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June Is National Homeownership Month: Is It Time To Stop Renting?

By
Real Estate Agent with Coldwell Banker Realty 179530

 

June Is National Homeownership Month ~ Is It TimeTo Stop Renting And To Purchase A Home?

 

It's June, which means it's National Homeownership Month. Is this a good month to think about buying a home and to stop renting? The answer is an unequivocal YES! Here's why.

 

As the graphic below shows, the median asking rate has increased signficantly and steadily since 1988 and especially so since 2016. Median rent rates show no signs of slowing down. When you buy a home you lock in your monthly housing costs for decades to come. As a renter, you have no ability to control your housing costs beyond a year or two per standard lease terms.

 

 

Rental Cost History From 1988 Through 1st Quarter 2018

 

If the steady uptick in rental costs which you have NO ability to control doesn't convince you it's time to stop renting and to buy a home, maybe the graph below showing the cost of renting versus buying will. It shows the percentage of income needed to rent a median-priced home today (28.8%) vs. the percentage needed to buy a median-priced home (17.1%) Does the choice to buy and to stop renting become more obvious now? Clearly, it's much cheaper to own than to rent. 

 

Cost of Renting Versus Buying in 2018

 

 

Should You Stop Renting And Buy A Home In Charlotte, NC? Rental Prices In Charlotte As Of May 2018 Would Say Yes!

 

Charlotte, North Carolina regions continues to experience steady rental price increases, as well. As the chart below shows, in May 2018. rental prices increased 4.4% as compared with May 2017. And that's on top of year-over-year increases each month of 2018 to-date -- a 3.1% incease in April 2018, a 3.9% incresase in March 2018, a 6.5% increase in February 2018, and a 4.4% increase in January 2018. Three are no signs that these rental increases will drop back any time soon. So the answer to the question of whether it's time to stop renting and to buy in the Charlotte area is also an unequivocal YES! The answer was YES in January, February, March, April, May... and it's still YES in June during National Homeownership Month!

 

Average Monthly Lease Price In Charlotte, NC May 2018

 

 

June is National Homeownership Month: Top 10 Reasons To Own Your Home

June is National Homeownership Month: Owning A Home Is Still The American Dream

June is National Homeownership Month: Myths Versus Reality

 

 

If you're a Charlotte metro area renter, who'd like to make the transition from renter to homeowner, contact Nina Hollander with Coldwell Banker Residential Brokerage.

I can help you turn your rent payments into mortgage payments as well as to help you "#Find Your Place!"

 I'd also love an opportunity to earn your business, exceed your expectations, and to prove to you that:

 "The Right Broker Makes All The Difference."

 

SEARCH ALL CHARLOTTE METRO AREA HOMES HERE

 

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Posted by

 

 Nina Hollander, RE/MAX Broker, Realtor

 

 

 

Broker, Realtor, MBA, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with Coldwell Banker Realty
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: News You Can Use From The Greater Charlotte Area
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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

James Grant ~ hi James... for many it's so much cheaper to buy than to rent and on top of it they fix their housing costs. Sounds like a win-win to me.

Jun 15, 2018 02:06 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Grant Schneider ~ hi Grant... that's something I say all the time. People really don't think in those terms till you put it out there just in those terms.

Jun 15, 2018 02:07 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joan Cox ~ hi Joan ... it just seems that too many people are just lollygagging around "thinking" about buying and doing nothing until it's too late for them. BTW, got your email, but have had an insane week so haven't been able to focus on anything even remotely personal. Hopefully, this weekend.

Jun 15, 2018 02:09 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Ron and Alexandra Seigel ~ hi Alexandra... I've been pushing this message for a number of years... and yet many don't listen! Happy weekend to you both!

Jun 15, 2018 02:09 PM
Debb Janes
Nature As Neighbors - Camas, WA
Put My Love of Nature At Work for You

Hope you get the message across to many this time. Homeownership is a wonderful option - and makes such good sense for many people. Rents are so high, it's incredible. D 

Jun 15, 2018 02:45 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Debb Janes EcoBroker and Bernie Stea JD hi Debb... I know in Charlotte people are really gob-smacked as to what rents are these days. It's a sea change from maybe 10 years ago.

Jun 15, 2018 03:02 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Nina moving in to your own home would be a great way to close off the Summer.

Jun 15, 2018 05:08 PM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

It is sure time for renters to consider buying. Some just never stop to think home much money they can save.

Jun 15, 2018 08:10 PM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Hi Nina Hollander - Renters need to listen. It's wise to know where your money goes and owning is the only way to gain possible equity. Rent is money thrown away so others have more financial power.

Have a great day!

Jun 15, 2018 08:20 PM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

NOW this is a celebration that we can all get behind. Thank you for bringing this to our attention Nina.

 

Jun 15, 2018 09:08 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Nina if you saw our lease prices you would say what are they thinking.... why not buy... sadly I was talking to a property manager and he said in the San Fernando Valley two bedroom rentals might have 4-8 people in them and if they ask the answer is we have company visiting.... Endre

Jun 15, 2018 10:54 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Endre Barath, Jr. hi Endre... our lease prices I know are much lower, but by Charlotte standards it's the same questions "what are they thinking?". I'm sure we have some of the same in rentals here where more than the allowable tenants in the lease are living in the home.

Jun 16, 2018 03:37 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Paul S. Henderson, REALTOR®,CRS, hi Paul... I'm a very big believer in home ownership and I do a series of posts each year in June highlighting Homeownership Month. This my fourth one this month and I'm hoping to have time to do at least one or two more.

Jun 16, 2018 03:38 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Patricia Feager ~ good morning, Patricia... it amazes me how many people who are qualified to buy (they have jobs, savings, decent credit) and continue to throw their money away in rent.

Jun 16, 2018 03:41 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

George Souto ~ yes, it would, George. Assuming, of course, we can find a house to buy!

Jun 16, 2018 03:41 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Debbie Reynolds good morning, Debbie... I'm always amazed to see how much money some of my clients save each month when they buy and take on a mortgage versus paying rent. And that's before tax benefits. In one case, I had a client who reduced monthly payments by almost $700.

Jun 16, 2018 03:43 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I hope renters will read this post and decide to buy a house. Thank you for sharing 

Jun 16, 2018 03:43 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Gita Bantwal good morning, Gita... it's a message I've been "pushing" for a number of years now... unfortunately, I'm now seeing people getting priced out of the market because they didn't listen 2, 3, 4 years ago.

Jun 16, 2018 03:46 AM
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

So right Nina Hollander rents have skyrocketed here too & like you said they didn't listen a couple of years ago when prices were good to buy.  No point in waiting.

Jun 16, 2018 10:16 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Ginny Gorman hi Ginny, I've been hearing people say "I don't want to buy at the top of the market for years now." Well that top only gets higher each year. I tell everyone expect to pay at the top and more next year and the year after that.

Jun 16, 2018 11:23 AM