If you’ve been on the fence about buying a home or are waiting to buy a home until next year, you may want to pay attention to this.  The house you can afford today could be out of reach next year due to increasing home prices and interest rates, according to data from Zillow and the Opportunity Cost Report by REALTOR.com.

The report examines a wide range of factors, including the long-term financial impact of owning versus renting a home, the likely monetary gain renters forego in waiting to buy and the financial benefits of homeownership by market.

“Current market conditions give buyers the opportunity to build substantial wealth in the long-term, compared with renters and later buyers, in advance of  the projected increase in mortgage rates and continuing price appreciation,” said Jonathan Smoke, chief economist for REALTOR.com. “The problem is inventory is low, which has many would-be home buyers – especially first timers – standing on the sidelines and missing out on potentially material financial gains.”

How much home can you afford? Try to the Castle & Cooke Mortgage calculator to calculate the amount you can afford from the lender’s point of view.