Renting vs buying a home in Tennessee

This is a question that pops up often. Once you are ready to live in a home, there are really two options. Either you will rent it, or you will buy it and have it as your own. Which is the better option? Especially so in Tennessee? Well, that is exactly what this article is about. We are going to discuss all the aspects of renting vs buying a home in the state of Tennessee. Without further ado, let us begin.

Renting vs buying a home – what should you choose

So, you have decided that you will be moving with the help of the best movers in Memphis you can find. Good! But, what kind of a home will you be living in? Will it be rented, a temporary station, or a permanent home that you truly own. Property under your name. Well, that is the question we are trying to tackle here.

renting vs buying a home - a hand holding a key
What should you do?

The main factors that should count into your decision are the following:

  • Cost – The cost is the most frequent factor of renting vs buying a home debate. On the one hand, renting a home is cheaper in the short to medium run, as you are paying rent rather than buying a house. However, when you do buy a house, it offers additional value, and you can sell it later, probably at the increased prices as the city expands and the land becomes more valuable. That is not to say that you should forget about taxes though.
  • Stability and safety – When you have your own home, it does add a layer of stability and safety to your life.
  • Long-term plans – Your answer might also depend on what to the situation is for you. Will you be hiring long distance movers Memphis in the perceivable future again, or are you settled in for good?

Tennessee housing market

So how does this information stack up in Tennesse? Will you be using moving companies Tennessee to move into an owned home or a rented one. Well, first let just all about the price. The median sale price of a home in Tennesse has steadily gone up from $178 000 in 2016 to 274 000 in 2021, with the prices projected to grow at a similar pace.

rowing boats in Tenessee
What to expect in Tenessee?

Tennessee has between 5000 and 10000 homes sold each month, with January and December being the slowest months, and July being the busiest ones. Finally, the national average 30-year Fixed Mortgage rate is 2.7% and is steadily going down from its 4.9% height in 2018. All in all, Tennessee has a very healthy housing market that is worth investing in.

In summary

The article is concise, but we have presented all of the necessary information for you to make a judgment. So what will it be for you in the renting vs buying a home debate? On the one hand, you get your own home, but it comes with its own expenditures and risks. On the other hand, renting presents a smaller financial burden, but less stability. Think about both options carefully. Best of luck!

 

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