Rents have been rising by 5%+ per month since the first of 2015 as landlords take advantage of the shortage of rental housing across the Washington DC region.
Renting has become a luxury that some folks cannot afford if they want to live in a style to which they are accustomed. Folks are compromising and taking smaller houses in order to afford the rent.
Other folks are buying homes to get affordable house payments with the idea that they may only be here in Northern Virginia for one year, but they see that they can rent their house for positive cash flow when they move away.
For example, we had a family come to the area for a one year assignment at the War College. The size and style of home that fit what they were accustomed to would rent for $2,900 - $3,200 per month. He had his VA loan available to him, and homes in the same neighborhood sold for $390,000 - $435,000. We helped them buy a house with no money down and no closing costs, with a total monthly payment, including taxes and insurance of $2,200. They will save money while they are here, and they will make $800-$900 per month in positive cash flow per month when they move on to their next assignment.
If you want to have house payments cheaper than rent, give me a call and let's chat about your options. Find out how you can get into a home with a low downpayment or no down payment loan, and have monthly payments cheaper than rent. 703-677-1120.
When you rent, you are paying a mortgage payment. You are paying the landlord's mortgage payment. As long as you're paying a mortgage payment, why not make it your own and build some wealth?
Call me now at 703-677-1120 for a no pressure, no hassle conversation about owning a home of your own.
Exit Realty Associates
Equal Housing Opportunity