“Over aquarter of renters, or11.1 million households, are severely cost burdened, spending at least half their income on rental housing.
These households struggle to save for a rainy day and pay other bills, including groceries and healthcare.
It’s Cheaper to Buy Than Rent
As we have previouslymentioned, the results of the latestRent vs. Buy ReportfromTruliashows thathomeownership remains cheaper than rentingwith a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.
The updated numbers show that the range is an average of 6.5% less expensive in San Jose (CA), all the way up to 57% less expensive in Detroit (MI) and37.4% nationwide!
Know Your Options
Perhaps you have already saved enough to buy your first home. A nationwidesurveyof about 24,000 renters found that80% of millennial renters plan to eventually buy a house, but 72% cite affordability as their primary obstacle. Aside from affordability,one in three millennial renters have concerns about their credit scores,and another53% said that a down payment is an obstacle.
Many first-time homebuyers who believe that they need a large down payment may be holding themselves backfrom their dream homes. As we have reported before, in many areas of the country, a first-time home buyer can save for a 3% down payment in less than two years. You may have already saved enough!
Don’t get caught in the trap that so many renters are currently in. If you are ready and willing to buy a home, find out if you are able. Let’s get together to determine if you can qualify for a mortgage now!
Author:Gillian Cunningham Phone: 469-844-4488 Dated: December 19th 2017 Views: 80 About Gillian: Gillian Cunningham’s name is synonymous with true professionalism, extraordinary knowledge, except...
Trust eXp Realty and our team of real estate agents to help you find homes for sale or to sell your current home. We recognize the level of service that the mobile consumer demands. You have information. You have dreams. We possess experience, integrity, and innovation. Together we create leverage to make your dreams a reality.
How to Avoid the Top 8 Home Inspection MistakesIt’s easy to get swep
"Tom is a wonderful agent. The first time we used him we were relocating to the area and had no time to fly in to house hunt. His response to our inquiries was very timely, professional and courteous. He went to great lengths to line up houses and then we would walk through the homes with him via Skype. He always went the extra mile. A great pleasure to work with.
Tom was an absolute delight to work with. Both personal and professional he helped me sell a property that had been listed several times with no success. I would definitely recommend his service."