How can I ever afford a home?

"Is Buying Too Expensive? Or Is Renting Keeping You Stuck?"
By Denise Samples | Equity Real Estate-Buckley

If you’re renting and watching home prices rise, you’re not alone in wondering: “Will I ever be able to afford to buy?”

It’s a valid question—and one I hear often. The truth is, buying a home can feel more expensive up front compared to renting. But here’s the reality: while renting might seem more affordable today, it often comes with hidden costs that hold you back long term.

Let’s break down the facts so you can make an informed decision—not based on fear or myths, but on what’s truly best for your financial future.

Myth #1: “Buying a home is too expensive.”

Yes, your monthly mortgage may be higher than your rent—but it’s important to understand what you’re actually getting in return:

✅ Equity Growth – Every mortgage payment builds ownership in your home. Rent, on the other hand, builds wealth for your landlord.

✅ Stable Payments – With a fixed-rate mortgage, your principal and interest payments remain the same. Rent, however, often increases annually—sometimes sharply.

✅ Tax Benefits – Homeowners may qualify for deductions like mortgage interest and property taxes, depending on your situation. Renters don’t get these perks.

✅ Long-Term Value – Real estate has historically appreciated over time. According to data from the Federal Reserve, homeownership remains one of the most consistent ways to build long-term wealth in the U.S.

Myth #2: “Renting is easier.”

On the surface, renting might seem simpler—no maintenance, no property taxes, no long-term commitment. But consider this:

🔁 Renting is temporary. You’re subject to someone else’s rules, schedule, and financial decisions. Your lease can end unexpectedly, and your rent can increase without much notice.

🔒 Homeownership is an investment in stability. Owning a home gives you control over your living space, the freedom to personalize it, and the security of knowing you’re not at the mercy of a landlord’s decisions.

Myth #3: “I need 20% down to buy.”

This is one of the biggest misconceptions out there. In reality:

💡 Many buyers qualify for loans with as little as 3%–5% down
🏡 There are first-time homebuyer programs, grants, and seller concessions available to reduce upfront costs

Don’t let a down payment myth keep you from exploring your options.

Let’s Talk About Your Situation

Everyone’s financial picture is different, and buying may not be right for you this month—but with a strategy in place, it can be right for you sooner than you think.

Let’s review your numbers, explore your loan options, and put together a clear, realistic plan to help you transition from renting to owning—when the time is right.