The Faith-Focused Way to Decide If You Should Buy a Home

Is Buying a Home Always the Right Financial Move for Me? A Prudent and Prayerful Assessment

The concept of homeownership often stands as a cornerstone of the "American Dream," widely perceived as a definitive marker of financial success and stability. Many individuals aspire to own a home, viewing it as a pinnacle of achievement. However, the question of whether buying a home is always the right financial move is far more nuanced than a simple yes or no. A comprehensive evaluation necessitates a careful consideration of an individual's personal financial health, the prevailing market conditions, and, for those guided by faith, deeply held biblical principles. This report aims to provide a balanced, practical, and biblically-informed perspective, empowering individuals to make a decision that truly aligns with their unique circumstances and values. The discussion moves beyond societal expectations to a personalized, faith-informed financial assessment—the faith-focused way to decide if you should buy a home.

The Financial Promise of Homeownership: Building Wealth and Security

Homeownership presents several compelling financial advantages, primarily centered around wealth accumulation and long-term security.

One of the most significant financial benefits is the ability to build equity, which represents the tangible difference between the outstanding mortgage balance and the current market value of the home.¹ As mortgage payments are made, the principal balance steadily decreases, and over time, as real estate values generally appreciate, the home's market value tends to rise, further increasing equity.¹ This process serves as a substantial source of wealth accumulation, providing a valuable asset for future needs or retirement.¹ This mechanism acts as a powerful form of "forced savings." Unlike discretionary investments, where individuals might struggle with consistent contributions, mortgage payments inherently build equity over time. This consistent, non-optional path to asset accumulation is a key reason for the significant wealth disparity observed between homeowners and renters. Data from the Federal Reserve’s Survey of Consumer Finances (SCF) underscores this point, revealing that the average net worth of homeowners is a staggering $396,200, while renters average just $10,400. This indicates that, on average, homeowners possess a net worth nearly 40 times greater than renters.³ This wealth gap has consistently widened over the years, with homeowner net worth experiencing its largest three-year increase in the history of the SCF between 2019 and 2022, more than doubling.³ This trend demonstrates the substantial financial value and long-term security that owning a home can provide.

Beyond equity, homeownership offers notable tax advantages that can lead to substantial savings. Mortgage interest and property taxes are often deductible on federal income tax returns, which can significantly lower taxable income, particularly during the early years of homeownership when a larger portion of payments is allocated to interest.¹ Furthermore, if a homeowner sells their primary residence after living in it for at least two years, they may be eligible for a capital gains exclusion. This provision allows individuals to exclude up to $250,000 in profit from the sale from their taxable income, while married couples filing jointly can exclude up to $500,000.² These tax advantages are not merely minor deductions but crucial components of long-term financial planning, influencing overall net worth and potentially freeing up capital for other investments or retirement savings. The capital gains exclusion, in particular, offers a substantial benefit that can significantly boost post-sale wealth.

Another compelling financial benefit is the stability of housing costs. Unlike rent payments, which can fluctuate based on market conditions and landlord decisions, a fixed-rate mortgage ensures that monthly principal and interest payments remain consistent throughout the loan term.¹ This predictability greatly aids in budgeting and fosters a sense of financial security.¹ This stability provides a predictable base for overall financial budgeting, reducing financial stress and allowing for more effective planning for other life goals and investments. This predictability is a key differentiator from renting, especially in inflationary environments. Real estate is also generally regarded as a robust hedge against inflation. As the cost of living rises, so too do home values and rental prices. By securing a fixed mortgage rate, homeowners can stabilize their housing costs, potentially saving money over the long term as inflation drives up the cost of renting.¹

Beyond the purely financial, homeownership offers significant intangible benefits related to personalization, control, and community. Homeowners enjoy the freedom to customize their living space to suit personal preferences and needs, whether through renovations, landscaping, or simply painting walls. This level of control, often unavailable in rental properties, allows individuals to create an environment that truly reflects their personality and lifestyle.¹ Moreover, owning a home can foster a stronger sense of community and belonging. Homeowners typically reside in one place for longer periods than renters, which can lead to deeper relationships with neighbors and a greater investment in the local community. This stability is particularly advantageous for families, providing a consistent environment for children to grow up in and attend the same schools.¹ While these benefits are not purely financial, they contribute significantly to quality of life and long-term satisfaction, which can indirectly support financial well-being by reducing the psychological costs of instability or dissatisfaction. This holistic view is essential when considering what constitutes the "right financial move."

