Why Rent When You Can Buy? El Paso is the Best Market for Homeowners

El Paso is one of the most affordable markets in the United States. On average, it requires 2 and a half years for the cost of renting to exceed buying a home. TWO YEARS. That makes buying a home feasible for most residents. While the national median price of a home is $312,400, the Sun City’s median price is $154,000. Moreover, last year, El Paso came in as the 4th hottest real estate market to watch according to Trulia.com, exceeding San Antonio and Fort Worth. Add in the strong job growth and overall growth of our city, and you have a recipe for success. 

In addition to being a prosperous real estate market, there are solid reasons why it’s always better to own a home rather than renting. We’ve complied the three and most important reasons, which will prove that homeownership is a smart and plausible goal that every El Paso resident should aim to achieve.

1- It’s a Wise Investment

A common reason people don’t buy a home is because they anticipate relocating. The reality is people will end up staying in El Paso for at least three years. In many cases, some people end up relocating permanently. Even if you’re not sure how you’ll be in El Paso, if you buy a home you can use this property as an investment. When you do relocate, you can rent it out. Eventually, when the property is paid off, you’ll have real estate that will increase in value and more room to invest in other assets.   

2- There are Tax Benefits

We all need a break somewhere, right? Why not give yourself a tax break. As a homeowner, you’ll be able to deduct your mortgage interest and property taxes when it comes time to file your annual taxes. Those tax deductions include your mortgage and your mortgage insurance. There’s not a tax benefit for renting so it’s absolutely worth exploring what you can save on a monthly basis when you calculate your total monthly housing costs and interest.  

3- Mortgages Cost Nearly the Same as Rents in El Paso

While rent prices continue to surge, they’ve reached nearly the same price point as a fixed-mortgage. The best part about that monthly mortgage payment? It’s going toward a property that will eventually be paid off. Unfortunately the same can’t be said for renting. Since rents in El Paso nearly equal that of a mortgage payment, you would be better off putting your money towards an investment that will have a lasting value.

Make Your Home Goals a Reality

Ready to explore El Paso homes that are built with the modern consumer in mind? Then, come pay us a visit! At Zia Homes, we’ve created the best floor plans to complement the needs of today’s homeowners. Our homes are built with the best materials so you’ll know that the lasting product will be one to be cherished for a lifetime. If you haven’t experienced a Zia first-hand, we invite you to visit our model home today! Our sales team is ready to answer your pressing question and provide you with all of the upfront details you need to narrow your search.

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