Should I Buy or Rent in South Jersey?

If you’re thinking about a move in South Jersey, you’re likely asking yourself one key question: Should I buy or should I rent?

It’s one of the biggest financial decisions most people make—and the answer depends on your goals, lifestyle, and timeline.

As Mary Murphy, founder of The Murphy Group, explains:

“Homeownership isn’t just about numbers—it’s about stability and growth. But in today’s market, the decision to buy or rent comes down to how long you plan to stay and what kind of freedom or equity you want to build.”

📈 The 2025 South Jersey Market Snapshot

• Median Home Price: $385,000
  
  
• Average Rent (3-Bedroom Home): $2,500/month
  
  
• Interest Rates: Around 6.5%
  
  
• Home Value Growth: +3–4% annually
  
  

Even with higher interest rates, buying still builds long-term wealth in South Jersey—especially in areas like Mount Laurel, Cherry Hill, and Washington Township, where values have consistently appreciated.

🏠 Pros of Buying in South Jersey

✅ Equity Growth – You’re investing in your future instead of paying someone else’s mortgage.
✅ Tax Benefits – Mortgage interest and property taxes can be deductible.
✅ Stability – No rent hikes or landlord restrictions.
✅ Customization – Paint the walls, renovate, make it your own.

💡 Pro Tip from Mary:

“If you plan to stay at least five years, buying almost always wins financially—especially when you factor in appreciation and principal paydown.”

🏢 Pros of Renting in South Jersey

✅ Flexibility – Easier to relocate for work or lifestyle changes.
✅ Lower Upfront Costs – No down payment or maintenance expenses.
✅ Predictable Expenses – Rent stays consistent during the lease term.

Renting can make sense if you’re testing a new area or saving for a down payment—but long-term, ownership remains the stronger wealth-building move.

🧮 A Simple Rule of Thumb

• If you plan to stay fewer than 3 years: Renting may make more sense.
  
  
• If you plan to stay 5+ years: Buying typically wins, even with moderate appreciation.
  
  

The Murphy Group Insight

“For our clients, the decision is never just financial,” says Mary Murphy. “It’s about control, stability, and building something that lasts. Owning real estate gives you freedom—renting gives you time. The key is knowing which matters most to you right now.”

📲 Ready to Explore Your Options?

Whether you’re ready to buy or still comparing the pros and cons, The Murphy Group can help you evaluate your situation and build a plan that aligns with your goals.

Start by exploring homes or requesting a free rent vs. buy consultation at www.mgsells.com

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