To summarize the key financial benefits of homeownership:

Beyond the Mortgage: The Hidden Costs of Owning a Home

While the financial benefits of homeownership are substantial, it is crucial to recognize that the true cost extends significantly beyond the initial purchase price and the monthly mortgage payment. Many prospective homeowners often overlook these substantial ongoing expenses. Recent Bankrate studies highlight this reality, indicating that the average hidden cost of owning and maintaining a typical single-family home in the U.S. is $18,000 per year ⁴, rising to over $21,400 annually in 2025.⁵ These often-overlooked costs contribute to significant "homeowner remorse," with nearly half (42%) of homeowners in a Bankrate survey citing maintenance and other hidden costs as being more expensive than expected.⁵ This means that the actual income required to "comfortably afford" a home is much higher than just the mortgage payment, contributing to the current affordability crisis. For instance, an annual household income of $116,986 is now needed to comfortably afford a home.⁵ This observation reveals that qualifying for a loan is only one part of the affordability equation; failing to budget for these additional, often substantial, expenses can lead to financial strain and the feeling of being "house rich and cash poor."

A detailed breakdown of these hidden costs reveals their significant impact:

• Property Taxes: These rates exhibit wide variation depending on local tax rates and the home's assessed value. For example, a $300,000 home in Miami-Dade County might incur approximately $2,900 annually.⁴ Nationwide, the average annual property tax is $4,316, representing a 27% increase from 2019 to 2024.⁵
• Homeowners Insurance Premiums: While not legally mandated for homeownership, a mortgage will not be approved without it. This insurance covers repair costs from events such as fire or flood, as well as bodily injury and personal property damage for individuals injured on the property. The average annual cost for a policy with $300,000 in dwelling coverage is approximately $2,270.⁴ Premiums have seen a 24% increase nationwide from 2021 to 2024, influenced by rising home prices and the increasing frequency of extreme weather events and natural disasters.⁵
• Maintenance and Repair Costs: As a homeowner, one assumes sole responsibility for all maintenance and repair costs, which can be substantial and unpredictable. This category constitutes the largest portion of hidden expenses, averaging over $8,800 a year.⁵ Specific examples include roof repairs (averaging $1,150), plumbing issues (plumbers typically charge $45-150 per hour), and yearly HVAC system services ($100-300).⁴ It is generally recommended to set aside at least 1% of the home's value annually for these expenses.⁶ These costs are on the rise due to general inflation and the nation's aging housing stock, with the median American home now over 40 years old.⁵ This highlights that maintenance is not just a monetary burden but also a significant drain on a homeowner's time, energy, and mental well-being, a factor renters typically avoid. Unexpected repairs can cause considerable stress and divert time from other pursuits.
• HOA and Condo Fees: If a home is part of a homeowners association (HOA), gated community, or condominium, monthly or quarterly fees are typically required. The average monthly HOA fee is approximately $200 ⁴, or $243 ($2,913 annually) ⁵, which usually covers amenities like pools and clubhouses, as well as the maintenance of common areas such as roadways and landscaping.
• Utility Bills: These are unavoidable costs for maintaining a functional household, encompassing electric, gas, and water. The average U.S. household spends about $430 per month on utilities ⁴, or $4,494 annually.⁵ Utility bills have increased by nearly 30% since 2021.⁵ Internet, phone, and streaming services are also frequently considered part of utility costs.⁴
• Other Costs: This can include landscaping and exterior upkeep, which may involve significant labor costs.⁴

It is important to note that these hidden costs vary significantly by state. For example, Hawaii leads with average annual hidden costs of $34,573, while West Virginia has the lowest at $12,579.⁵ This means that "affordability" is not solely about national averages but is deeply tied to specific geographic markets, influencing whether homeownership is the "right move" based on where one lives. Personal research into local property taxes, insurance rates, and maintenance costs is therefore crucial, as these can dramatically alter the financial viability of homeownership in a specific location.

