If You Are Still A Renter The Time To Transition To Homeownership Is Now

Dated: 05/29/2018

Views: 188

When people think “affordable housing,” they typically think of renting. However, that’s no longer the case. According to Realtor.com’s most recent Market Outlook Report (from September 2017), rents rose year-over-year in an astonishing 78% of counties across the US. In fact, renting has become so unaffordable, it’s officially become more expensive than homeownership. According to a recent study by Zillow, homeownership is more affordable than renting in the majority of metro markets across the US.

This unexpected shift in affordability is steering people away from renting and straight into their own homes. According to a recent article from Realtor.com, the homeownership rate in the US rose year-over-year for the fifth consecutive quarter in April 2018 to 64.2%. The country also lost 286,000 renter households, which is the fourth consecutive quarter of year-over-year declines.

The Takeaway

If you’re still a renter, the time to transition to home-ownership is now. Rents are continuing to rise, and if you continue to rent, you’re throwing away money that could be better spent on owning your own home—and building your wealth in the process.

Latest Blog Posts

New Housing Is Just Around The Corner As Building Permits See Dramatic Increase

There’s no denying that the inventory crisis (which, according to the recent Housing Shortage Reportfrom Realtor.com, is the worst facing the US in more than 20 years) has made things

Read More

3 Things Real Estate Apps Commonly Get Wrong

Listing sites like Zillow, Trulia, Redfin, and Craigslist have become the go-to source for many buyers and sellers (particularly people attempting to buy or sell property on their own) to get

Read More

If You Are Still A Renter The Time To Transition To Homeownership Is Now

When people think “affordable housing,” they typically think of renting. However, that’s no longer the case. According to Realtor.com’s most recent Market Outlook Report (from

Read More

8 Ways A Great Real Estate Agent Can Change Your Life

A real estate transaction can be an exciting thing to experience, but it can also be nerve-wracking and stressful. Your experience will largely depend on the circumstances surrounding your

Read More