To Rent or To Buy? That is the Question

You've always dreamed of owning a home, but what advantages does homeownership actually offer?

Use the list below to find out if homeownership is right for you:

  • You’re looking for stability and predictability.
    Homeownership can provide more stable housing costs from year-to-year with a fixed-rate mortgage. Unlike a rent check, mortgages act like a savings plan that helps build homeowner equity.
  • You want greater privacy and freedom.
    Homeowners have the luxury to design their home in the way they please.
  • You’re ready to invest in your community.
    There is pride in homeownership. Homeowners are more likely to be involved in civic engagements, local elections, and volunteer work compared to renters.
  • You’re ready to invest in yourself.
    Homeownership provides greater financial stability through equity buildup. That means you’ll have more money over time to build your personal net worth.

So, maybe homeownership is the right choice. What should you do next?

The easiest place to start is by opening a First-Time Homebuyer Savings Account, which Mississippi signed into law this year to provide incentives to encourage people to save more of their own money towards the purchase of a home. From there, work with a REALTOR®, who can further explain the advantages of homeownership.

To learn more about the First-Time Homebuyer Savings Account, visit: FirstHomeMS.org