Bad News for Renters…

By
Real Estate Agent with Real Living Real Estate Solutions

 

Your best days may be behind you. Or not…?

 

Has anyone other than me noticed an apartment building being built on every street corner? (apartment finder) At least for now, it appears the renters are moving toward these beautiful complexes and they are willing to pay more and more and more… The median rent price in Orlando has gone from a stagnant $875 per month for a 2/2 during 2006 - 2009 to a whopping $1117 median payment in 2015… an increase of 28%. Basically… more than half the rental areas in Orlando are now higher than $1200 per month for a 2/2…  As the average rent prices for a 2 bedroom apartments in Orlando continue to rise… Renters need to take a closer look at home buying as a way to protect themselves from the spiraling rental rates or being forced to move from place to place to get the latest rental deal.  

 

Currently, the median home buyer pays about $1600 per month.  (Orange County Homes) The cost of home ownership may appear to be a bit higher but actually buyers today are paying almost lower $200 per month at the median house price than in 2006-2009.... Yes… you will need about 5% cash between down payment and closing costs (or J what about a gift from a relative J or long term state bond money)…Overall, it’s a little more money but you’re gaining equity every month and you are no longer living in an apartment.  So, even if your best days are behind you as a renter… Start thinking now about getting a place you can call home and take advantage of the great home prices and low interest rates. Your next move may be your Best one yet…

 

Comments (1)

William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Rentals are in short supply and has thus driven prices up.  It is now very affordable to buy!

Aug 04, 2015 07:07 AM