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References
NAR Library & Archives has already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles (E) are available only to NAR members and require the member's nar.realtor login.
Statistics & Studies on the Buy vs. Rent Decision
Homeowners vs Renters Statistics (iProperty Management, Nov. 22, 2023)
- The nationwide homeownership rate was 66.0% as of 2023’s third fiscal quarter (2022Q1), a 0.15% increase from the previous quarter (2023Q2).
- As of 2022, 84.6 million out of a total 129.9 million households own their homes.
- 45.2 million households rent their homes.
- 2.7% of occupied housing units are second homes.
- 10.4% of all housing units are vacant, down 2.88% from the previous year.
Home prices and rents have both soared. So which is the better deal? (CBS News, Oct. 26, 2023)
The rule of thumb is to plan on living in a home for five years to make it pay off, given purchasing costs like the real estate commissions, closing costs and other items that add to the price of homeownership, Vance noted. But in today's environment, with mortgage rates topping 8% and home prices still high, buyers should probably push that out to at least 7 years, maybe longer, he noted.
Home Buying Tools: Planners Can Provide Immense Value by Helping Clients Evaluate the Decision to Rent or Buy a Home (Journal of Financial Planning, Nov. 1, 2023)
The high standard tax deduction, which came into law in 2018 and reduced the number of itemizers from 33 percent of taxpayers to 10 percent, is scheduled to return to 2017 levels, adjusted for inflation, in 2026. This combination of lower prices, lower interest rates, and restored tax deductions for owning a home will likely lead to increased demand and prices for homes in two years.
Should You Rent or Buy? Before You Decide, Ask Yourself Some Questions (Fortune, Mar. 2, 2023)
Renting and owning are different in almost every aspect of what it means to obtain a place to live. The responsibilities of renters are not the same as owners. The costs are not the same nor are the rewards. Lifestyles, goals, and needs often differ as well.
These differences are sometimes a reflection of the choice to rent or buy and sometimes a reflection of the reason that choice is made. Either way, the more you know about these differences, the easier your choice will be.
National Data - Price-to-Rent Report (Florida Atlantic University College of Business)
Rent vs buy – what’s right for you? (NerdWallet)
Should you rent or buy a home? Use our simple rent vs buy calculator to find out which option is best for you.
Renting vs. Buying (detailed analysis) (Khan Academy, 2011)
A detailed model, including a downloadable spreadsheet, that factors many of the considerations.
Consumer Information, Tips & Resources
Renting vs. Owning a Home: What's the Difference? (Investopedia, Jul. 30, 2022)
Choosing to rent or buy your home is a major decision that affects not only your lifestyle but also your financial health.
Rental Help in Your State (HUD)
In addition to the federal rental assistance, homeownership and home buying assistance programs, there may be programs sponsored by your state or local government or other organizations that can help you.
Rent vs. Buy (My Home by Freddie Mac)
If one day you aspire to be a homeowner, keep your long-term goals in mind. The transition from renting to buying is a big step which requires patience and lots of planning.
First-Time Home Buyer Resources (realtor.com®)
A 12-step home buying guide, home affordability calculator, and a 23-part video series.
Information for REALTORS®
Why Rent When You Can Buy--English Version (REALTOR® Store, #186-90)
Why Rent When You Can Buy - Spanish Version (REALTOR® Store, #E186-95)
The Rent Vs. Buy Decision (REALTOR® Store, #186-11-002-RU)
Real Estate Professionals Resource Center (Freddie Mac)
eBooks & Other Resources
eBooks.realtor.org
The following eBooks and digital audiobooks are available to NAR members:
Buying a Home (eBook)
Buying a Home When You're Single (eBook)
Buying Real Estate Without Cash or Credit (eBook)
Don't Rent, Buy! (eBook)
Home Buyer's Checklist: Everything You Need to Know -- but Forget to Ask -- Before You Buy a Home (eBook)
Home Buying for Dummies® (eBook)
How to Buy a House : First Time Home Buyer's Quick and Easy Guide to Buying A Home (Audiobook)
Investing In Rent-To-Own Property (eBook)
The Just Right Home (eBook)
Rent vs Own (eBook)
Books, Videos, Research Reports & More
As a REALTOR® member benefit, the following resources and more are available for loan through the NAR Library. Items will be mailed directly to you or made available for pickup at the REALTOR® Building in Chicago.
Buy Your First Home: A Basic Step-By-Step Guide for First Time Home Buyers (Cheyenne, WY : Queen Bee Publisher, Inc., 2012)
The Everything Homebuying Book (Avon, MA: Adams Media Corp., 2003) HD 1341 W38e
House Hunting: The Take-Along Workbook for Home Buyers (Vancouver, BC: Raincoast Books, 2002) HD 1341 H99h
Home Buying for Dummies® (New York, NY, Wiley Publishing, 2001) HD 1341 T98
The Economic Benefits and Costs of Homeownership (Washington, DC: Research Institute for Housing America, 2001) HD 7293 R23e
Have an idea for a real estate topic? Send us your suggestions.
The inclusion of links on this page does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked in this page complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.