What Renter's are finding...
More renters are being swayed into home ownership due to rising rents. Their finding that they can buy a home and get the same amount of space cheaper then if they rent and building equity at the same time.
Rents are increasing at about the same pace that home values are dropping, says Stan Humphries, Zillow’s chief economist, who says, according to their surveys, home prices have dropped 3.1% year-over-year whereas rents have increased 2.5%. Recent housing surveys, including Zillow’s, are showing home prices are starting to rise in recent months.
Source: "More Renters Are Finding It's Cheaper to Buy" Realtor.org
Rents are increasing at about the same pace that home values are dropping, says Stan Humphries, Zillow’s chief economist, who says, according to their surveys, home prices have dropped 3.1% year-over-year whereas rents have increased 2.5%. Recent housing surveys, including Zillow’s, are showing home prices are starting to rise in recent months.
Since the falling home values and record low mortgages, affordability in housing has been at record highs since the 2003 according to Stan Humphries, Zillow’s chief economist.
Lawerence Yun, Chief Economist of the National Association of REALTORS® states that the tighter restrictions from lenders are preventing many potential
buyers from securing financing and says for those who are
able to qualify it better on in now rather than wait.
Source: "More Renters Are Finding It's Cheaper to Buy" Realtor.org
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