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To Buy or Rent in 2023? The Road Ahead

Road ahead disappearing into the distance

The age-long debate on whether it's better to rent or buy a home won't be settled in 2023. This question always has and always will depend on an individual’s motivation, situation, needs, and location.

For humans, there is no greater call than having a place to call home. Whether a person owns or rents, it’s their home.

2023 is now upon us. What does the year ahead hold? Let's review where we have been to understand the market, the headwinds, and the opportunities. FRED, the Federal Reserve Bank of St. Louis’ economic data site for historical and current housing data, is our starting point. So, let’s go!

Decades of Growth: The 2008 Economic Crisis Gives Clues to the Market in 2023.

At the turn of the millennia, the median price of a house was $165,300, rising to $169,800 in 2001 and then $188,700 by the first quarter of 2002. Median prices surpassed $200,000 by the beginning of 2004 and continued a steady rise until the first quarter of 2007.  At that time, the median price held at $257,400.

The 2008 Economic Crisis

As the economy neared a great recession, prices began a sharp decline.  By the first quarter of 2008, median house prices had fallen to $233,900 and dipped to the lowest median price since 2003, hitting $208,400 by the beginning of 2009.

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