ll enjoy a maximum number of options.
Team Rita Can Be Your Guide to Homeownership in Suffolk County
If you’re weary of the perpetual rise in rent and wish to explore the myriad benefits of homeownership, it’s time to talk. Call Team Rita and we will be happy to help you along in your journey towards purchasing your Suffolk County dream home. You can get in touch with us by calling (631) 332-7897 or clicking on the “Contact Us” button below.
