Top Reasons to Rent Instead of Buy in Fort Worth

In 2021, more people moved to the Dallas-Fort Worth metroplex than to any other region in the U.S. To anyone who lives here, this is really no surprise. Fort Worth in particular boasts a robust job market, an attractive cost of living, and all the opportunities for culture and excitement that anyone could want, all with the safety and charm that young families crave most. But moving to Fort Worth comes with one important decision: do you try to buy a house or choose apartment rental?

As concerns about inflation, interest rates, and rental prices are on the top of everyone’s mind lately, it’s important not to rush this decision. That said, there are several key factors to consider when it comes to living in Fort Worth that may make the rent vs. buy debate play out a little differently here.

Average Home Prices Are On the Rise

From April 2021 to April 2022, the average home price in the Dallas-Fort Worth metroplex ballooned from $260K to over $362K—the largest pricing spike in the country. Demand is clearly high in the area, and even with increased interest rates, older homes in Fort Worth are selling for at least 3.3% more this year on average than they did last year.

So while prices range by neighborhood and county, the overall trend is clear: buying a house here is a much bigger investment than it used to be.

Interest Rates have Made Renting More Economical in Fort Worth

It isn’t just home prices that Fort Worth residents have to be conscious of. There’s currently no sign that rising mortgage interest rates are going to cool down, especially in highly populated cities. So while there’s much to love about living in a big city, owning a home might not be one of them.

A January 2022 report from ATTOM, a massive property database, showed that in Tarrant County, TX, as well as much of the DFW area, it’s now actually more affordable to rent than buy. But that may not be the pessimistic data point it sounds like at first.

There is much to be said about renting an apartment instead of owning a home. The old idea that paying rent is throwing money away couldn’t be more outdated. In fact, there are many reasons to build your American Dream with the luxury, flexibility, and practicality of apartment life.

Benefits of Renting in Fort Worth, TX

Monthly Expenses are More Predictable

If you’re looking for ways to consistently set money aside for the things that matter most to you, renting could be your best bet. Homeowners face fluctuating and unpredictable maintenance costs, repair jobs, and one-time expenses. Renters can plan their monthly expenses much more consistently, often putting them in a more stable position to save up for the future.

The average U.S. homeowner needs to save about $1 for every square foot of their home every year for maintenance costs. That works out to about $2,000 to $3,000 a year on average. When you rent, your maintenance and appliance service costs are covered, potentially saving you thousands year over year.

Insurance and Fees Are Much Cheaper

Most apartment rentals require you to carry some form of renters insurance, and all mortgages require homeowners insurance. In Fort Worth, renters insurance is usually only about $135 per year (about $11.25 per month), which is 15% less than the national average.

Compare that to about $4,000 per year (or $333 per month) for homeowners insurance—well above state and national averages.

Amenities Make a Significant Difference

If you purchase a home, you’ll have a limited number of amenities built-in to the house—and adding them really adds up. Think about gym memberships, fitness classes, swimming pool access, and community centers. These amenities certainly need to be included in your cost comparison. In the best apartment communities, the quality of life upgrades alone are worth the cost for many renters—and they’re likely to be a practical choice for many as well.

Apartment Rentals are Offering More

You no longer have to choose between the privacy and security of a home and the flexibility of an apartment. Luxury apartments like Wayfare Cibolo Hills are giving residents the best of both worlds with truly unique and thoughtful features.

• Attached garages with electric vehicle charging stations for enhanced security, privacy, and storage
• Single-story apartments in garden home style that make moving in, unloading groceries, and getting around a breeze
• Onsite service technicians, so you never have to wait for days or weeks for a local repair company to get around to your issue
• Ample greenspace that makes apartment life feel fresh, healthy, and unrestrictive, giving you plenty of room to exercise, walk your dog, or simply enjoy nature

Bottom Line: Renting Could Be the Smarter Choice

Everyone’s financial situation is different, and there will always be pros and cons for each individual. But we’re here to change the narrative about apartment rentals. There is freedom, flexibility, and financial incentive for many to forgo weighing themselves down with a mortgage. Consider giving yourself the gift of a luxurious life at Wayfare Cibolo Hills.

Wayfare Cibolo Hills: Luxury Single Story Apartment Rentals in Fort Worth, TX

Wayfare Cibolo Hills is the future of luxury living in North Fort Worth. Our idyllic neighborhood is conveniently located near ample shopping, several major employers, and plenty of recreational activities—all with the serenity of a quiet, peaceful community. Apply today to join the waitlist for a 1- or 2-bedroom apartment, or call 682-312-3851 for more information.