Still Renting Because of Interest Rates? You Might Be Closer Than You Think
If you’re renting in Central Texas and every headline you’re seeing is making you feel like homeownership is impossible — this one’s for you.
I hear it too: “Rates are too high.” “We’ll never be ready.” “Maybe next year.” Meanwhile another rent check goes out, and you’re still paying someone else’s mortgage instead of building your own net worth.
Here’s the story of a recent closing that reminded me why making your plan now beats waiting for some distant “perfect” time.
My recent clients had been renting locally for many years. They weren’t relocating from out of state - so no California money to blow. They did already know Central Texas and knew they wanted to stop paying off their landlord’s investment and start investing on their own.
Their fears were the same ones I hear from potential buyers every week - aren’t the interest rates too high? can we afford the down payment? what if home values drop right after we buy in?
When we looked at the math with a trustworthy local lender, we found that they could actually afford a bigger place than their current rental and still be able to keep their payment about the same as their current rent even with the interest rates, taxes, and insurance costs.
Today’s buyers’ market meant they could hunt for a deal and buy a home for less than its appraisal value that would continue to appreciate over time and give them stability for years to come.
Interest rates do get a lot of news coverage when they go up, while increasing rent, move in fees, deposits, and pet rent do not usually hit the headlines.
If you’re weighing the better buy, think about what you’re building with the money you’re already spending? When you rent, that check is gone. When you buy at a payment you can live with, what you spend each month starts working toward equity, stability, and paying off a place that stays yours.
For this couple, about 5% down and current rates - plus a well-negotiated purchase price 😉- brought their mortgage payment to only about $100 more than their rent. Only now that payment goes toward a house they own rather than toward a house someone else owns. Same payment, completely different outcome.
The good news is all for buyers right now. This isn’t the bid-war market of a few years ago. More inventory and longer days on market means plenty of room to negotiate for price, repairs, and help with closing costs.
On this deal, we used purchase price negotiations along with seller concessions to keep monthly costs affordable and closing costs low. They were able to buy their home under the appraisal value - meaning they bought in with instant equity. They now own a home that is worth more than they paid for it.
The bottom line is there are some really great deals right now. I can help you do the math to see what’s available in the area you’re looking in. If you can get a pre-approval, you may be able to buy in with instant equity - and pay your own mortgage rather than someone else’s.
If this sounds like you.
If you’re still renting because of rates - or because the “what ifs” - or because you just don’t know how to start - text or email me and we’ll run your rent vs. mortgage math together. 👉 Schedule a quick consultation here
Want my notes on market context and next steps? I’d Love to Help. My Buyer’s Guide walks through the process, talks about some pitfalls to avoid, and lays out what to expect before you get started.
