Are you asking yourself, “Is it even worth trying to buy a home right now?” You’re not alone.

With home prices still elevated and mortgage rates holding firm, many people in Richmond and Chesterfield County are questioning whether it’s smarter to keep renting—or if owning a home is even possible.

At Don Reid Properties, we understand the market feels uncertain. But we also know that looking at the long-term picture is just as important as analyzing today’s conditions.

Let’s break down the true cost of renting versus buying—and what steps you can take now to prepare for homeownership.

💰 Renting Feels Easier Now—But It’s More Costly Over Time

Renting often feels like the easier path—lower upfront costs, fewer responsibilities, and more flexibility.

But here’s the truth: while renting might seem like the simpler or more affordable option today, it doesn’t build anything. Your rent goes to your landlord, and that money is gone for good.

In fact, a Bank of America survey revealed that 70% of aspiring homeowners worry about the long-term impact of renting on their future. And with good reason.

Renting may offer short-term convenience, but it can become more expensive over time—and limit your ability to build wealth (see graph below).

🏡 Buying a Home Builds Long-Term Wealth

If building wealth and financial security is important to you, owning a home is one of the strongest strategies available.

Why?

• Home values usually increase over time, especially in high-demand markets like Richmond, Midlothian, and Chesterfield County (see graph below).

• As your home’s value rises, so does your home equity—the difference between what you owe and what the home is worth.

• That equity contributes to your net worth, which can later be used for investments, education, or retirement.

📊 The numbers speak for themselves: the average homeowner’s net worth is nearly 40 times greater than a renter’s (see graph below).

📈 Rents Are Rising—And That Affects Your Future

Over the past few decades, rent prices have steadily increased—and Richmond is no exception. While rents may flatten occasionally, the long-term trend is upward (see graph below).

This constant increase makes it harder to save for a future down payment and limits financial flexibility. Meanwhile, homeowners with fixed-rate mortgages enjoy payment stability and long-term equity gains.

And here's something to consider: whether you're renting or buying, you’re still paying a mortgage. The only question is—whose mortgage are you paying? (see graph below)

🧠 What Should You Really Consider?

It’s understandable to feel hesitant about buying right now. The upfront costs and responsibilities are real. But so is the long-term return on investment.

Here’s the difference:

• Renting: Once you pay, it’s gone—no equity, no return.

• Buying: Each payment builds equity—a form of forced savings that contributes to your net worth over time.

As Joel Berner, Senior Economist at Realtor.com, says:

“Households working on their budget will find it much easier to continue to rent than to go through the expenses of homeownership. However, they need to consider the equity and generational wealth they can build up by owning a home that they can’t by renting it. In the long run, buying a home may be a better investment even if the short-run costs seem prohibitive.”

✅ Rent vs. Buy in Richmond VA: A Side-by-Side Comparison

🔑 Bottom Line: Let’s Build a Plan That Works for You

At Don Reid Properties, we’re committed to helping you make smart real estate decisions—whether you’re ready to buy today or just starting to plan.

Yes, renting may feel more manageable today. But over time, it could cost you far more without building anything for your future.

Even if you’re not ready to buy yet, we’ll help you create a strategy that gets you there when the timing is right.

👉 Let’s talk about your goals and create a custom plan together:
📅 Schedule a Free Buyer Consultation