You know how you can hear something a hundred times in a hundred different ways before it finally gets through to you? The ten truths listed below fall firmly into that category – life
Nov 8 2016 Elect To Buy Instead Of Rent
Everybody thinks buying a home is out of the question and renting is the way to go. The numbers don't lie though. Renting costs more!
The cost of renting a home in the U.S. has risen to its least affordable levels ever, taking up a record proportion of income in most major cities.
American renters now spend an average of 30.2 percent of their monthly income for rent, the highest percentage ever, according to real estate analytics company Zillow.
Almost nine in 10 current renters saw their rents increase in the last year. More than one in four renters are now severely burdened - spending more than 50 percent of their income on rent.
Still, demand for rentals is growing. Harvard University's Joint Center for Housing Studies (JCHS) and Enterprise Community Partners says the renting population is set to climb by 4 million in the next decade.
Vacancy rates hit a 20-year low of 6.8 percent in the second quarter of 2015, down from 7.5 percent a year earlier. More Millennials and more former homeowners are looking to rent, and current renters are renewing their leases rather than moving. Booming apartment construction can't keep with the pent-up demand.
Landlords and property managers plan to take advantage, raising rents again in the next year - possibly by as much as 8 percent.
Affordability is becoming a huge issue.
The bigger the city, the bigger the problem. Rent for a one-bedroom in San Francisco has soared higher than in Manhattan.
As with all cities, those who are priced-out move ever outward, in New York City, to Brooklyn, and then to Queens. In San Francisco, it's Oakland and Sausalito, but rental rates are rising there as well.
The pace of rising rent has led some entrepreneurs to take advantage of the desperation of those who just need a place to sleep.
In Oakland, people pay $600 a month to live together at Containertopia, a village of closely-spaced 160-square-foot shipping containers, which can be modified with doors, electrical outlets, showers or toilets.
Rented boxes aren't for everyone.
According to Zillow, today's homeowner pays an average of only 15 percent of monthly income for housing costs, down from about 21 percent in the years between 1985 and 2000.
So consider buying instead of renting.
In fact this awesome home is up for sale right now and looking for a new owner!
Contact myself or my team to learn more about this beautiful property.
About Me BIOGRAPHY ~Seller’s Success Story~ How my client received 23% more for his home than his anticipated list price! I suggested adding $1,700 for granite counter tops in the kitchen ....
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