Still Renting? Here’s Why It Might Be Costing You More Than You Think

If you’ve been asking yourself, “Is now really the right time to buy a home?” — you’re not alone.

With home prices still high and mortgage rates holding steady, renting might seem like the safer, more affordable option for now. And in some cases, that may be true — especially if you’re not quite ready financially or personally to take the leap into homeownership.

But before you settle into renting long-term, here’s something to think about: Renting may cost you more in the long run.

Why Long-Term Renting Can Be Expensive

While renting might feel more manageable month-to-month, it doesn’t build anything for your future. A recent Bank of America survey found that 70% of future homebuyers worry about how long-term renting could affect their finances. And they’re right to be concerned.

Buying a home might feel like a stretch right now, but if you start planning for it, the long-term financial advantages of homeownership are hard to ignore.

Homeownership = Building Wealth

Owning a home isn’t just about having a place to live — it’s also one of the strongest paths to long-term financial security.

Here’s why: Home values typically increase over time. So, when you own a home, your equity grows as the value rises and as you pay down your mortgage. That equity becomes part of your net worth — and it adds up fast.

In fact, did you know the average homeowner’s net worth is nearly 40 times greater than a renter’s?

That’s a major difference. And it’s one of the reasons Forbes still calls homeownership “a proven strategy for building long-term wealth.”

Why Renting Feels Easier (But Comes with a Catch)

Renting may come with fewer responsibilities — no maintenance costs, no long-term commitment — but here’s the catch: your rent money doesn’t come back to you.

You’re paying someone else’s mortgage, not your own.

And while rents may feel more stable lately, history shows they tend to rise over time. That means saving for a home while paying rent can become even harder the longer you wait.

According to that same Bank of America survey, 72% of renters worry that rising rent will hurt their financial future.

Renting vs. Buying: What It Comes Down To

Think of it this way:

• Renting = paying for shelter without building equity.
• Owning = building wealth through every mortgage payment.

Yes, homeownership comes with more upfront costs and responsibilities — but it also comes with big long-term rewards. That’s why it’s worth creating a plan now, even if you’re not quite ready to buy just yet.

Bottom Line

Renting might make more sense for where you are today — and that’s okay. But if your goal is to build wealth and invest in your future, it’s worth taking steps now to get closer to homeownership.

Whether you’re ready to buy or just starting to plan, connecting with a local real estate expert can help you understand your options and create a roadmap tailored to you.

Ready to explore what’s possible? Let’s chat.