You May Think You’re Too Young To Own A Home, But That’s Not The Case In Raleigh

We’re letting you in on a huge secret—you’re not too young to think about buying a home in Raleigh. Market data shows that now’s the right time to invest in your future in this fast-growing home buyer’s haven.

In terms of affordability, North Carolina’s capital knocks it out of the park. With the majority of Raleigh homes for sale hovering around the $200,000 range, a bit of simple math tells us that buying here is a better deal than renting.

Why Buy In Raleigh?

You might be surprised to find out that the average Raleighite renter shells out about $1,000 a month to their landlord, while most homeowners only pay around $838 monthly for their mortgage payment.

Suddenly renting doesn’t seem so great after all, especially when you see that most of the costs associated with buying (like the 20 percent down payment, maintenance, and taxes) are actually included in that $838 mortgage payment.

That’s right—the above numbers compare the total cost of buying with the total cost of renting.

When you compare the price of renting to the price of buying, it shows that if you’re still renting in Raleigh, you’re losing money.

Renting Vs. Buying

If the above isn’t already enough to convince you that Raleigh is a great place to buy, the benefits of owning might just sway you.

While renting certainly has its pluses with the flexibility to move around as you please and the luxury of having a landlord to fix things for you (if you’re lucky), buying lends you deeper rewards.

The benefits of owning a home are limitless, and when you own a home:

How Do I Get Started?

Though you may feel like you’re far off from getting started, the beginning steps of the home buying journey really help you to lay the groundwork for the rest of the process and give your path direction.

You can kickstart your home buying process by getting your finances in check, knowing your borrowing abilities, and getting an estimate of what your monthly mortgage payments might look like.

• Really get to know your financial situation. Think about your income and your debts relative to the specific market you’re hoping to buy in.
• Research the location you’re looking to buy in. If you’re fresh out of school, have a lot of debt, or are in a lower income bracket, buying a house in a totally overpriced market might not make sense, while buying a home in Raleigh could be perfect.
• Know your credit score—and if it’s bad, improve it. The better your credit, the better chance you’ll have of a lender making you a loan. Another general rule is that the higher your credit, the lower interest rates you’ll be offered. Having as low of an interest rate as possible is best, since it means you’ll be paying less monthly and you’ll owe less altogether.

Ready To Take The First Steps?

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