🌟 Should I Stay Renting or Consider Buying Now? Here’s What Grand Rapids Buyers Need to Know

If you’re renting in Grand Rapids right now, you’re not alone in trying to decide whether it makes more sense to stay where you are or make the move into homeownership. With rents climbing, mortgage rates moving around, and more homes slowly returning to the market, this has become one of the top questions buyers are asking our team.

There is no single answer that works for everyone. But there are specific financial and lifestyle factors that can help you make a clear and confident decision. What follows is a practical look at what today’s renters should consider based on the current West Michigan market and what we are seeing every day with buyers throughout Grand Rapids, Ada, Forest Hills, Wyoming, Byron Center, and other nearby communities.

Renting Costs Are Rising Faster Than Incomes in West Michigan

Rents across Grand Rapids continue rising year after year. Many renters are dealing with steady increases that range anywhere from five to ten percent, along with new fees added into lease renewals. It can feel like you have little control over your monthly housing costs, and finding a quality rental under sixteen hundred to two thousand dollars a month has become much harder.

When you rent, you are helping your landlord build equity. Rising rents make long-term renting feel unpredictable and often less affordable over time, especially for anyone trying to plan ahead financially.

Buying Locks In a Payment Even When Rates Feel High

One of the main concerns buyers have today is whether interest rates are too high to make purchasing worthwhile. Rates have changed dramatically over the last several years, and it is natural to wonder if now is the right time.

Here is what many smart buyers are focusing on.

A fixed mortgage payment does not rise the way rent does.If rates drop later, you can refinance.Each payment builds equity rather than simply covering another month’s rent.

Even with higher rates compared to recent years, many buyers discover that owning becomes equal in cost or even cheaper than renting within two to four years, especially once they refinance.

More Homes Are Finally Coming Back on the Market

Inventory has been increasing across West Michigan, and this shift is giving buyers more opportunity. You now have more choices at different price points, less competition compared to the peak bidding-war years, and a better chance of negotiating repairs or seller concessions.

The environment today looks very different from 2020 through 2022 when homes often received ten to twenty offers within days.

Rent vs. Buy: Understanding the Financial Comparison

When we talk with renters, we encourage them to look at the full picture and compare their options based on their plans and finances.

Renting may make more sense when you:

Plan to move within the next one to two yearsHave significant debt or need time to build your creditDo not have stable income yetPrefer low-maintenance living

Buying may make more sense when you:

Plan to stay in the same area for three or more yearsHave a budget for a down payment, even if it is only three to five percentWant to build long-term wealthAre tired of yearly rent increasesWant stability for lifestyle, family needs, or school districts

For many people across Grand Rapids, the numbers show that buying often becomes the more affordable option once you reach the two to three year mark.

What We Tell Our Grand Rapids Clients

At Perigon Realty Group, our goal is simple. Renting is great until it stops supporting your long-term financial and lifestyle goals. Buying is great when the timing and the numbers truly make sense for you.

Our job is to help you understand where you are right now and which direction sets you up for the strongest future. For some clients, that means buying immediately. For others, it means building a six-month or twelve-month plan that strengthens credit, increases savings, or positions them to move when the right home hits the market.

Either way, you walk away with a clear strategy.

Want a Personalized Rent-vs-Buy Breakdown?

We can create a customized analysis that looks at:

Your current rentYour income and budgetThe neighborhoods you preferDifferent mortgage rate scenariosYour long-term financial goals

Most clients say this is the most helpful step when deciding whether renting still fits their life best or whether now is the right time to buy.

If you’ve been thinking about transitioning from renting to owning, we would love to walk through your numbers, your goals, and what makes the most sense for your situation. Reach out anytime. Our team is here to help you move forward with confidence whenever the timing is right.