To provide a clearer picture of these expenses, the average annual hidden costs of homeownership in 2025 are presented below:

Renting: A Strategic Financial Choice for Many

While homeownership is often lauded, renting offers distinct advantages that can make it a strategically sound financial choice for many individuals, particularly when considering flexibility, upfront costs, and exposure to market volatility.

One of the most compelling advantages of renting is its inherent flexibility. Renters can move without the significant financial and logistical burdens associated with selling a home, such as real estate agent commissions, closing costs, and the time commitment of showings and negotiations.⁷ This flexibility is a major asset for individuals who frequently relocate for work, experience personal circumstances that necessitate a move, or wish to explore different neighborhoods before making a long-term commitment. In contrast, homebuyers face substantial transaction costs when selling a property, which often requires them to remain in one location for several years just to break even.⁷ This highlights that homeownership creates a significant "stickiness" due to these high transaction costs and market volatility risks in the short term, implying a trade-off between financial flexibility (renting) and long-term stability/wealth building (owning).

Renting also provides a high degree of predictability in monthly expenses. Renters benefit from a fixed monthly rent, which simplifies budgeting by eliminating surprise costs from unexpected repairs, fluctuating property taxes, or rising insurance premiums.⁷ This predictability allows renters to allocate their funds more efficiently towards investments, travel, or personal growth.⁷ Furthermore, one of the biggest advantages is the ability to delegate maintenance and repair responsibilities to a landlord, eliminating the expensive and time-consuming headaches associated with home repairs.⁷ This means renters avoid the significant financial and time sink that maintenance can become for homeowners.

A common argument against renting is that it is "throwing money away." However, this perspective can be misleading. Renting frees up capital that would otherwise be tied up in a down payment, closing costs, and ongoing hidden costs of homeownership. This liberated capital can then be strategically invested elsewhere, potentially yielding higher returns than the appreciation of a home alone.⁷ Investing in income-generating assets such as stocks, real estate syndications, or business ventures can create greater financial security than relying solely on homeownership.⁷ This emphasizes the concept of opportunity cost; if the saved capital is strategically deployed, renting can indeed be a financially smarter choice.

Another significant benefit of renting is immunity to market volatility. Renters are shielded from real estate market downturns and the risk of being "underwater" on a mortgage (owing more than the home is worth).⁷ The housing crash of 2008 serves as a stark reminder that real estate values do not always increase, and many homeowners found themselves with properties worth less than their mortgage balances, facing difficult choices.⁷ Renters, by avoiding direct property ownership, are immune to this market volatility and can simply move if the housing market declines without worrying about the financial repercussions.⁷ This offers a significant financial safety net and a crucial form of risk mitigation against real estate market fluctuations.

Finally, many apartment complexes and rental communities offer access to amenities like pools, fitness centers, coworking spaces, and even movie theaters, all included in the rent.⁷ Homeowners who desire these luxuries must either pay significantly more for a home that includes them or invest in expensive memberships and upkeep.⁷ Renting provides access to high-quality living spaces without the financial commitment and hassle of maintaining them.⁷

The following table provides a direct comparison of renting versus buying across key financial and lifestyle factors:

A Christian Perspective: Stewardship, Debt, and Discernment

For individuals guided by faith, the decision of homeownership is not merely a financial calculation but a matter of biblical stewardship, understanding debt, and exercising discernment.

