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Is Now the Right Time to Buy a Home?

That's a tough one, but proper planning and research can help you make an informed decision

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Getting Started

To answer this question, consider the advantages of renting vs. buying and decide which is more appealing based on your circumstances.

You may also want to consider the current market conditions when deciding if now is a good time to buy.

This video is also available with audio description.

 

Renting Vs. Buying

Both renting and buying come with advantages and drawbacks.

 

A table explaining the pros and cons of renting and buying. Pros of renting include: You have more flexibility if you think you may move soon. You may not be responsible for home repairs like a new roof or driveway. You may not be responsible for yardwork, and renting has a lower up-front cost than buying. Cons of renting include: Paying rent does not help you build equity. Rents may increase. When you rent, you have a limited ability to customize your space. Pros of buying include: A house is an investment that tends to appreciate over time. When you buy a home, you have freedom to customize your space how you want it. Buying offers more stability in your housing situation. Buying also helps you build equity as you pay your mortgage. Cons of buying include: Buying usually has greater up-front cost than renting. You may incur additional taxes and fees from owning a home. You will have responsibility for major repairs.

Additional Resources

These resources may be helpful for estimating the costs of renting and buying and learning how to buy and maintain a home.
  • Estimates.

    Rent or Buy Calculator

    Check out this calculator to see how different rental and purchase assumptions affect the cost of renting and buying.
    Learn More
  • Investing icon

    Buying a Home Article

    This article from Banzai walks though things to consider when thinking about buying a home, including different types of mortgages and the pros and cons of renting vs. buying.
    Learn More
  • Student.

    My Home by Freddie Mac

    The Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac, offers tools and resources to help people understand how to rent or buy their next home.
    Learn More

Research the Market

Curious about what the housing market is like? Check out these resources to learn more.

Housing Market Resources

  • Search.

    Freddie Mac Research

    Freddie Mac publishes research on the housing market nationwide, including projections of house price growth and mortgage rates.
    Learn More
  • Search.

    Massachusetts Association of Realtors

    The Massachusetts Association of Realtors offers market research reports focused on the state of Massachusetts.
    Learn More