rethinking renting a home versus buying
The gap between the portion of one’s income needed to pay rent each month versus paying a mortgage continues to grow. According to a report by Pulsenomics, historically there was only about a four-point gap. Today, because of escalating rents, that gap has grown to nearly 11 percent. Take a look at the graphic.
Source: Keeping Current Matters and Pulsenomics.
If you are renting and think you can “outwait the market” you could be making a mistake. Most industry experts will tell you you’re just reducing your buying power waiting for a downturn in the housing market.
I enjoy helping first-time homebuyers get their first home. Contact me and let’s explore ways you can find your first home and take advantage of the long-term benefits of building wealth.