Renting vs buying, which is better?

(FOX Providence) - We'd all like to own our own home, but in an unstable housing market how do you know if you should rent or buy?

Real estate expert Steve Antoni joined The Rhode Show with important tips.

The Rhode Show: Obviously, everybody's talking about the housing market. Do you find that people are afraid of buying a home right now?

Steven Antoni: I don't know if they're afraid or unable to. Lending is really strict right now and a lot of banks are requiring a 20% down payment which makes it difficult for a lot of people, especially first time buyers. Sometimes, renting is the only option. As far as whether most people want to own a home, the National Association of Home Builders just did a survey which showed that 75% of Americans still believe that home ownership is one of the best long term investments you can make and is worth the risks of cycles in the market.

The Rhode Show: Still, are there times that renting may be a better option?

Steven Antoni: Of course. For some people renting is the best option right now because they're not sure how secure their job is. Renting is also a good option for people in a transient situation because rentals are easier to get in and out of. And of course, some people prefer that a landlord handles all the details that come with property ownership. But, it's interesting to note that according to research done by the National Association of Realtors, home owners have 31 percent more net worth than renters. And, if you are financially and emotionally ready to buy, I've never seen a better time to do so.

The Rhode Show: Why is that?

Steven Antoni: Home ownership is at a level of affordability that we haven't seen since the seventies. Mortgage rates are incredibly low and there are a lot of homes on the market to choose from at good prices. And there are financing options out there for all credit worthy buyers. For example, Rhode Island Housing has loan options that don't require the standard 20 percent down. The Rhode Island Association of Realtors has always touted home ownership as a great long term investment, not something to make some quick cash on. If you're going to be in it for the long haul, the home you buy today could be one of the best investments you'll ever make. But no matter which direction you choose, you can find rentals or homes for sale on www.RILiving.com.

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