Recently the Enterprise Community Partners and Harvard Joint Center for Housing Studies wrote a paper on the projected renting trend over the next ten years. The paper concludes “Overall, this white paper projects a fairly bleak picture of severe renter burdens across the US for the coming decade.”
With the media headline grabbing this information and going crazy with sensationalism about the impending rent crisis, it is difficult to know the truth about any of these findings because what affects others does not necessarily affect you. The local environment across the US varies greatly.
The choice between buying a home and renting is one of the largest financial decisions that we can make in our lives. When you are already paying high rent, and find out that you can access a mortgage and pay a similar amount toward purchase – you may think why not? It makes sense – doesn’t it? Yet the cost of buying is more complicated due to all the hidden costs and ownership responsibilities. There are also questions like how long will you stay in a place, what are the mortgage details and where is the mortgage interest rate going? How home prices, rents and stock prices change can greatly impact your decision. It is a very difficult decision to make and even with various tools like mortgage calculator sometimes talking to someone who cares is the best decision.
When you are ready to explore your Real Estate options, I am here to help you! If you are unsure what your options are, please call Selena McNeill at (541) 390-0595 or email at firstname.lastname@example.org. You can also visit us at my website for available listings and additional information.