While you may be watching mortgage rates rise (the average 30-year fixed rate currently hovering around 7 percent) and the number of homes to choose from on the lower end, there is one important concept to consider— buying a home in Delaware or Pennsylvania is still a better investment than renting.

We know that buying a home can feel like a major obstacle for many first-timers in Delaware and Pennsylvania, but passing on the opportunity this year could create an even bigger hurdle later as rents will only continue to rise and the days of the 3 percent mortgage rate may be long behind us. 

Below are three reasons why homeownership still makes more sense than renting in DE and PA:

Homeownership Builds Wealth 

Homeownership allows area residents to start building equity and long-term wealth. It is a way to provide stability for households and a means of reinvesting wealth, into your own pocket. If you continue to rent, tossing more money out the window each year, you place yourself further from these benefits. Believe it or not, homeownership is often referred to as "forced savings" as you have the ability to save money each month by investing in your home instead of a rental. 

Protects From Rising Rents