<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1955936548054264&amp;ev=PageView&amp;noscript=1">

Still Renting? It's Time to Grow your Net Worth

< Back to Articles | Time to Read: 5 minutes

Mortgage rates and home prices aren't the only thing on the rise. Census data also shows the median monthly rent continues to go up year after year.

To escape rising rent, you may want to consider buying a home so you can lock in your monthly mortgage payment and avoid future increases. Even with housing inventory remaining low, homeownership is a much more stable long-term investment. The search is worthwhile, and the purchase will help grow your net worth as home values appreciate. 

Owning a home is more affordable than renting in much of the country.

Rent is skyrocketing. The big difference between renting and owning a home is, when you rent, that rising cost benefits your landlord's investment strategy, but it doesn't deliver any sort of return for you.

kcm-infographic-1652798635But when you buy a home, your monthly mortgage payment works like a savings account. Over time, as you pay down your mortgage (and as home values rise) you build equity. Equity is important because it increases the amount of money you have in your home and helps you build wealth. So, it's the current value of your home minus your mortgage balance. 

According to the latest data from CoreLogic, the average homeowner gained $56,700 in equity over the past year, a number that continues to grow as home values appreciate. This should give you peace of mind that your investment in your home is worthwhile. Not to mention, when you buy, you lock in your monthly mortgage for the duration of your loan, creating a stable and predictable monthly payment, even when dealing with inflation right now.


"Homeowners are shielding from mounting rental prices because their cost is fixed, regardless of what's happening in the market... Tangible assets like real estate get more valuable over time, which makes buying a home a good way to spend your money during inflationary times."



The pros vary widely on how high they think rates will rise in 2022.

We've already seen interest rates climb in 2022 and we're expecting rates to continue to fluctuate which is why it's important to protect your interest rate with Rate Secured for 90 days while you shop for a home. So, if you’re thinking about buying a home in the next three months, your best bet is to secure your interest rate today to help you save thousands. It’s a no-brainer! 

Here's the bottom line with rates: As long as inflation continues to be an issue, interest rates will stay at higher levels. 

What is going to happen with home prices?

Home prices are expected to continue to climb about 6.1% on average. That is definitely not the record-breaking increase we saw over the past year, but it's still continued price growth. So, if you're waiting for prices to drop because you think homes will be more affordable in the next few years, the data from leading experts simply doesn't support it.

The big takeaway.

If you're renting today, but thinking about buying a home, it's important to look at the complete picture. Buying a home is a big decision, but having a trusted advisor on your side is key. Let's connect to explore your options so you can learn more about the benefits of homeownership.

Are you buying a home or refinancing?

Where are you planning to buy a home?

Please Select a State

What is your full name?

Please Enter a Name
Please Enter a Last Name

What is your email address?

Please Enter a Valid Email Address
  We won't share your information.

Next, we need to verify a phone number.

Enter a Valid Phone Number
Please Select a Message Type

Enter your phone number and we'll text you a 6-digit security code to verify it's you. Standard texting and data rates may apply. For more information, read our Privacy Policy.

Enter the 6-digit code sent to your device.

 Code sent to +1234567890

Finally, how did you hear about us?

Please Select an Option

By submitting this form, I/we agree to your Privacy Policy Terms of Use and authorize Churchill Mortgage Corporation and/or their Preferred Provider for our area and/or The Churchill Agency to receive the above information to assist in obtaining a home loan.

I/we also authorize Churchill Mortgage Corporation, The Churchill Agency and/or their Preferred Provider for our area to contact us regarding but not limited to mortgage and insurance services and products via telephone, mobile phone (including through automated dialing), and/or email, even if telephone numbers or email I/we provide are on any Do Not Call/Contact Registry, such as corporate, state, or the National Do Not Call Registry. The submission of this form does not constitute in any way a formal loan application or a commitment for a loan. By communicating with us by phone, you consent to calls being recorded and monitored. By participating, you consent to receive text messages sent by an automatic telephone dialing system. Consent to these terms is not a condition of purchase.

Your answer will NOT negatively affect your mortgage application. Your answer does not mean the Lender or Other Loan Participants agree to communicate or provide documents to you in your preferred language. However, it may let them assist you or direct you to persons who can assist you. Language assistance and resources may be available through housing counseling agencies approved by the U.S. Department of Housing and Urban Development. To find a housing counseling agency, contact one of the following Federal government agencies. U.S. Department of Housing and Urban Development (HUD) at (800)569-4287 or www.hud.gov/counseling

Es probable que su transacción de préstamo hipotecario suceda en inglés. Por medio de esta pregunta, solicitamos información para determinar si existen comunicaciones disponibles a su servicio, en su idioma preferido. Sírvase tener en cuenta: posiblemente NO hay comunicaciones disponibles en su idioma preferido.

Thank You!

Thank you for choosing Churchill Mortgage to help you with your home loan needs!

Our team is already hard at work connecting you with your Home Loan Specialist. Rest assured that we've received your request and will be in touch with you shortly.

social proof logos

Already working with someone at Churchill?

Find Your Home Loan Specialist

Please Select a Loan Officer