Rising rental costs, low mortgage rates, financial benefits, and the ability to customize your living space are just a few of the many reasons first-time homebuyers want to take the plunge into homeownership. Regardless, buying is a big commitment and it’s crucial to make sure it’s the right lifestyle and financial choice for you. Here are a few questions to ask yourself first.
In 2014, 11 million renters were spending at least half of their income on housing, according to Harvard’s Joint Center for Housing Studies. Another 21.3 million (over 50 percent of renters) were spending 30 percent or more of their income on rent payments. So in an era where rent costs are going up, up, up, how do you decide whether buying a home or continuing to pay the landlord’s mortgage is the right financial choice for you? Here are several things you should factor in when considering the buying vs. renting scenario.
Mortgage rates increased last week to a four-month high, but according to Trulia’s latest rent vs. buy study, rates would need to double, even triple, to make renting the better financial choice over buying a home.
If you’re thinking of purchasing a home in the near future because of high rent, you’re not alone. In the first quarter of 2016, one in four homebuyers was looking to purchase a home because of their expensive rent, according to Redfin. Homeownership is a big decision, so whether you plan to buy this fall or down the road, walk through these initial steps to go from renting to owning.
One in four homebuyers was looking to purchase a home in the first quarter of 2016 because rent was too high, up from one in five in November 2015, according to Redfin. Renters are feeling the burden of their monthly lease while homebuying continues to be the cheaper option by 36% , according to the latest Trulia Rent vs. Buy Report.
See five other benefits of buying a home sooner than later.
Is the opportunity of historically low mortgage rates and the surmounting cost of rent enticing you to purchase your first home? Homeownership is a huge, yet beneficial, financial decision. We want our homebuyers to understand the benefits of homeownership, the mortgage process, the costs of their mortgage, and their overall homeownership affordability, so we've compiled a list of common first-time homebuyer questions and answers.
A greater sense of community, more living space, more stability for your children; the benefits of homeownership are endless. In honor of National Homeownership Month, we’ve compiled some of the biggest financial perks of accomplishing a significant part of the American Dream.
April rental price growth stood 3.7 percent higher than April 2015, which is the same 12-month increase rate for the 5th month in a row, according to MarketWatch via the United States Labor Department. More importantly, this is the highest year-over-year price increase since before the financial crisis.
So as the economy continues to improve, why are renters still feeling outstripped by rent prices?
Though the median rental rate dropped nearly 3 percent in February, Chicago still maintained the number nine spot on Zumper’s National Rent report, which highlights the fluctuations in rental rates of the United States’ largest 50 cities.
Terrified of jumping into the homeownership circle? As with any large purchase, buying a home can be unnerving for someone who has limited knowledge of the homebuying and financing process. As the mortgage world is constantly changing, there are also several misconceptions about what it takes to buy a home.
Here's how to set some of those fears and misconceptions aside when thinking of buying a home.