RE/MAX Capitol Properties joins the debate.
82,338 reasons why you should buy a home! When purchasing a home, you are giving yourself the ability to build wealth in your home equity. Every quarter, the U.S. Home Price Expectation Survey is given to over 100 economists, investments strategists, and house market analysts regarding their five-year expectations for home prices in the U.S.
Starting in 2021, these experts are predicting that home prices will appreciate at the following percentages:
- 2021 – 6%
- 2022 – 4.5%
- 2023 – 4%
- 2024 – 3.6%
- 2025 – 3.5%
For example, a homeowner can increase their $350,000 home’s net worth by $82,338 in five years – that’s an average of $16,000 annually!
Homeowners are essentially putting their funds into a growing savings account when they buy instead of rent. Whereas when you are renting, you are putting your funds into someone else’s savings account. Which would you prefer to do? Additionally, Cheyenne’s rental market is relatively high compared to other similarly sized communities because of the volume of temporary residents. The military keeps a constant flow of citizens coming in and out. Sometimes they are posted here for only two years, and it is more economical to rent than it is to buy. That said, the demand in the rental market is high. Therefore, if you plan to be a longer-term resident in Cheyenne or Laramie County, it is better to buy.
Connect with one of our trusted RE/MAX Capitol Properties agents, to get started on your home buying goals. If you would like to learn more about resources at RE/MAX Capitol Properties, give us a call at (307) 635-0303.