You hear it all the time, the cost of renting a home is getting insane! Believe it or not, Woodstock is still very affordable when you compare it to the rest of the country… That is why people are moving here in droves.
Every major city around the US has rents significantly higher than ours but that doesn’t make it any less painful. Woodstock’s average rental rates grew from $1,195 in 2006 to $1,538 in 2016. This average was not taken for one bedroom apartments, but instead for all rentals including 4+ bedroom homes! The low rent in 2016 was $750- likely for a studio or one bedroom and high rent was $3,700 (likely an executive style home) to keep these numbers in perspective.
After I ran the numbers, I thought to myself… Gosh, I am so thankful I own a house! The fact is though, I don’t own my house…the bank does. If I stop paying my mortgage they will take it back. What I’m really thankful for is that I secured my homes cost as well as my monthly payment…so I never have to worry about rising rents again.
Not only that, my home has gone up in value and I pay off a portion of my house with every mortgage payment. I also get to write off the interest getting me a higher tax return, not to mention that I don’t have to deal with a landlord telling me how to live.
Compare the average rent of $1,538, to the cost of owning a home:
For Example: If you purchase a home with a price of $250,000 with a 5% downpayment (Conventional Loan w/4.5% interest rate) your payment would be around $1,559 in unincorporated Woodstock. *Fine or not so fine print, of course, you would need to qualify and these are just approximate numbers.
The numbers are undeniably in favor of owning versus renting. So the question is, when is the right time to consider buying?
My answer to this is quite simple: when you are secure in your job, you have no plans of leaving the area for at least 3 to 5 years, you have access to a down payment and when you realize that if you don’t buy something sooner than later, you may not be able to afford to do so.
If you need help deciding or navigating the process of buying, I’m always happy to provide a free, no-obligation consultation.
Just fill out the form below and leave the rest to me!