25 Feb Is Buying a Home Worth It?
The True Cost of Renting vs. Owning in Glendale Arizona
If you’ve been holding off on buying a home because you’re waiting for the right time, you’re not alone. A lot of people feel like they need the perfect combination of low prices, low interest rates, and ideal market conditions before they make a move.
But here’s the truth—waiting for that perfect moment could mean missing out on opportunities that are available right now. Markets shift, home values change, and interest rates fluctuate. And while you’re waiting, you’re still paying rent every month—without building anything for your future.
So instead of focusing on timing the market, let’s talk about what renting vs. owning really means for your long-term financial future.
Renting = 100% Interest.
Think about it this way—every rent payment you make is 100% interest. None of it builds equity, none of it comes back to you, and every month, you’re essentially paying down your landlord’s mortgage, not your own.
For example, let’s say your rent is $2,500 per month. That’s $30,000 per year that you’ll never see again. Multiply that over the next five years, and that’s $150,000 spent on a home you’ll never own.
Now, compare that to homeownership. When you own a home, a portion of your mortgage payment goes toward your loan balance (building equity), and over time, your home’s value could increase—meaning you gain wealth just by living there.
Will the Market Get Better for Buyers?
A lot of renters are waiting for the market to become more “affordable.” But what does that really mean?
- Interest rates might drop—but when they do, more buyers will jump in, creating more competition and pushing home prices up.
- Home prices could dip slightly—but with inventory still low, competition is keeping prices stable in most areas.
- Waiting too long might price you out—if home values continue to rise, the house you can afford today might be out of reach next year.
The reality is, trying to time the market often backfires. The best time to buy is when it makes sense for you—not when the headlines say the market is “perfect.”
How Much Home Could You Afford Right Now?
A lot of renters assume they can’t afford to buy a home, but they’ve never actually run the numbers. The truth is, you might be surprised at what you could afford for the same (or even less) than what you’re paying in rent.
For example, if you’re paying $2,500 in rent, you could qualify for a home in the $350,000 – $400,000 range (depending on interest rates and your down payment). And unlike rent, your mortgage payment stays the same—it’s not going to go up every year like most rental leases do.
Is It Time to Explore Your Options?
If you’re currently renting, it’s worth at least having a conversation about what buying a home could look like for you. Even if you’re not sure you’re ready now, getting pre-approved or talking through your options will give you clarity—so when the right opportunity comes along, you’re ready.
You might be closer to homeownership than you think. And the sooner you start building equity in a home of your own, the sooner you start creating long-term financial security.
If you want to explore your options and see what kind of home you could afford with your current rent payment, let’s chat. I’d be happy to walk you through the numbers, connect you with a great lender, and help you figure out your next steps—no pressure, just real answers.
Call or text me anytime!