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