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They Say Nothing Gets Cheaper In Life ~ Owning A Home Just Might If...

By
Real Estate Agent with Coldwell Banker Realty 179530

They say nothing gets cheaper in life, but owning a home just might be the one thing that does IF ...you buy sooner rather than later, while homes are still affordable and below their historic peaks and interest rates remain very low. The infographic below from Keeping Current Matters below illustrates just how much cheaper it is to own a home today than it has been since the 1970's. I would challenge you to find anything that is cheaper today than it was 10, 20, 30, 40 years ago.

 

Cost of owning a home across time

 

 

The chart below shows how home ownership is cheaper today another way ~ namely, year-by-year for the past 24 years instead of by decade. The monthly mortgage payment on a median priced home in the U.S. was just $808 per month in 2014, with only 2010-2013 being years when the monthly mortgage payment was lower than $808 per month. Moreover, this also begs the question of where or if you can rent a home for $808 per month.

 

monthly mortgage payment on median priced home

 

This is why if you've been thinking about buying a home and sitting on the fence, NOW IS THE TIME to get off the fence and start shopping. Home prices will only continue to go up, as will interest rates.

 

 WANT TO GET OFF THE FENCE AND BUY A HOME IN THE CHARLOTTE METRO AREA? CONTACT CAROLINAS REALTY PARTNERS. WE CAN HELP!

SEARCH ALL CHARLOTTE METRO AREA HOMES HERE

Posted by

 

 Nina Hollander, RE/MAX Broker, Realtor

 

 

 

Broker, Realtor, MBA, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with Coldwell Banker Realty
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: News You Can Use From The Greater Charlotte Area
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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

George Souto ~ homes are not yet at their peak prices in many areas, George, but I'm sure it's just a matter of time. Working on a contract today for a buyer whose payment on a mortgage will be $500 less per month than her rent.

Jul 24, 2015 08:53 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Raymond E. Camp ~ hi Ray, even in Charlotte, there are truly affordable homes for buyers--you just need to be patient and jump on them the minute they come on.

Jul 24, 2015 08:53 AM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Now is the time to buy. There is no guarantee what the future will bring and if it will be affordable to buy what you want. So buy now.

Jul 24, 2015 12:42 PM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Nina

Based on the current price of home compared to income it is cheaper to buy today . . . .

Good luck and success.

Lou Ludwig

Jul 24, 2015 12:43 PM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Nina. I remember each of those different time periods. When if comes to interest rates, there is no better time to buy a home, as interest rates will move up.

Make it a great weekend!

Jul 24, 2015 07:58 PM
James Dray
Fathom Realty - Bentonville, AR

Good morning Nina.  I can't remember what I did last night but I do recall what the price of things were back in the day.  Interesting on how that works....

Jul 24, 2015 08:07 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

James Dray ~ that is a sign of old age--and I summer from it myself these days!

Jul 24, 2015 11:02 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joe Petrowsky ~ good morning, Joe... the scary thing is that those days of high interest rates seem like a long time ago (and they were), but at the same time, they seem like they happened just yesterday!

Jul 24, 2015 11:03 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Lou Ludwig ~ there's never been a better time to buy in decades. I wrote a contract last night for a client who'll be saving $500/month in payment versus rent and will have a 3 bedroom house instead of a one bedroom apartment.

Jul 24, 2015 11:04 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Debbie Reynolds ~ good morning, Debbie. Too many people have forgotten or are not old enough to remember the days of high interest rates. But we saw them before and we could sure see them again.

Jul 24, 2015 11:05 PM
Wayne Zuhl
Remax First Realty II - Cranford, NJ
The Last Name You'll Ever Need in Real Estate

Incredible interest rates right now - many of us are old enough to remember the days of 12%. Buyers are smart to act now.

Jul 24, 2015 11:17 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Wayne and Jean Marie Zuhl ~ and then there are those of us who remember interest rates pushing 19%, as well! Certainly not the good old days, by any means.

Jul 24, 2015 11:23 PM
Larry Johnston
Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC - Elkhart, IN
Broker,Friends & Neighbors Real Estate, Elkhart,IN

Hi Nina Hollander ,  Great statistics!  Good information on hand when talking to buyers.

Jul 25, 2015 09:30 AM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Nina

Your post is attracting a lot of interest.

Good luck and success.

Lou Ludwig

Jul 25, 2015 01:29 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Lou Ludwig ~ seeing these numbers, Lou, reminded me of how my mother used to feed a family of four in the 1950's for $25 a week... and we had no meatless days. What does $25 buy you at the grocery store today?

Jul 25, 2015 09:35 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Larry Johnston ~ these types of statistics are very valuable to pull out when speaking to a buyer who is still a bit on the fence and thinks they should wait.

Jul 25, 2015 09:36 PM
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Nina.  That is such an awesome inforgraphic.  Nice work.

Jul 25, 2015 11:56 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Conrad Allen ~ thanks, Conrad. As trite as it is, pictures can be worth a thousand words.

Jul 26, 2015 01:11 AM
Deb Kirschbaum
MB/Priority Properties, Inc. - Denver, CO

Love the graphics!  I have been telling people the same thing.  NOW is the time to buy.  Don't wait!!  

Jul 26, 2015 08:42 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Thanks, Deb Kirschbaum ~ I've been beating this drum for 4 years now and one of these days time will run out on the fence sitters!

Jul 26, 2015 09:09 PM