Dated: November 30 2017

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Why do people rent versus buy?  The reasons cross the full spectrum but in our experience the reasons typically fall into two buckets:

  1. They have had a life changing event and they do not want a long term commitment (i.e. owning a home) until they feel comfortable with the area and length of time they plan to stay in that area.

  2. They have had financial challenges, e.g. depleted their savings, incurred debt and/or have credit challenges.

Regardless if you fall into these two categories, i'm sure you may have wondered 'when does it make sense to own versus rent?'

We've found an excellent resource that helps you analyze whether it makes more sense to rent or buy.   See:  New York Times Rent V's Buy Calculator

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If you have financial challenges, know that you are not alone!  There are phenomenal credit repair and down payment assistance grants that are available free of charge.  Today, in the Phoenix metropolitan market, there are grant programs that offer up to $17,000 dollars towards your down payment.  These grants are home stimulus grants offered by the county which means that your ability to qualify is not solely limited to financial hardships.  The qualifications are broad and there are no repayment requirements.  Let us know if you are interested in learning more and we'll put you in touch with a Lender that specializes in these programs.

Have a great week!


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