Anyone who has rented housing the last few years has really felt the pain of the rising cost of rent. The pain comes not only from the rise in rent but from the pace at which the increases are coming. A young Seattle couple started out renting a studio apartment for $825 a month only to have it steadily increase to $1,014.in a short period.
A recent report in the Wall street Journal provided the data that verifies what the renter knows, that rent has gone up steadily over the past 8 years, rising 4.6% nationwide. In fact, this was the most rapid paced increase since 2007. Sometimes You’re the Bat and Sometimes You’re The Ball.
But another report from Axiometrics Inc, a Dallas-based apartment research company, reviewed the 4.7% rise in rents during the fourth quarter and compared with the same quarter a year earlier, and touted it as the “strongest year-end performance since 2005.” I guess it depends; are you the bat or the ball in this scenario; great for the owner, painful for a renter.
Money, Money, Money
Zillow recently revealed that the 43 million renter households in the US spent $535 billion on rent in 2015. That is a lot of money to hand over to a landlord, but good to receive if you are the landlord. Only you can decide what is right for you, but it might be time to see what homeownership might cost you and to get questions answered regarding how much of a loan you may qualify for.
Your employer has provided you with a homeownership program as an addition to your current benefit package. If you decide it is time for you to buy, this benefit can save you THOUSANDS of dollars in fees. Contact Advantage Home Plus when you are ready to take the next step toward homeownership; let us get you pre-approved, so you know how much of a home you can afford.
Call us now at 1-800-376-4603 or email email@example.com or click GETTING STARTED to be put in touch with our expert mortgage staff. Who knows, play the game right and you may put yourself in a different positon on the playing field.
Here is a graph to illustrate the rate of increase over the last several years: