Paying Rent now? Probably not best for you financially.
If it seems like rent increases have been unusually high recently, that’s because they are. Recent news reports reflect this:
- A new report from Trulia shows that the perception of rising rents is more than a feeling among renters; it’s a fact. Trulia analyzed prices in 25 rental markets in the United States and found an average annual increase of 3.9%. This figure is a huge
increase when compared with inflation or income growth. Generally
speaking, incomes are not keeping pace with rent increases, putting
renters in an even tighter position.
- RealFacts found that rents are up nationwide in 39 of the 41 markets they analyzed.
- Forbes reported reported recently that buying is much more affordable than renting in all of the 100 largest metro areas in the nation.
- Mortgage lender Freddie Mac, reported that buying is an average of 41% cheaper than renting nationwide.
- Researcher Reis sees apartment rents rising an average of 3.3% in 2014.
- An article in THE STATE newspaper in April 2014: “…These are good times for U.S. landlords. For many tenants, not so much. With demand for apartments surging, rents are projected to rise for a fifth straight year.”
|Call Mel Coker To Defeat the Rent Monster: (803) 318-2007|
REASONS TO QUIT PAYING THE RENT MONSTER:
- With a fixed rate mortgage, the largest part of your monthly payment (principal and interest) will NEVER go up. You’re locked in!
- With a down payment, oftentimes your payment to BUY a home is LOWER than a rent payment
- Pride of Ownership!
- Deductions on your tax returns for mortgage interest and property taxes effectively further reduces your monthly housing cost payment
- While rental amounts have continued to go up the past few years, housing prices on average have dropped over the past 5 years or so to make home ownership more affordable
- You build equity with buying a home – stay in an apartment or rental house for any amount of time and you will walk away with ZERO or NOTHING. As home prices start to increase and you pay down a mortgage balance, you will build equity in your home! One day you will OWN your home – it’s still the American Dream!
How to Get Started:
It’s easy, contact Mel Coker with RE/MAX Real Estate Consultants. Mel will help you get started with FREE mortgage pre qualification (a VERY important first step). Then, Mel, using your home search criteria, will examine the Multiple Listing Service to find appropriate homes and email to you for review. Then, the fun part – viewing homes to make you a home owner! Select a home and with Mel’s negoiating skills, get the best price for your NEW or resale home. Mel will assist you with appropriate home inspections and be with you all the way to the closing table.
You will be proud to own your home home.
RE/MAX Real Estate Consultants