“Despite a slight improvement from 2014, fully one-third of US households paid more than 30 percent of their incomes for housing in 2015.Renters continue to be more likely to face cost burdens…the number of cost-burdened renters (21 million) considerably outstrips the number of cost-burdened owners (18 million) even though nearly two-thirds of US households own their homes.”
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 3.5% less expensive in San Jose (CA), all the way up to 50.1% less expensive in Baton Rouge (LA), and33.1% 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:Kelly Simpson Phone: 859-380-7978 Dated: August 2nd 2017 Views: 342 About Kelly: Kelly Simpson, your northern Kentucky real estate agent. NKY is a unique and eclectic community, an...
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Buying & Selling Real Estate in Northern Kentucky or Greater Cincinnati
Everything you need to know about Buying or Selling a home can be found on this site. As a preeminent REALTOR® in the Northern Kentucky communities of; Boone, Kenton, Campbell & Grant counties, Jason Asch and his team of real estate professionals are truly dedicated to producing the finest service available for their clients. Jason Asch is the #1 Keller Williams agent in Northern Kentucky for Volume and units sold. With over 20 years of full time award winning service use Jason and his team as a resource for your next move.
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