Americans have weathered the rough real estate market of the last few years by staying out of the market, and renting an apartment. It may be time to reconsider that plan, asapartment rental rates are now rising at a higher rate than home values.
The Trulia Pro Blog is reporting that while housing prices have increased slightly, “…rents have risen faster, at 5.4% year over year. In 22 of the 25 largest rental markets, rents are outpacing prices. This means that buying a home is becoming an even better deal relative to renting – that is, for those who can qualify for a mortgage and put up the down payment.”
Trulia reports that each metropolitan housing market is recovering at its own rate. The stronger, more stable real estate markets are in localities where unemployment rates are decreasing.
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