Renting or Buying in Barnegat…Either Way, You're Paying Someone's Mortgage
There are some people who have not purchased homes yet because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.
As Entrepreneur Magazine, a premier source for small business, explained in their article, “12 Practical Steps to Getting Rich,”
“While renting on a temporary basis isn’t terrible, you should most certainly own the roof over your head if you’re serious about your finances. It won’t make you rich overnight, but by renting, you’re paying someone else’s mortgage. In effect, you’re making someone else rich.”
The average rent for a home in Ocean County is $1,800 per month ($1850.00 in Barnegat), which would buy you a house in the $280,000 range. And in some areas, like Barnegat, you don’t have to worry about a down payment with the USDA Zero Down Loan Program.
The Median Sale Price of a Home in Barnegat is $230,000.00, average sale price of a home in Barnegat Twp is $224,803.00. Here are all the homes for sale in Barnegat.
Here are homes in selected communities in Ocean County for $300,000 and less:
- Toms River Homes under $300,000
- Bayville Homes under $300,000
- Lanoka Harbor Homes or Forked River Homes under $300,000
- Barnegat Homes under $300,000
- Manahawkin Homes under $300,000
Christina Boyle, Senior Vice President and head of the Single-Family Sales & Relationship Managementorganization at Freddie Mac, explains another benefit of securing a mortgage vs. paying rent:
“With a 30-year fixed rate mortgage, you’ll have the certainty & stability of knowing what your mortgage payment will be for the next 30 years – unlike rents which will continue to rise over the next three decades.”
As an owner, your mortgage payment is a form of ‘forced savings’ which allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee the landlord is the person with that equity.
Interest rates are still at historic lows, making it one of the best times to secure a mortgage and make a move into your dream home. Freddie Mac’s latest report shows that rates across the country were at 3.94% last week.
Whether you are looking for a primary residence for the first time or are considering a vacation home on the shore, now may be the time to buy.
As always, thank you for your time and feel free to get in touch if you have any questions about buying, selling or investing in real estate in Barnegat. Karl Hess, Keller Williams Shore Properties - #1 Real Estate Office in Ocean County
Find Your Dream Home on The Jersey Shore in Ocean County!
Licensed in New Jersey. Keller Williams Shore Properties
770 Lighthouse Dr. Barnegat, NJ Phone: 732-797-9001