At the core of a Christian financial perspective is the foundational biblical truth that everything possessed, including homes, finances, time, and talents, ultimately originates from God. Individuals are not the ultimate owners but rather caretakers or managers, entrusted with these resources for a temporary period.⁸ This foundational belief should cultivate a deep sense of gratitude, humility, and trust in God. As stewards, individuals are called to manage God's resources wisely and ethically, making decisions that honor Him, promote justice, and bless others. There is an understanding that individuals will ultimately be held accountable to God for how they have used what He has entrusted to them.⁸ In the context of material possessions like homes, biblical stewardship implies that these assets should be used not just for personal comfort but also as a means to serve God's purposes. This could involve using homes for hospitality, supporting community needs, or ensuring they are managed responsibly and ethically.⁸ When approached with this stewardship mindset, owning a home can be a tangible expression of managing God's resources, transforming a financial decision into a spiritual one focused on His glory and the good of others.

The Bible provides clear cautions regarding debt, stating that "the borrower is slave to the lender" (Proverbs 22:7) ⁹ and encouraging believers to "let no debt remain outstanding, except the continuing debt to love one another" (Romans 13:7-8).¹¹ These passages highlight the potential for financial entanglement that can hinder generosity, financial freedom, and one's availability for ministry.⁹ The biblical emphasis on avoiding debt is not merely about financial prudence but about spiritual freedom and capacity for God's work. Excessive or poorly managed debt, including an overwhelming mortgage, can create anxiety, limit resources for charitable giving, and restrict one's availability to serve in ministry.

While the Bible does not categorically prohibit all borrowing, it suggests that taking out a loan is not inherently sinful in every circumstance. However, it can be unwise in many situations and, at times, even sinful if one cannot repay (Psalm 37:21).¹⁰ Christians are called to exhibit wisdom and diligence in all financial matters. Homeownership can be considered an exception where taking on debt (a mortgage) might be a wise financial move, as it allows for the building of wealth and equity.¹¹ For Christians, debt should not be a way of life, but a home loan, when viewed as a financial investment rather than a burden, and with a clear assurance of repayment, can align with prudent stewardship. Conversely, the Bible cautions against re-mortgaging a home that is already owned outright for purposes of acquiring transient or depreciating items. Such actions can lead back into debtor status and financial vulnerability, potentially setting oneself up for homelessness if the second mortgage cannot be repaid.¹²

Beyond debt, a Christian perspective emphasizes contentment, generosity, and wise planning. In a materialistic world, it is crucial to cultivate contentment, focusing on gratitude for what God has provided and distinguishing between needs and wants. Hebrews 13:5 reminds believers to be content with what they have, as God will never leave or forsake them.¹³ True fulfillment comes from a relationship with God, not possessions. Furthermore, a key principle in Christian financial stewardship is generosity. Luke 6:38 reminds that as one gives, it will be returned in abundance.⁸ Financial choices, including housing, should leave room for generous giving to support church ministries, charitable organizations, and individuals in need. This perspective emphasizes a holistic view of financial decisions, where prudence, contentment, and generosity are intertwined. A home purchase should not compromise one's ability to be generous or lead to discontentment driven by materialism. Finally, before embarking on any significant financial journey, seeking God's guidance through prayer and reflection is crucial (Proverbs 3:5-6).⁹ Financial planning, including budgeting, saving wisely, and transparent communication, is an application of biblical wisdom and diligence, not a negation of trust in God (Proverbs 21:5).⁹

Is Buying Right for YOU, Right Now? Personal Readiness and Market Realities

The decision to purchase a home is highly personal and depends significantly on an individual's financial readiness and long-term plans, more so than on attempts to time the market.

