Are You Wondering if This Is the Year To Buy a Home?

Every year, many renters ask themselves the same question: Should I continue renting, or is it time to buy a home? If you’re a renter in the Northern Bay Area, chances are you’ve asked yourself that question at least once, and it’s likely because you’ve faced an increase in your monthly housing costs over time. After all, according to Census data, rents have risen consistently for decades.
 
To make an informed and powerful decision, the first step is understanding what’s happening in today’s housing market so you can determine which option is the better long-term financial decision for you.
 

Rents Are Going Up Again This Year

 
Rents across the country continue to skyrocket and the Bay area is proving to be no exception to this trend. Data from realtor.com shows just how much rental prices are surging throughout the United States. The graph below highlights rental unit price increases over the past year:
 
chart, bar chart
 
If you’re a renter in Marin or Sonoma County and plan on signing a new lease, your monthly costs are likely to go up when you do so. Those rising costs can have a big impact on your financial goals, including any plans you’re making to save for a home purchase.
 

Homeownership Offers Stable Monthly Costs

 
Of course, one of the key benefits of owning your home is that you’re able to lock in and stabilize your payments for the duration of your loan. That’s not the case when you rent. 
 
While rents are already on the rise, there’s a good chance many people will see their rental costs increase even more this year. As Danielle Hale, Chief Economist at realtor.comsays:
 
With rents already at a high and expected to keep going up, rental affordability will increasingly challenge many Americans in 2022. For those thinking about making the transition from renting to buying their first home, rising rents will remain a motivating factor. . . .”
 
So, if you’re ready to become a homeowner, waiting any longer may not make financial sense. Instead, escape the cycle of rising rents and enjoy the many benefits that come with homeownership today. 
 

Bottom Line

 
Starting your JOURNEY towards homeownership can pay off significantly this year. Our team at Journey Real Estate takes pride in understand each of our client’s unique circumstance so that we can help them personalize a winning strategy. Collectively, our team has several decades worth of experience serving San Francisco, Marin County, Sonoma County, and the greater Bay Area. We study the nuances of the Bay Area housing market and are fluent in the latest trends. If you’re thinking about purchasing a home, we’d love the opportunity to work as your trusted real estate partner. 

Recent Blog Posts

Stay up to date on the latest real estate trends.

Will My House Still Sell in Today’s Market?

If recent headlines about the housing market cooling and buyer demand moderating have you worried you’ve missed your chance to sell, here’s what you need to know. Buye… Read more

Balancing Your Wants and Needs as a Homebuyer Today

Since the number of homes for sale is low today, especially across the North Bay Area, it can feel challenging to find one that checks all your boxes. But if you know … Read more

Are You Wondering if This Is the Year To Buy a Home?

Every year, many renters ask themselves the same question: Should I continue renting, or is it time to buy a home? If you’re a renter in the Northern Bay Area, chances… Read more

Are You Ready To Fall in Love with Homeownership?

Financial benefits are always a key aspect of homeownership, but it’s also important to understand that the nonfinancial and personal benefits are why so many people g… Read more

Owning Is More Affordable than Renting in the Majority of the Country

If you were thinking about buying a home this year, but already pressed pause on your plans due to rising home prices and increasing mortgage rates, there’s something … Read more

Want to freshen up your home in Marin? Here are 8 renovation FAQ’s!

1. How do I pick a contractor? Ideally, you want to build the same kind of relationship with your contractor as you do with your real estate agent: one built on trust … Read more

The Journey to Selling: FAQ

If you have a home to sell, you’re probably excited to get the process started. There are many things you need to consider when selling your property, and it’s hard no… Read more

The Big Question: Should You Renovate or Move?

The last 18 months changed what many buyers are looking for in a home. We saw a ton of people relocate from San Francisco to the suburbs of Marin and Sonoma Counties. … Read more

Let's Talk

You’ve got questions and we can’t wait to answer them.