Don't Get Caught in the 'Renter's Trap'!
In a recent press release, Zillow stated that the affordability of the nation’s rental inventory is currently much worse than affordability of the country’s home sale inventory. The release revealed two things:
Nationally, renters signing a lease at the end of the second quarter paid 29.5% of their income to rent.
U.S. home buyers at the end of the second quarter could expect to pay 15.3% of their incomes to a mortgage on the typical home.
If you are currently renting you could get caught up in a cycle where increasing rents continue to make it impossible for you to save for a necessary down payment.
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