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Renters Trap

Don’t Get Caught In The Renter’s Trap  Tuesday August 25th, 2015  First Time Home Buyers, For Buyers   There are many benefits to homeownership. One of the top ones is being able to protect yourself from rising rents and lock in your housing cost for the life of your mortgage.
 
The National Association of Realtors (NAR) released their findings of a study in which they studied“income growth, housing costs and changes in the share of renter and owner-occupied households over the past five years in metropolitan statistical areas throughout the US.”
Don’t Become Trapped The study revealed that over the last five years a typical rent rose 15% while the income of renters grew by only 11%. If you are currently renting, this disparity in growth could get you caught up in a cycle where increasing rents continue to make it impossible for you to save for a necessary down payment.
The average renter in the United States pays 30% of their income on housing compared to that of a homeowner who can expect to spend 15%.
In many metro areas the percentage of income spent on housing is even higher and continues to rise every year. Like in San Francisco, CA, where the average renter spends ... more

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