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Every year, many renters ask themselves the same question: Should I continuerenting, or is it time tobuy a home? If youҲe a renter, chances are youҶe asked yourself that question at least once, and itҳ likely because youҶe faced an increase in your monthly housing costs over time. After all, according toCensus data, rents have risen consistently for decades. To make an informed and powerful decision, the first step is understanding whatҳ happening in todayҳ housing market so you can determine which option is the better long-termfinancial decision for you. Rents Are Going Up Again This Year Rents are skyrocketing right now.Data from realtor.com shows just how much rental prices are surging throughout the country. The graph below highlights rental unit price increases over the past year: If youҲe a renter and plan on signing a new lease, your monthly costs are likely to go up when you do. Those rising costs can have a big impact on your financial goals, including anyplans youҲe making to save for a home purchase. Homeownership Offers Stable Monthly Costs Of course, one of the key benefits of owning your home is that youҲe able tolock in and stabilize your payments for the duration of your loan. Thatҳ not the case when you rent. While rents are already on the rise, thereҳ a good chance many people will see their rental costs increase even more this year. As Danielle Hale, Chief Economist at realtor.com,says: Ӽ/em>With rents already at a high and expected to keep going up, rental affordability will increasingly challenge many Americans in 2022. For those thinking about making the transition from renting to buying their first home, rising rents will remain a motivating factor. . . .Լ/em> So, if you're ready to become a homeowner, waiting any longer may not make financial sense. Instead, escape the cycle ofrising rents and enjoy themany benefits that come with homeownership today. Bottom Line Starting your journey towards homeownership can pay off significantly this year. If youҲe financially ready today, letҳ connect so we can discuss your options.