The housing market come back is in full swing and that means that more houses are going on the marktet and more people are looking for homes. If you're looking for a home in the Kansas City area, there are a few things that you need to do. One of those is make sure you can qualify for a home loan, which makes people ask Can I Afford To Buy a Home in Kansas City North, MO?
Just last week, Trulia.com , has released a Rent vs Buy Report. And the results of that study proved what we've been saying for a long time correct; buying is cheaper than renting in the Kansas City area by 38%. So the question shouldn't be Can I Afford To Buy a Home in Kansas City North, MO, it's really Can I afford renting?! But this wasn't the only great thing that made purchasing a home a better deal
Here are some other highlights from the article:
- Even though home prices have increased over the pass few years, low mortgage rates have kept home buying cheaper than renting.
- Some markets might consider renting this year due to rising mortgage rates. Mortgage rates rise due to the strengthening economy and the Fed tapering.
- However, rates would need to rise 10.6% higher nationwide before renting could be cheaper than buying. That's just another reason that you might want to consider the question Can I Afford To Buy a Home in Kansas City North, MO?
So as you can see from our summation of this article: it totally makes sense to buy a home now and lock-in with your mortgage before rates get higher because if you rent, your housing expenses will only increase. If you need more information and advice, you can call our office with the information below or visit our pre-approval Website to get started right now!