The national rent average has steadily increased with demand and not just in U.S. major cities. These increases aren’t in pace with the average renters’ incomes, meaning that a higher percentage of their income is allotted to housing. In addition to this financial pressure, there are more renters today than there have been in previous decades and they rent for longer on average. This is due to a variety of reasons, mainly changing priorities among millennials. Less desire to marry young, being more career-focused and less eager to put down roots are all trends among millennials. However, renting for longer at increased prices has led to a "median savings rate of zero,” according to an article in REALTOR Mag. And we wonder why millennials are worried about retirement!
The recovering housing market is full of opportunities for first-time buyers to finally get out of the rental trap and invest in their future! Low down payments, low percentage rates, renovation loans, FHA loans are all great options to take advantage of. There has been endless analytics that show the benefit and pure cost common sense of owning over renting. Talk to an experienced Realtor in your market!
In our local area of Richmond, Virginia there is still plenty of affordable housing in great neighborhoods!
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