Can I Buy an Apartment in the US?

The USA is the land of the free and the home of the brave. To live up to its national message of hope and independence, everyone living in the country has the opportunity to buy and own property.

Unfortunately, with high inflation and skyrocketing property prices, it’s not that easy to afford to purchase property in one of the most powerful and influential countries in the world. This begs the question, should you rent or should you buy an apartment, and is it really worth the investment?

One of the easiest ways to enter the property market in the US is by purchasing an apartment. You can find some cost-effective rentals if you know where to look and what to look for. Buying an apartment in the US may not be as popular as purchasing a condo or a house but it certainly helps to get your foot in the door so you can start building equity and investment towards your future.

Let’s look at your options for buying an apartment and why you’d want to purchase a flat in the first place.

The Option of Renting vs. Buying

Renting an apartment is considered more viable if you’ll be living there for a few months to a year. Remember that property prices are more likely to provide a higher return rate after a 4–5-year period so purchasing property is a better idea if you plan on living in the apartment for a few years or you wish to rent it to a tenant.

You’ll also need to consider the value of buying an apartment compared to renting it. Is it better to rent for a year or two than invest in a single-family house or condo rather than pay off an apartment over a few years? What will your return be, and will you be able to sell at a profit?

Can you afford to buy an apartment? While apartments are generally well-priced and you can find quite a few two-bedroom units at fair prices, getting approved for a mortgage is no easy task. It is also more difficult and near impossible to get a home loan if you have bad credit or you aren’t a US citizen. It takes time and patience to ensure you are prepared for the costs involved. Remember that if your application for a loan isn’t approved, it’s not the end.

Renting can seem easy but at the end of the day, you’re giving money to your landlord without having anything to show for it. Saving is the one way to reach enough money for future investment but it can take time and patience. Whatever your decision, always compare the pros and cons and consider the ways you can enter the property market even if that means buying your first apartment.