When is it time to stop renting, start owning a house?

Purchasing a house, especially first one, can be scary decision

See home tours and more on this episode of You Have Real Estate with Attorney Justin Clark.

When do you know it’s time to stop renting and start owning?

Purchasing a house, especially the first one, can be a scary decision for a family. You may not be used to that sort of commitment. Oftentimes, it can be the biggest purchase of your life.

However, with interest rates where they are, attorney Justin Clark said he expects you’ll pay less for your mortgage than you would pay for rent.

“You’re going to pay less for your mortgage -- PITI -- than you’re going to pay for rent every single time,” Clark said. “Unless it’s your buddy who owns the house and they’re giving you a great deal on rent, you’re paying less to own your house than you are to rent your house.”

Clark added that, should you meet financial problems, choosing owning over renting is the best way to ensure you will keep a roof over your family’s head.

You can watch the entire episode of “You Have Real Estate” in the video player above.