Only 30% of Americans think now is a good time to buy a house. 

This is the first time this number has ever been below 50% since 1978. Between rising monthly payments and much higher down payments, housing affordability has become a problem in a hurry.

Here are some reasons why you should actually buy now:

Your income should grow over time.

Yes, mortgage rates and prices are higher but buying a home means locking in a monthly payment. Most people see their incomes rise over time while that payment stays fixed.

It’s obviously more expensive to buy right now but a fixed payment is something you can grow into over time, assuming you have your finances under control.

You’ll be able to refinance your mortgage.

The average drop in rates is 3.5%. The average change from the previous level was a decline of around 35% of the total.

Now you could say a lot of this is because interest rates were falling for much of this period but it happened during the rising rate environment of the 1970s and early 1980s as well.

Rent offers more flexibility than buying and doesn’t require ancillary costs like property taxes, maintenance, and upkeep.

But your rent costs also rise over time while your monthly payment stays fixed when you buy a house.

Housing doesn’t have to be an investment.

A lot of people in the financial markets forget most people don’t look at their house as a financial asset like stocks and bonds.

A house is a place to live. It’s a place to make your own.

It’s also a form of consumption more than an investment opportunity for most homeowners.

You have to live somewhere which means you either pay rent or make mortgage payments.

Trying to time the housing market like it’s the stock market can be a mistake because a home is the most emotional of all financial asset purchases.

This content is not the product of the National Association of REALTORS®, and may not reflect NAR's viewpoint or position on these topics and NAR does not verify the accuracy of the content.