Rent vs Buy

Renting vs. Buying

There’s no one-size-fits-all answer—it’s all about what’s right for you!

Rent if:

🏠 You’re not ready or interested in homeownership.
📍 You’re unsure about staying in one spot for 5+ years.
🌍 You’re new to an area and still figuring things out.
💸 You’re saving up for your dream home.
✨ You value flexibility and freedom to move.

Buy if:

🌱 You’re ready to plant roots and settle down.
💵 It’s within your financial comfort zone.
📆 You plan to stay for the long haul.
✔️ It aligns with your life goals and priorities.

In 2024, a homebuyer needed to earn an annual income of at least $116,782 to spend no more than 30% of earnings on monthly housing payments for a median-priced home.

This is a record high and more than $33k more than typical household makes in a year per Redfin.

With mortgage rates at ~ 7.00% and staying near the high end of their range over the prior few years, it has lowered home affordability for new purchasers. Add in higher real estate values in many parts of the country, interest rates become a big factor in cash flow planning as the monthly cost of home ownership increases for those obtaining a mortgage.

As you consider your options to Rent or Buy, remember that there is not a one-size-fits-all answer, and it’s all about what’s right for you. Understand the pros and cons, review your cash flow and discuss with your financial planner, or contact Sandbox Financial Partners to start the discussion today.