According to Numbero.com average rent for a 3 bedroom apartment in Reno averages $1255 to $1489 depending on location.    Just think, for that same payment  you could be a home owner, building wealth and adding stability.   With a loan amount of $250,000 at 4.25% interest rate your principal and interest payment would be $1229.84.  If you have been considering purchasing a home the Shocket Team can help.  Reno-SparksRealEstate.com

Rent Per Month Avg.  Range
Apartment (1 bedroom) in City Centre 753.45 $ 640.00900.00
Apartment (1 bedroom) Outside of Centre 825.20 $ 750.001,000.00
Apartment (3 bedrooms) in City Centre 1,489.90 $ 1,200.001,700.00
Apartment (3 bedrooms) Outside of Centre 1,255.48 $ 1,142.501,562.00

The most recent Housing Pulse Survey released by the National Association of Realtors revealed that the two major reasons Americans prefer owning their own home instead of renting are:

  1. They want the opportunity to build equity.
  2. They want a stable and safe environment.

Building Equity

In a recent article by The Mortgage Reports, they report that “buying and owning a home is the essence of ‘The American Dream.’ Each month, your housing payments go toward owning your home instead of renting it; building your personal wealth and assets instead of someone else’s.

History has shown that homeownership is a clear path to wealth-building, with homeowners boasting a net worth [that is] multiples higher than the net worth of renters.”  

Family Stability 

Does owning your home really create a more stable environment for your family?

survey of property managers conducted by rent.com disclosed two reasons tenants should feel less stable with their housing situation:

  • 68% of property managers predict that rental rates will continue to rise in the next year by an average of 8%.
  • 53% of property managers said that they were more likely to bring in a new tenant at a higher rate than to negotiate and renew a lease with a current tenant they already know.

We can see from these survey results that renting will provide anything but a stable environment in the near future.

Bottom Line

Homeowners enjoy a more stable environment, and at the same time are given the opportunity to build their family’s net worth.