The new year is here and it’s time to start crossing off those resolutions on your list! If buying a home in Alaska is one of them, you’re in luck! The real estate market in the coming year is expected to favor homebuyers— from housing prices to mortgage rates to the outrageous costs of renting.
It’s expensive to rent
Have you noticed that your rent payment has risen significantly each year? Unfortunately, this is a trend that is not projected to end any time soon. However, it does play to your favor as the costs of homeownership could be less! Take a look at available properties in Fairbanks, North Pole, Fort Wainwright and the surrounding areas and you will find that the cost of a mortgage is a much better investment.
Rates are low
You will quickly find how wise of an investment real estate in Alaska is just by using a mortgage calculator. Enter in all of your monthly expenses and you will likely determine that your monthly payment is less than the cost of rent, not to mention you’re essentially putting that money back into your own pocket by building equity.
You will build your net worth
Just as I mentioned above, building equity in your home is a great benefit! In fact, the Survey of Consumer Finances from the Federal Reserve reported that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400). What’s more, this year that gap will widen even more to 45 times greater! Making an investment in an Alaskan home is also an investment in your financial future.
Madden Real Estate wishes you a happy new year and as always, feel free to contact us with questions about buying a home in Fairbanks, Salcha, Fort Wainwright, North Pole and the surrounding communities!
We look forward to hearing from you!