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The Cost of Renting vs. Buying a Home [INFOGRAPHIC]

Some Highlights: Historically, the choice between renting or buying a home has been a tough decision. Looking at the percentage of income needed to rent a median-priced home today (28.4%) vs. the percentage needed to buy a median-priced home (17.5%), the choice becomes obvious. Every market is different. Before you renew your lease again, find out if you can put your housing costs to work by buying this year!

By |2018-11-16T05:00:40+00:00November 16th, 2018|Buying Myths, First Time Home Buyers, For Buyers, Infographics, Rent vs. Buy|Comments Off on The Cost of Renting vs. Buying a Home [INFOGRAPHIC]

75% of Renters Have Been Misinformed

Recently, multiple headlines have been written asserting that homeownership is less affordable today than at any other time in the last decade. Though the headlines are accurate, they lack context and lead too many Americans to believe that they can’t partake in a major part of the American Dream – owning a home. In 2008, the housing market crashed and home values fell by as much as 60% in certain markets. This was the major trigger to the Great Recession we experienced from 2008 to [...]

By |2018-11-08T05:00:07+00:00November 8th, 2018|Buying Myths, First Time Home Buyers, For Buyers, Rent vs. Buy|Comments Off on 75% of Renters Have Been Misinformed

Are You Spending TOO Much on Rent?

Chances are if you are renting you are spending too much of your income on your monthly housing expense. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their rent or mortgage payment. This percentage allows the household to save money for the future while comfortably covering other expenses. According to new data released from ApartmentList.com, 49.5 million renters in the United States were cost-burdened in 2017, meaning they spent more than 30% of their monthly incomes [...]

By |2018-10-30T04:00:02+00:00October 30th, 2018|Down Payments, First Time Home Buyers, For Buyers, Rent vs. Buy|Comments Off on Are You Spending TOO Much on Rent?

Housing Is Still Affordable in the United States!

Lately, there have been many headlines circulating about whether or not there is an “affordability issue forming in the housing market.” If you are considering selling your current house and moving up to the home of your dreams, but are unsure whether or not to believe what you’re seeing in the news, let’s look at the results of the latest Housing Affordability Report from the National Association of Realtors (NAR). According to NAR: “A value of 100 means that a family with the median income [...]

By |2018-10-23T04:00:25+00:00October 23rd, 2018|Buying Myths, First Time Home Buyers, For Buyers, Rent vs. Buy|Comments Off on Housing Is Still Affordable in the United States!

The True Cost of NOT Owning Your Home

Owning a home has great financial benefits, yet many continue to rent! Today, let’s look at the financial reasons why owning a home of your own has been a part of the American Dream for the entirety of America’s existence. Realtor.com reported that: “Buying remains the more attractive option in the long term – that remains the American dream, and it’s true in many markets where renting has become really the shortsighted option…as people get more savings in their pockets, buying becomes the better option.” What proof exists [...]

By |2018-10-08T04:00:05+00:00October 8th, 2018|First Time Home Buyers, For Buyers, Move-Up Buyers, Rent vs. Buy|Comments Off on The True Cost of NOT Owning Your Home

Buying a Home is Cheaper than Renting in 38 States! [INFOGRAPHIC]

Some Highlights: According to a study by GOBankingRates, it is cheaper to buy a home than rent in 38 states across the country. In six states the difference between buying & renting would account for less than a $50 monthly difference, leaving the choice up to the individual family. Nationwide, it is now 26.3% cheaper to buy.

By |2018-10-05T04:00:01+00:00October 5th, 2018|Buying Myths, First Time Home Buyers, For Buyers, Infographics, Rent vs. Buy|Comments Off on Buying a Home is Cheaper than Renting in 38 States! [INFOGRAPHIC]

Homeownership is a Dominant Gene

There are many things that factor into the decision to buy a home. New research from the Urban Institute suggests that one of those things may be inherited from your parents. Children are More Likely to Own a Home if Their Parents Did According to an analysis of millennial homeowners, the homeownership rate of those whose parents rent their homes is 14.4%, while the rate amongst millennials whose parents are homeowners is 31.7%! “A young adult’s odds of homeownership are highly correlated with their parent’s [...]

By |2018-09-05T04:00:50+00:00September 5th, 2018|First Time Home Buyers, For Buyers, Millennials, Rent vs. Buy|Comments Off on Homeownership is a Dominant Gene

Rents Are on The Rise: Don’t Get Caught in The Rental Trap!

There are many benefits to homeownership, but one of the top benefits is protecting yourself from rising rents by locking in your housing cost for the life of your mortgage. Don’t Become Trapped  A recent article by Apartment List addressed rising rents by stating: “Our national rent index is up 0.1 percent month-over-month, marking the sixth straight month of increasing rents. Year-over-year growth now stands at 1.2 percent.” The article continues, explaining that: “Rents increased month-over-month in 62 of the nation’s 100 largest cities, down significantly from the 85 [...]

By |2018-09-04T04:00:00+00:00September 4th, 2018|First Time Home Buyers, For Buyers, Rent vs. Buy|Comments Off on Rents Are on The Rise: Don’t Get Caught in The Rental Trap!

Rent or Buy: Either Way You’re Paying A Mortgage!

There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize, however, that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s. As Entrepreneur Magazine, a premier source for small business, explained in their article, “12 Practical Steps to Getting Rich”: “While renting on a temporary basis isn’t terrible, you should most certainly own the roof over your head if you’re serious about [...]

By |2018-08-27T04:00:38+00:00August 27th, 2018|First Time Home Buyers, For Buyers, Interest Rates, Move-Up Buyers, Rent vs. Buy|Comments Off on Rent or Buy: Either Way You’re Paying A Mortgage!

The Net Worth of a Homeowner is 44x Greater Than A Renter!

Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. Their latest survey data, covering 2013-2016 was recently released. The study revealed that the median net worth of a homeowner was $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013). These numbers reveal that the net worth of a homeowner is over 44 times [...]

By |2018-08-20T04:00:18+00:00August 20th, 2018|First Time Home Buyers, For Buyers, Move-Up Buyers, Rent vs. Buy|Comments Off on The Net Worth of a Homeowner is 44x Greater Than A Renter!