a 2023 resolution: stop paying rent?

There are many people thinking about buying a home, but with everything affecting the economy, some are wondering if it is a smart decision to buy now or if it makes more sense to wait it out into the future. As Bob Broeksmit, President and CEO of the Mortgage Bankers Association (MBA), explains:

“The desire for homeownership is strong. Many prospective buyers are waiting for the volatility in mortgage rates to subside, as well as for a clearer picture of the economic outlook.”
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If you are in that position, remember that it’s important to consider not just what’s happening today but also what benefits you may gain in the long run.

If you want to create wealth to help set you up for success later on, it may be time to prioritize homeownership. That is because, whether you decide to rent or buy a home, you will have a monthly housing expense either way.

​The question is: are you going to invest in yourself and your future, or will you help someone else (your landlord) increase their wealth?