If you're renting, are you headed for a financial crisis?

Are you renting? Have you ever thought about owning your own home?

Liz Davidson's Forbes Magazine blog, The Next Mortgage Crisis, argues renters are setting themselves up for financial failure in retirement.

“Today, there’s another mortgage crisis in the works — that is, NOT having one — choosing to rent when you can afford to buy; choosing to forgo building equity in a home as a major source of retirement security — something that may be more necessary now than ever before with a soft stock market and low interest rates.”

Wouldn't renting be safer than owning?

If you're renting right now, the cost of rent is increasing and if rent continues to increase at the current inflation rate (3.2% per year), you will pay more than a homeowner paying a set mortgage loan payment over the same amount of time - by hundreds and thousands of dollars.

You may be giving up upwards of $400,000 in retirement assets and still will have to continue to make that rental payment into your retirement.

If our nation continues to rent and not own, we could be in a much worse housing crisis than we're in now. If you choose to rent when you can afford to purchase a home, you may be missing the possibility of a secure retirement.

Contact us today to see if you can purchase your home today!!