Everybody knows that buying a home is a great long-term investment. It’s a way to build wealth over time and have a large investment in yourself. For years, it has been thought that buying a home is a more expensive proposition than renting. However, that prospect has changed. The 2018 Rental Affordability Report released by ATTOM Data Solutions has stated that “buying a median-priced home is more affordable than renting a three-bedroom property in 240 of 447 [or 54% of] U.S. counties analyzed for the report. Is buying a home more affordable than renting? It’s looking that way.
The report used the recently released data on fair market housing released by the Department of Housing and Urban Development (HUD) and the income amounts recorded by the Department of Labor and Statistics and used that data to show the percentage of income that housing costs a family for rent or mortgage payments.
The report also shows rent rose faster than wages in 60% of those counties listed in that report. Rents are rising quickly, and when they move to the point that your wages can’t keep up, and you are spending more and more of your check weekly, it’s time to look at buying a home instead of throwing money away on rent.
Rent is always going to rise, that’s inflation and demand working against you. Buying a home and locking in a fixed rate at today’s historically low prices are the only hedge against having your rent rise out of control. You are also building equity and gaining property instead of lining the pockets of some greedy landlord that raises your rent because he can.
With FHA loans making buying a home more affordable for many Americans, it’s never been a better time to realize the dream of being a home owner.
Call The Home Loan Expert Team in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515, Nashville at (615) 810-8555 or Birmingham, AL at (205)721-7656. You can always apply online at hero.loan for your VA Loan, and www.thehomeloanexpert.com for your other mortgage needs, and will come to you to help close your loan. We work hard to make it easy on you. Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?