Several key personal financial considerations must be thoroughly assessed:

• Strong Credit Score: An excellent credit score, typically 740 or higher for prime loans ¹⁴, is essential. For new mortgage borrowers in Q1 2025, the median credit score was between 750 and 800.¹⁵ A strong score demonstrates a low-risk borrower, qualifying for the lowest mortgage rates and best loan terms.¹⁵ It is advisable to take time to improve a low score before buying.¹⁵
• Sufficient Savings: Adequate savings are critical. While it is possible to obtain a mortgage with less, a 20% down payment is generally recommended. This helps avoid private mortgage insurance (PMI) and reduces the risk of being "underwater" (owing more than the home is worth) if the house loses value.⁶ Beyond the down payment, significant funds are needed for closing costs, which are various fees associated with buying a house (loan fees, insurance/tax prepayments, appraisal, title search, etc.) and average 3-4% of the home price.⁶ These can amount to thousands of dollars beyond the purchase price.¹⁵ Furthermore, an emergency fund covering at least six to 24 months of expenses is crucial.⁶ This fund provides a vital financial cushion for unexpected home repairs, job loss, or other life crises.
• Stable Employment and Income: Lenders prefer borrowers with stable employment. If a job loss occurs, especially during a recession, a lender will be much less likely to approve a loan application.¹⁵ It is imprudent to lock oneself into debt payments that are dependent upon a lifestyle and income always remaining the same (James 4:14-15).¹²
• Manageable Debt-to-Income Ratio: The "front ratio"—housing cost (principal, interest, taxes, insurance, HOA fees) calculated as a percentage of gross monthly income—should ideally be 28% or less.⁶ Adhering to this ratio helps ensure that one is not "house rich and cash poor," allowing for maximized retirement savings and income for other priorities.
• Excess Cash Flow for Maintenance: Beyond the mortgage, homeowners are responsible for all maintenance and repairs. It is recommended to set aside at least 1% of the home's value annually for these expenses.⁶
• Avoid Large Purchases/New Credit: In the six months leading up to a home purchase, it is advisable to avoid making large purchases (such as a car or boat) or opening new credit cards. Such actions can be perceived as an increased risk by lenders and negatively impact loan approval.¹⁴

The concept of building financial security is often likened to a pyramid, with foundational needs such as emergency savings, adequate insurance, and consistent retirement savings forming the base. Homeownership, while a significant financial goal, should be considered a later step, built upon this solid foundation.⁶ Rushing into a home purchase without these foundational elements can jeopardize overall financial stability, potentially turning an asset into a liability during unforeseen circumstances. This framework provides a clear hierarchy of financial priorities, emphasizing that personal readiness is about comprehensive financial health, not merely qualifying for a loan.

The importance of long-term plans cannot be overstated:

• Duration of Stay: It is generally advised not to buy a home if there is no plan to stay in it for at least five to seven years.⁶ This is due to the high costs associated with both buying and selling, and the risk that short-term market dips could make it difficult to sell the house for what is owed.⁶ This highlights that homeownership creates a significant "stickiness" due to high transaction costs and market volatility risks in the short term. This implies a trade-off between financial flexibility (renting) and long-term stability/wealth building (owning).
• Life Changes: Consideration should be given to future family growth, career trajectory, and potential relocation needs. Renting often offers greater flexibility if one's job, family situation, or lifestyle is in flux.⁷

Current market realities also play a role in the decision:

