We often promote homeownership over renting when a family is ready, willing and able to purchase. There are both financial and non-financial benefits to owning a home of your own. Based on the headlines below, many news outlets agreed with us after they reviewed a recent report from the Harvard Joint Center for Housing Studies and Enterprise Community Partners.
The study states thatthe number of households spending 50% or more of their income on rent is expected to rise by over ten percent in the next decade. They concluded:
“Overall, this white paper projects a fairly bleak picture of severe renter burdens across the US for the coming decade.”
What do other experts think of the report? You can tell by the headlines they chose to introduce their stories:
“Renters, get ready to take it on the chin” - CNBC
“The Rent Crisis Is About to Get a Lot Worse” - Bloomberg Business
“Renters Will Continue to Struggle for the Next Decade” - World Street Journal
“Why the renting crisis could be about to get a lot worse” - Fortune Magazine
“Soaring rents are a problem that will only get worse” - Business Insider
“High rents are here to stay” - The Real Deal
If you are thinking about buying a home and are financially positioned to do so, now may be better than later.
Author:Michelle Mojica Phone: 602-687-0617 Dated: October 1st 2015 Views: 253 About Michelle: ...
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Mojica & Associates Real Estate has over 55 years of combined real estate experience here in the Valley. Concentrating on evolving trends in a rapidly growing market, we specialize in finding the perfect opportunity for first time buyers, families looking to upgrade their home, 2nd home buyers and investors. Whether you are looking for the perfect place to hang your hat or finding qualified buyers to purchase your current property at top market prices, we can get it done for you.
Mojica & Associates Real Estate professes that the only way to best serve our clients’ needs is to continually educate ourselves and our agents on the most current and future market trends. Whether it is cutting edge technology to showcase or find the perfect home, making sure our staff is the most knowledgeable in the Valley on contracts, current laws governing real estate sales, short sales, or simply updating our listings throughout the day, we deliver.
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"Vic did an excellent job in getting the house that I wanted. He kept me updated with the status of the house and what was going on with the seller and got me my house with no issues and he even helped me find contractors to do tile work, painting, and granite installation at a very reasonable price since they were all people he had work with on previous jobs. He even took the time to come and check up on the jobs that were being done during the renovation process since I lived out of town. After a year and a half had went by he was kind enough to contact me and let me know that the property values around my area were shooting up and advised me on refinancing to get rid of my PMI since I had an FHA loan I was able to refinance and get a conventional loan which dropped my house payment by $150 a month. I would greatly recommend Vic to any of my friends or family or anyone looking into purchasing a home or selling a home. He does a fantastic job and even after the job is completed he will continue to work for you by letting you know any updates with the real estate market around your home and offer you great advice."