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Renting a home just got pricier.

The average rent nationwide increased by $47 this summer, driving the monthly amount to around $1,500 a month, representing a 3.3 percent hike from a year ago, according to data from RentCafé.

Demand for multifamily homes is one factor in the price increases across the United States. From low unemployment and increased household formation to homebuilder confidence, there’s no shortage for causes of higher demand and prices.

If you rent in Roseville, you probably know the pain. That’s why you should consider the clear alternative to renting.

Purchasing a home of your own has multiple benefits. Here are five reasons why you should consider ditching your monthly rent for a mortgage.

Savings – When you buy a home, you are building upon an investment. Also known as forced savings, your monthly mortgage payment acts as an investment for the future. The more you pay the less you owe on your mortgage and more you own of your home. As you build up equity, the bigger the investment you’ll have.

No more landlord – Sleep easy at night without the fear of an unexpected notice to move out. If your landlord suddenly decides to sell the home, or rent goes up beyond your budget, things can get complicated. Buying a home provides more security that gives you control of your living situation where it belongs – in your hands.

Make it yours – There will be no regulation on your imagination. As a homeowner, you decide every detail of décor, renovation and home improvement. Enjoy the freedom to make your home your own as a homeowner. Whether you want to knock down a wall to create a larger space or landscape your yard to be energy- and water-efficient, the choice will be yours.

Fixed monthly payment – Unlike the unpredictability of the rental market, a fixed-rate mortgage means your monthly payment will be predictable. When you enter a conventional loan, the price will exclude home mortgage insurance, too, reducing the amount you have to pay each month. It’ll sure be nice to know how much you’re paying each month, instead of fearing yet another rent hike.

Take advantage of low interest rates – Several reports over recent months have detailed how rates are near historic loans. Lower interest rates over the life of a loan may result in amazing savings you won’t want to pass up.

If you’re ready for this next big step to secure a bright financial future, work with us at Element Mortgage for all your home loan needs.

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