• Interest Rates: Mortgage rates have receded from their late 2023 highs but remain elevated, often hovering around 7%.⁶ This "higher-for-longer" interest rate environment continues to suppress housing demand.¹⁷ While rates might ease slightly, sub-4% rates are likely a relic of the past.⁶ A crucial strategy for mitigating the risk of buying in a high-interest-rate environment is the option to refinance later if rates decrease.⁶ This transforms the immediate high rate from a permanent barrier to a potentially temporary cost.
• Home Prices: Prices are currently high, having experienced 22 consecutive months of year-over-year increases.¹⁵ While some growth is still expected in 2025, it is projected to be at a very subdued pace of 3% or less.¹⁷ The U.S. is experiencing an affordability crisis, with home prices and mortgage rates rising quicker than incomes.¹⁴
• Housing Inventory: Supply remains tight nationally, below historical averages.¹⁶ A primary reason for this suppressed supply is the "lock-in effect": over 80% of existing borrowers have mortgage rates significantly lower than current rates, creating a strong disincentive to sell their homes and thus reducing available housing stock.¹⁷ This creates a challenging environment where even patient buyers might not see significant price drops.
• Recession Concerns: Discussions about a possible recession have been increasing. Recessions are generally considered a risky time to buy a home, as job loss can make loan approval difficult, and a hard-hit local economy can severely affect the real estate market.¹⁵
• Market Timing vs. Personal Readiness: Most financial advisors concur that timing the market is less important than an individual's personal financial and emotional readiness.¹⁴

The following checklist can help individuals self-assess their readiness for homeownership:

Making Your Decision: A Prayerful and Prudent Approach

The overarching message is that the most important factor in deciding whether to buy a home is one's personal financial readiness and long-term commitment, rather than attempting to time the market.¹⁴ A "good time to buy" is ultimately when it is the right time for the individual—when personal circumstances align with the demands and responsibilities of homeownership.⁶ The decision to buy or rent is not purely financial but a holistic one that integrates personal goals, financial capacity, and spiritual principles. This comprehensive assessment ensures that the final decision is well-rounded and truly "right" for the individual.

To facilitate this assessment, several practical steps are recommended:

• Run the Numbers Thoroughly: Create a comprehensive budget that meticulously accounts for all hidden costs of homeownership (property taxes, insurance, maintenance, HOA fees, utilities), not just the mortgage principal and interest.⁴
• Get Pre-Approved: This crucial step helps individuals understand their realistic borrowing power and can allow them to lock in a mortgage rate, providing clarity on affordability.¹⁶
• Consult a Financial Planner: A qualified financial planner can help integrate the decision of homeownership into an individual's overall financial picture, assessing its impact on retirement goals, investments, and other priorities.⁶
• Seek Godly Counsel: Discuss the decision with trusted advisors, mentors, or spiritual leaders who can offer wisdom and prayerful guidance (Proverbs 15:22).⁹
• Engage in Prayer and Discernment: Surrender financial decisions to God, trusting in His guidance and provision (Proverbs 3:5-6).⁹ Financial planning is a way to apply biblical wisdom and diligence, not a negation of trust in God.⁹

If the decision is made to wait before purchasing a home, several proactive steps can be taken to strengthen one's financial position:

• Keep Saving Diligently: Automate deposits into a dedicated "home fund" to build a larger down payment and strengthen an emergency fund.¹⁶
• Work on Improving a Credit Score: Pay down debt and make on-time payments to boost a credit score, which will qualify for better loan terms when ready to buy.¹⁶
• Watch the Market: Stay informed about local market conditions, but avoid letting market headlines dictate personal readiness. Stay in touch with lenders for updates on rates and programs.¹⁶

Conclusion: Stewarding Your Resources in Every Season

In conclusion, homeownership is not a universal "right financial move" for everyone, nor is it a mandatory life milestone. It represents a significant financial decision with both substantial benefits, such as wealth building and stability, and considerable responsibilities and hidden costs.

The objective is to empower individuals to make informed choices that are uniquely aligned with their individual financial health, their long-term life goals, and their deeply held biblical principles of stewardship, contentment, and wise debt management. The ultimate financial confidence for a Christian comes not from owning a home, but from faithfully stewarding whatever resources God has provided, whether as a homeowner or a renter. The focus shifts from the asset itself to the heart and management behind it.

Regardless of whether one chooses to buy or rent, the overarching goal for a Financially Confident Christian is to be a faithful steward of all resources God has entrusted to them. This means using their finances, time, and talents to honor Him, bless others, and live a life of purpose, in every season of life and in every housing situation.³

Works cited

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