Renting vs. Buying: What’s the Smart Move?

If you’re living in Williamsburg or considering a move to the area, you might be weighing whether to rent or buy a home right now. With mortgage rates still elevated and home prices holding firm, renting may seem like the easier option. But here in the Historic Triangle—where real estate values have steadily appreciated—it’s worth looking at the bigger picture.

Renting May Feel Easier, But It Doesn’t Build Long-Term Wealth

Renting can offer short-term flexibility, and for some buyers, it’s the right fit for now. But if you plan to stay in the Williamsburg area long-term, owning a home comes with financial advantages that renting simply doesn’t.

A recent Bank of America survey found that 70% of aspiring homeowners worry about the long-term cost of renting. That’s because rental payments rise over time—and they don’t build equity. In a market like Williamsburg, where home values have appreciated significantly over the past decade, waiting too long could mean paying more later for the same property.

Why Buying a Home in Williamsburg Still Makes Sense

Here’s the reality: homeowners build wealth through home price appreciation and equity gains. Nationwide, the average homeowner has nearly 40 times the net worth of a renter. In areas like Ford’s Colony, Governor’s Land, and Kingsmill, rising home values and low inventory continue to support that trend locally.

Even if you’re not ready to buy today, getting clear on your budget, timeline, and financing options can help you take advantage of future opportunities.

Rents Are Rising—In Williamsburg, Too

Rents across the U.S. have climbed for decades—and Williamsburg is no exception. Rising rental costs can make it harder to save for a down payment, and monthly rent payments don’t offer any return. As one national economist put it, “Rent pays someone else’s mortgage—homeownership builds your own future.”

Thinking About Buying a Home in Williamsburg?

Whether you’re looking for a cozy condo near Colonial Williamsburg or a larger home with room to grow in neighborhoods like Stonehouse or New Town, there are still great opportunities for buyers who plan ahead.

Let’s talk about your goals, get you connected with a local lender, and outline a step-by-step path to homeownership in the Williamsburg area.

Bottom Line

Renting may feel more manageable right now, but it won’t help you build long-term wealth. If you’re considering buying a home in Williamsburg or nearby, let’s make a plan. Whether you’re ready now or thinking a year or two down the road, I’m here to help you explore your options with clarity and confidence.