14% of Renters Can Afford to Buy a House...

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Mortgage and Lending with Webster Bank 49493

A recent Zillow analysis concluded that 14% of today's renters are in a qualified position to buy a house.

This Zillow study also suggested that because of tight inventory, steep competition and higher prices many  potential buyers were remaining renters.

I wonder what the other 86% of renters are up to, how can more of them shift to the qualified side and be in a position to go to a purchase and sales agreement...

Perhaps looking at a multi family could make the affordability part of the equation easier to manage. Plus big picture this investment could provide cash flow for years to come, even as the buyers move on to the next property. The multi family could be something they keep.

There is also a compelling reason for younger adults to stay at home with Mom and Dad for another period of time. They could squirrel away more down payment money by staying at home. Maybe Rodney Dangerfield was on to something when he told the graduating class in the movie " Back to School" that its a jungle out there, move back with your parents, let them worry about it!

In the meantime, maybe the market will be a little tight for first time homebuyers as they wait for more inventory to hit along with more fixer uppers and diamonds in the rough to hit as well.

 

 

 

 

Posted by

 

Jason E Potrzeba

Loan Advisor

Acadia Advisory Group

Riverside RI 02915

(401) 580-7612 Cell

(401) 223-4975 Fax

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Topic:
Home Buying
Location:
Rhode Island Providence County East Providence
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MAKIN IT RAIN
Tags:
rhode island fixer upper

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Rainmaker
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Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Hi Jason Potrzeba!

Thanks for a great posts focusing on the challenges facing renters who can't afford to purchase a home!

We like your writing style!

We wish you great success with your blog posts and networking with other members of Active Rain!

We clicked the “Follow” button on your profile so that we will be alerted to your future blog posts and can read and comment on them, and we invite you to "follow us" - should you be interested. There is no requirement or obligation for you to do so, but we would be honored if you choose to do so!

Aug 16, 2016 11:14 PM #1
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Rainer
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Jason Potrzeba

Mortgage Banking Officer
I can help! What do you need a commercial mortgage for?
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