Should I Buy a House?

That statement, on the surface, seems like it’s wrong, but over 50 years of sales data suggest broadly that the right time to buy a house is always now. Housing prices, of course, vary by market, but on a national level, they have climbed steadily since the 1960s, according to data from the St. Louis branch of the Federal Reserve.

Mortgage rates, which have basically doubled from 2.9% a year ago to 5.89% as of Sept. 8, are a factor, but waiting for rates to drop is a dangerous game. If mortgage rates do fall, more people are likely to end up back in the housing market. That will push prices higher.

Housing is in most cases, not an optional purchase. Unless you have someone willing to give you a place to live free of charge, your choice is renting or buying a home, and as housing prices climb rental rates generally move in the same direction.

Buying a home is one of the most important money moves you’ll ever make. It’s an exceptionally personal decision that requires evaluating your long-term goals while making sure you’re financially ready, from the down payment to interest on a home loan. Your job stability, household needs and the inventory available where you want to live all play a role in determining what makes sense for you

In reality, there’s never a perfect time to buy a house – it’s challenging any time, even when it’s a buyer’s market. Whether you should buy a home largely depends on your personal situation.

Put simply, if you need a place to live, and expect to stay put for at least a few years, buying makes more sense than renting!