April 4, 2014


Should I Rent or Buy in greater Lewis County?

by erenmillam
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Should I Rent or Buy in greater Lewis County?

by Eren Millam

Real Estate Broker with Realty World Cosser & Associates, Inc.


 * Information used to compute graph statistics based on Chehalis, WA rentals or properties for sale unless not enough subject items available then broadened out to all of Lewis County. Graph was created to provide a general idea of the differences in monthly rent vs mortgages. Each rental & house for sale is unique and your situation may differ from the norm.

Want to buy a home in greater Lewis County?. Want to sell your home in greater Lewis County? Ask me for a free Comparative Market Analysis and find out what I do for sellers in greater Lewis County.

Should I Rent or Buy in greater Lewis County?

If you speak with a Realtor, chances are they will say, “It’s always a good time to buy!” Being a Realtor myself, I wholeheartedly endorse that statement! We don’t just say that because we want the commission, we say it because there are numerous reasons why buying is always better.

Reason #1

If you are a renter, you pay a great deal of money out each month to live in a shelter as compared to paying a mortgage, where your money is going towards living in a shelter that you will own after a determined length of time. Sure you are paying a lot towards interest, but you have equity in the end which allows you to get back a large portion of your money.  It is like a forced savings plan! With renting, you are just out of all that money, you will never get it back.

Reason #2

The government supports homeownership! There are all kinds of tax breaks that make the mortgage easier to swallow. When I purchased my first home in 2010, I was able to use the First Time Home Buyer Tax Credit which ended up being a nice fat check of over $9,000 just for doing what we already planned on doing. Although this program is no longer in existence, check with your local Realtor for current government programs that you might be eligible for.

Reason #3

Homeownership is part of the American Dream. I am thankful that my career allows me to be involved in the home buying process! Part of being American is being able to do what we want, when we want. In an apartment, you are held to rules that somebody else sets. If you want to paint your walls a different color or change the carpet or get rid of that popcorn ceiling, you’d better check with your landlord first!

Every Situation is Unique

Of course, there are good reasons not to buy as well. These are more situational factors and are based almost entirely on if you can afford to buy. However, as we muddle through the economic malaise, not being able to afford a mortgage is more the norm than the exception. As such, lenders are starting to adapt to the situation with the types of loans they provide.

New Loan Programs

1.            FHA Back to Work Program – Recent Foreclosure or Bankruptcy

                Contact Becky Carver, Prime Lending for more information or to apply

2.            97% LTV Loan – Low Down Payment

                Contact Alan Pust, Twin Star Credit Union for more information or to apply


So, Should I Rent or Buy in greater Lewis County? Yes! It’s always a good time to buy!

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