How Homeownership Can Help Shield You from Inflation

You may notice your dollar is not stretching quite as far as it once did. If you feel like your long-term financial plan has been impacted, don’t fret – there are still many ways to still achieve your goals.  

If you’re following along with the news today, you’ve likely heard about rising inflation. You’re also likely feeling the impact in your day-to-day life as prices go up for gas, groceries, and more. These rising consumer costs can put a pinch on your wallet and make you re-evaluate any big purchases you have planned to ensure they’re still worthwhile. You’re certainly not alone, and we’re here to show you that your goals of homeownership are still far more attainable than you may think. 

Stabilize Your Biggest Expense – Lodging 

Buying a home allows you to stabilize what’s typically your biggest monthly expense: your housing cost. Inflation isn’t only hitting our budgets – it’s also impacting HOA fees and monthly rent costs at apartment complexes. Rent has increased by over 14% in the past year! If you get a fixed-rate mortgage on your home, you lock in your monthly payment for the duration of your loan, often 15 to 30 years. Think of it as paying yourself first … not another property management company! 

Use Home Price Appreciation to Your Benefit

In inflationary times, it’s especially important to invest your money in an asset that traditionally holds or grows in value. Housing is a perfect example of this. Home values will continue to rise as inflation continues, so that means your home will be worth more – especially given the shortage of houses nationwide.

Supply and Demand is Still Driving Home Prices

Home values are projected to only increase for the distant future. Investing in a home today means you can start building equity sooner rather than later. Any improvements you invest in your home will pay dividends for you down the road – whether you choose to sell later down the road or utilize your equity for future projects. 

No matter where you are in your home buying journey, we’re here to help you every step of the way. Contact us today at Weber Mortgage to get pre-approved today for your new home!