Lately, you might be wondering: Should I even try to buy a home in this market?

Between sky-high prices and stubborn mortgage rates, renting can feel like the smarter—or maybe the only—option right now. And honestly? That makes sense. Buying a home isn’t the right move for everyone at this exact moment. You should only take the leap when you’re truly ready.

But before you settle into another lease, there’s something important you should know about renting.

The Short-Term Win vs. The Long-Term Cost

Yes, renting might feel safer today. In some areas, it could even be cheaper month-to-month than owning. But over time? It could cost you way more.

A recent Bank of America survey found that 70% of renters worry about what renting long-term means for their financial future—and they’re right to be concerned.

Although buying a home may seem impossible right now, owning one is still one of the best ways to build wealth over time.

Why Homeownership Pays Off

Buying a home isn’t just about having a roof over your head—it’s an investment in your future.

Here’s why:

·        Home prices usually rise over time, meaning the longer you wait, the more expensive buying becomes.

·        Every mortgage payment builds equity (the difference between what your home is worth and what you owe). Over time, that equity becomes part of your net worth.

https://www.federalreserve.gov/publications/files/scf23.pdf

And the numbers don’t lie: The average homeowner’s net worth is nearly 40X higher than a renter’s.

 

That’s why Forbes says:
"While renting might seem less stressful… owning a home is still a cornerstone of the American dream and a proven strategy for building long-term wealth."

The Hidden Cost of Renting

Renting feels easier in the short term—lower payments, no maintenance worries, no long-term commitment. But here’s the catch: rent prices keep climbing.

And while rent hikes have slowed recently, history shows they always trend upward. That makes saving for a home even harder.

In fact, 72% of renters say rising rent costs are hurting their finances—both now and in the future.

The hard truth?

• Rent money is gone forever. It pays your landlord’s mortgage, not yours.
• A mortgage builds equity. It’s like a forced savings account you can live in.

As Joel Berner, Senior Economist at Realtor.com, puts it:
"Renting may be easier on your budget now, but homeownership builds equity and generational wealth that renting never will. In the long run, buying is often the smarter financial move—even if the upfront costs seem high."

The Bottom Line

Renting might feel like the easier choice today, but it won’t help you build wealth tomorrow.

If buying a home feels out of reach right now, you’re not alone. But the first step? Make a plan.

·        Talk to a local real estate agent about your goals.

·        Explore loan programs that could help.

·        Get your finances ready so you’re prepared when the right time comes.

Because in the long run? Owning beats renting—every time.