Time To Stop Renting And To Buy A Home?
Is it time to buy your Charlotte metro area home and stop renting and paying your landlord's mortgage instead of your own? Is it time to consider how much less expensive it could be to buy versus renting when you see how much of your income goes to rent versus how much goes to paying a mortgage? The answer was YES in January, February, March, April, and May... and the answer was still YES in June!
The Cost of Renting Versus Buying A Home
Additional Benefits Of Owning A Home Vs. Renting
And then there are the other benefits of owning a home -- such as building net worth for your family or that a mortgage locks in your monthly housing cost for decades. No doubt that every market is different, but before you renew your lease again, find out if you can put your housing costs to work by buying this year!
Rental Outlook in Charlotte, NC Region
What's the rental outlook in Charlotte, North Carolina region right now? As the chart below shows, the cost of renting in June 2018 increased 0.6% versus the same period one year ago and 3.7% year-to-date. It doesn't appear that this trend will change.
“Based on information from the Carolina Multiple Listing Services, Inc. for the period (date) through (date) (and the area covered).”
Part of the cause of increasing rental prices stems from a lack of rental inventory in high-demand areas. For the Charlotte region the number of active rentals was down 22.1% versus the same period one year ago. In Mecklenburg County, rental inventory was down 22.6% year-over-year. In the City of Charlotte, rental inventory was down 17.4% year-over-year.
Are renters are seeing income increases at levels sufficient to cover off the increasing cost of housing? It's doubtful.
Will waiting to buy also cost more as time goes on? Yes, it will. The chart below clearly shows just how much with increasing home prices and interest rates.
So is it time to buy your Charlotte metro area home and stop renting?
It would appear the answer to this question is a definite YES!
If you're a renter who wants to stop paying your landlord's mortgage and instead lock in your housing costs, build wealth, and become a homeowner, you can:
This information about the advantages of buying a home versus renting is brought to you courtesy of Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Charlotte metro area residential real estate experts.
If you're considering selling or purchasing a home in the Charlotte metro area, I'd love an opportunity to earn your business, exceed your expectations, and to prove to you that: