Rents Rising Nationwide, Making Homeownership The Affordable Option

By
Real Estate Agent with RE/MAX Professional Associates

Most renters put off buying a home because they think renting is more affordable than buying their own home. But with rents rising across the nation at historic rates, homeownership is becoming the more affordable option.

According to a recent Market Outlook Report from Realtor.com, in 2017 rents rose year-over-year in a whopping 78% of counties across the US. These sometimes drastic increases in rent are eating up more of renters’ budgets and often making renting more expensive than purchasing.

According to a recent study by Zillow, homeownership has become more affordable than renting in the majority of metro markets across the US. According to the study, the average renter pays nearly 30% of their income towards rent. The average homeowner pays significantly less, with only 15.4% of their income going towards their mortgage. In other words, in many markets, renting compromises nearly twice the income of owning a home.

The Takeaway

If you’re renting as a way to save money, it’s time to rethink your strategy. Owning a home is a long-term investment strategy that can help you build your wealth. And with rising rents, it might be the more affordable option as well.

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rent vs buy
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Rainmaker
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Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Good morning 

Thank you for sharing your information with us 

Have a great day.

11/13/2018. 

Nov 13, 2018 07:05 AM #1
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Rainmaker
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Mullen Real Estate Team

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