You’ve probably asked yourself lately: Is it even worth trying to buy a home right now? It’s a question many people are asking.
With today’s home prices and mortgage rates, renting can feel like the easier path. In some cases, it might even seem like the only realistic option right now. And if that’s where you are, there’s nothing wrong with that.
But if you’re weighing the decision, there’s one part of the conversation that doesn’t get talked about enough.
It’s what each choice does for your future. A homeowner’s net worth is over 40 times that of a renter!
What Renting Really Gets You (And What It Doesn’t)
Depending on your situation, renting does have some advantages:
- Lower upfront costs.
- Less responsibility.
- More flexibility to move when you want.
But even with those benefits, a Bank of America survey found 70% of aspiring homeowners worry about what long-term renting means for their future. And that concern comes down to one thing: you’re not building anything for your future. As Yahoo Finance explains:
“Paying rent doesn’t build equity. You get a place to live, but no ownership stake, no price appreciation, and no asset to leverage for future borrowing or investment.”
So, while renting may feel easier, the flexibility you get comes at a cost.
How Homeownership Builds Your Wealth Over Time
On the other hand, owning a home is one of the most consistent ways people build wealth over time. Why? When you’re a homeowner, you gain something called equity. That’s the difference between what your home is worth and what you owe.
That equity grows with every monthly payment you make. It also gets a boost as home values go up through the years – and it adds up quicker than you may think.
Today, the National Association of Realtors (NAR) says the average homeowner’s net worth is 43X greater than that of a renter, and that gap is growing over time:
And it’s not because homeowners make wildly different decisions day to day. It’s because over time, one path builds something, and the other doesn’t.
So, sure, buying comes with some upfront costs and more responsibility. But it’s basically a savings account you can live in.
How can you know when you’re ready to buy a home?
Before you start picturing life in a new place here on the Seacoast, it’s worth making sure the foundation is solid.
Buying a home in Portsmouth, Rye, Exeter, or Dover isn’t just about finding the right property—it’s about being financially ready to make it work long-term.
That means maintaining good credit, keeping your debt manageable, and building savings for your down payment and closing costs. Here’s a tip many don’t know: You don’t need perfect credit to qualify for a mortgage.
It’s also important to look beyond the mortgage and understand the full monthly picture—taxes, insurance, utilities, and ongoing maintenance all play a role.
And just as important as the numbers is stability—having a consistent income you can count on as you settle into homeownership. When those pieces start to come together, that’s when buying on the New Hampshire Seacoast shifts from “maybe someday” to a real, achievable next step.
Bottom Line
Renting may feel more doable today. But over time, it could cost you.
If you want to ditch renting and start building something for your future, it starts with a simple conversation. Let’s connect, talk about your specific goals, and explore your options – so you’re ready when the time is right for you.
