IS YOUR INCOME KEEPING PACE WITH RISING RENTS IN 2023?
IS IT TIME TO STOP RENTING IN CHARLOTTE AND BUY A HOME IN 2023?
Have You Been Asking Yourself These Questions?
- Am I tired of rising rents?
- Will it be less expensive for me to buy versus renting?
- Will my income increase as quickly as my rent?
- Will it be more or less expensive to buy next year?
- Is 2023 finally the year to stop renting, to buy my Charlotte area home and stop paying my landlord's mortgage instead of my own?
- Should I lock in my monthly housing cost for years to come?
DID YOU KNOW that the average lease rate in the Charlotte region increased 11.8% in 2022 compared with 2021? And there's no sign that rent rates won't continue to increase in the Charlotte region. We've seen consistent rent increases in the Charlotte area for over five consecutive years now. Has your income increased as quickly as rent rates? Is your income keeping pace with rising rents?
In the City of Charlotte, alone, active rentals were down 17.4% in 2022, increasing the average monthly lease price by 12.2% for the 12 months ended December 2022. Has your income increased as quickly as rent rates? Is your income keeping pace with rising rents?
What's The Rent Cost Outlook For 2022? The 2023 National Housing Forecast from realtor.com forecasts rent growth of 5.5% this year in the Charlotte region. Avoid The Rental Trap in 2023.
Buy A Home And Stop Renting In 2023:
Start Building Your Personal Wealth
A major benefit of owning a home is building net worth for your family as the value of a home appreciates over time. The net worth of a home owner is 40x that of a renter.
Did you know that, on average, home prices appreciated by 288.7% nationwide over the last 32 years? That means homeowners grew their net worth significantly in the long run.
Since rent payments cover only the cost of shelter and any included amenities, renters gained NOTHING in terms of increased wealth in 2022, when the average homeowner had gained some $64,000. None of a monthly rent payment comes back as an investment. That means, having continued to rent in 2022, you likely paid more in rent than you did in the previous year and at the same time you missed out on the potential wealth gain of $64,000 you could have had by owning your own home.
And then there are powerful emotional and non-financial benefits of owning a home that help you put down roots and provide a sense of connection to the where you live and those around you. When you purchase a house, it becomes more than just a space you occupy. It’s your stake in the community, an investment, and a place you can put your stamp on.
Rents have risen consistently over the last 30 years, and they're not showing signs of slowing down. No doubt that every market is different, but before you renew your lease in the Greater Charlotte area in 2023, find out if you can put your housing costs to work by buying this year!
WHY BUYING A HOME MAY MAKE MORE SENSE THAN RENTING: INFOGRAPHIC
SHOULD I RENT OR SHOULD I BUY?
Let's connect today if you're ready to purchase a home and move on from renting.
If you're a renter who wants to stop paying your landlord's mortgage and lock in your housing costs, build wealth, and become a homeowner, you can search for homes on my website:
SEARCH FOR GREATER CHARLOTTE AREA HOMES
This information about the advantages of buying a home versus renting in 2023 is provided by Nina Hollander with Coldwell Banker Realty, Charlotte region residential real estate experts. We've been opening doors to homeownership for Charlotte region renters for 20+ years. We can open the door to your dream home, too!
If you're considering selling or purchasing a home in the Greater Charlotte area, I'd love an opportunity to earn your business, to exceed your expectations, and to show you why experience matters and how:
"The Right Broker Makes All The Difference."
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