The Jersey Shore by Karl Hess

Rent or Buy in Barnegat: Either Way You're Paying A Mortgage

There are some people who have not purchased homes in Barnegat because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize, however, that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

In Barnegat the median rent is $1,750 per month. If you were to spend that much towards a mortgage, you could afford $250,000 (approximately) home in Barnegat. And there are loan programs in which you do not have to put any money down!

Search Barnegat Homes for Sale

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.”

With home prices rising, many renters are concerned about their house-buying power. Mark Fleming, Chief Economist at First Americanexplained:

Over the last three years, renter house-buying power has increased fast enough to keep pace with house price appreciation, so the share of homes that a renter can afford to buy has remained the same since 2015.

Although mortgage rates are expected to rise, they are still low by historic standards, and real household incomes are the highest they have ever been. Assuming this trend continues, our measure of affordability, which takes into account income, interest rates, and house prices, indicates that homeownership is still within reach for renters.”

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 building 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 4.51% last week.

Bottom Line

Whether you are looking for a primary residence in Barnegat for the first time or are considering a vacation home on the Jersey Shore, now may be the time to buy.

Karl Hess & Keller Williams Shore Properties provides expert real estate services to residential buyers and sellers in Barnegat and the surrounding communities. Contact us today for more information on Barnegat Real Estate and for professional assistance navigating this complex home market.

As always, thank you for your time and feel free to get in touch if you have any questions. Karl Hess, Keller Williams Shore Properties - #1 Real Estate Office in Ocean County

 

 

 609-553-7926

Find Your Dream Home on The Jersey Shore in Ocean County!

www.TheJerseyShoreHomeFinder.com

 

 Licensed in New Jersey.  Keller Williams Shore Properties 

1400 Hooper Ave. Toms River NJ 08753 Phone: 732-797-9001

 

 

 

Comment balloon 0 commentsKarl Hess • September 06 2018 01:07PM
Rent or Buy in Barnegat: Either Way You're Paying A Mortgage
share
There are some people who have not purchased homes in Barnegat because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize, however, that unless you are living with your parents rent-free, you are paying a… more
The Wave of Millennial Homebuyers Continues to Swell
share
Many have written about the millennial generation and whether or not they, as a whole, believe in homeownership as a part of attaining their American Dream. Comparatively speaking, millennials have taken longer to obtain traditional milestones.. more
The Right Ocean County House for Your Retirement
share
As more and more baby boomers enter retirement age in Ocean County, the question of whether or not to sell their homes and move will become a hot topic. In today’s housing market climate, with low available inventory in the starter and trade-up… more
Interest Rates Impact on Buying a Manahawkin Home
share
If you’re thinking about buying a home in Manahawkin, now may be the time to act. According to Freddie Mac’s latest Primary Mortgage Market Survey interest rates for a 30-year fixed rate mortgage are currently at 4. 61%, which is still near… more
Is Home Ownership in Ocean County Within Your Grasp?
share
Buying a home in Ocean County can be a daunting task, but we help educate and guide first time home buyers through every step of the process. Our goal is to make buying a home a simple, fun, exciting, and hassle-free experience. (Did you know that… more
Should I Wait to Buy a Home in Barnegat?
share
What if I wait until next year to buy a Barnegat Home? We recently shared that Barnegat home prices have increased by 25. 42% year to date over 2017. They’ve also increased by 6. 7% year-over-year on a national basis. Over that same time, interest… more
More New Construction Homes Coming to Barnegat
share
Homes starting in the high 300’s in the Ocean Acres Section of Barnegat - Press Release from D. R. Horton on new construction in Barnegat D. R. Horton’s New Jersey division is pleased to announce the opening of its Whispering Hills community in… more
How Much Do You Need to Make to Buy a Home in Barnegat?
share
It’s no mystery that cost of living varies drastically depending on where you live, so a new study by GOBankingRates set out to find out what minimum salary you would need to make in order to buy a median-priced home in each of the 50 states, and… more
Use Your VA Loan to Buy a Home in Barnegat
share
As a Veteran myself who has used the VA Loan Program, I understand the value it provides. Thousands of veterans live in Ocean County, and over 450, 000 veterans call New Jersey home. For veterans and service members planning to purchase a home in… more
Coming Soon to the Freedom Hills Section of Barnegat
share
Coming on the market very soon is this 4-bedroom 2. 5 bath, almost 2200 square foot home (not including finished basement) and 2 car garage on over 1/3 of an acre in Barnegat’s Freedom Hills Section… a home that provides easy access to Route 9 and… more