KristiLyn Wilkinson, M.S. AFC Candidate
Empowering Financial Wellness Program Coordinator
Housing is often the largest expenditure that people make. If you take the full 30 years to pay off your mortgage, you can pay as much as three times the original amount you purchased. Owning a home is a big part of the “American Dream” for many people, and while it is true that homeownership builds stable communities and may help you build wealth and equity, that doesn’t mean it is right for everyone in every situation. There are many factors that come into play when considering if it’s the right time to purchase a home or if you should continue to rent. Here are a few things to consider.
The important thing for everyone to remember is that neither of these options is morally superior to the other. It is not “better” to rent or “better” to purchase a home. What matters is that you identify what is important to you, evaluate the options, and make a decision based on what makes most financial sense for you and your family. Purchasing a home before you are ready to take on all of that financial responsibility can actually set you back on your financial journey, so don’t rush into homeownership because society has taught you that it is the “right” thing to do. However, if you have decided you are ready to purchase a home and your ducks are all in a row then go for it! It can be scary and overwhelming purchasing your first home, but you don’t have to do it alone. USU Extension has a homebuyer education course for first time home buyers! It will walk you through everything you need to know to be prepared when purchasing a home! To learn more about the course click here!
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