Now is the time to buy… rent is on the rise! Rent is up 2.7% year-over-year on a national scale. Although this time of the year tends to bring a seasonal slowing, rent is still up year-over-year in 89 of the 100 largest cities. Also, over 25% households, which is 11.1 million total, are severely cost burdened spending at least half their income on rental housing.
Did You Know?
It is definitely cheaper to buy than rent. Home ownership with a traditional 30-year fixed rate mortgage is on average 37.4% cheaper than renting in the U.S.
Many millennial renters plan to eventually purchase a home, but 72% say affordability is their main concern. Also, 33% cite potential credit issues, while 53% say a down payment is an obstacle for them.
Many first-time home buyers are unaware they can save a 3% down payment in just a couple years. Also, many are unaware they may qualify for $0 down financing options!
Know Your Options
It’s easy to have hesitations or concerns about purchasing a home, especially when it’s your first time. However, there are lots of options out there that you may be unaware of. It doesn’t hurt to speak with a local realtor and lender to go over these options to make the best decision for yourself. Know your options! Call Turner Real Estate Group today at 985-626-1313 or visit us at www.CallWayneTurner.com. For a FREE list of homes available for sale in your area, visit www.LocalNorthshoreRealEstate.com.